G20 Hamburg Summit 2017

G20 Hamburg Summit 2017

G20 Hamburg Summit 2017

The G20 Hamburg Summit 2017 was the 12th meeting of the Group of Twenty (G20).

Some important facts about the summit →

  • On July 7–8, 2017, the summit was held at Hamburg Messe, in the city of Hamburg, Germany.
  • ‘Relating to global economic growth, international trade and financial market regulation’ was the theme of the summit.
  • The G20 final communique placed a new emphasis on the need for trade deals to be reciprocal and non-discriminatory towards developing countries, reducing the previous emphasis on the primacy of liberalisation and the promotion of free market economics across the board.
  • The German presidency wanted to make the most of the ‘renewed public policy interest for environmental sustainability, gender equity and social inclusiveness, in the spirit of the UN’s Sustainable Development Goals (SDGs)’ – notably by promoting renewable energy and further fossil fuel divestment in all nations.
  • The United States of America has already withdrawn from the Paris Agreement.
  • The World Bank Group and the White House confirmed that they would soon roll out a new fund that aims to help female entrepreneurs access capital, financing and managerial support in the developing world.
  • President Trump lent his personal support by pledging $50 million from the United States to jump-start the fund.
  • In a joint statement, G20 leaders vowed to take steps to choke financing to terror groups and to take steps to prevent the internet from being used to spread propaganda.
  • Indonesian President Joko Widodo urged member states to unite to fight against terrorism and emphasised on preventive as well as de-radicalisation programmes.

India’s effort at the G20 Summit →

  • Prime Minister Narendra Modi invited Norwegian pension funds to invest in his country’s National Infrastructure Investment platform.
  • At the Hamburg Summit, Narendra Modi went one-step ahead and presented to member states an 11-point Action Plan to fight terrorism and placed militant outfits such as the Laskhar-e-Tayyeba (LeT), the Jaish-e-Mohammad (JeM), the Islamic State (IS) and the Boko Haram on an equal footing.
  • It is significant because certain nations, particularly of the Western countries, have been more occupied with the threats from the likes of the IS than with regional players such as the JeM or the LeT which have carried out terrorist attacks in India.

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