Key highlights of G20 New Delhi Leaders' declaration

After days of speculation and skepticism, a consensus was reached at the G20 Summit and the New Delhi Declaration was adopted on Saturday.

Here are key points of G20 New Delhi Leaders' Declaration.

War in Ukraine

Asserting that "today's era must not be of war", the G20 countries called on all states to uphold the principles of international law, including territorial integrity and sovereignty and pitched for initiatives for "comprehensive, just, and durable peace in Ukraine".

"We note with deep concern the immense human suffering and the adverse impact of wars and conflicts around the world. Concerning the war in Ukraine, while recalling the discussion in Bali, we reiterated our national positions and resolutions adopted at the UN Security Council and the UN General Assembly and underscored that all states must act in a manner consistent with the Purposes and Principles of the UN Charter in its entirety. In line with the UN Charter, all states must refrain from the threat or use of force to seek territorial acquisition against the territorial integrity and sovereignty or political independence of any state. The use or threat of use of nuclear weapons is inadmissible," it stated.

"We will unite in our endeavour to address the adverse impact of the war on the global economy and welcome all relevant and constructive initiatives that support a comprehensive, just, and durable peace in Ukraine...."

Countering Terrorism and Money Laundering

The G20 stated, "We condemn terrorism in all its forms and manifestations, including those on the basis of xenophobia, racism and other forms of intolerance, or in the name of religion or belief, recognizing the commitment of all religions to peace. It constitutes one of the most serious threats to international peace and security."

"A holistic approach on the basis of international law can effectively counter terrorism. Efforts to increase the effectiveness of international cooperation should be strengthened to deny terrorist groups safe haven, freedom of operations, movement and recruitment, as well as financial, material or political support," the Declaration said.

"We also express concern about illicit trafficking and diversion of small arms and light weapons. International cooperation among states is critical to combat these phenomena, including export, import controls, and tracing," it said.

The G20 leaders committed to support the increasing resource needs of the Financial Action Task Force (FATF) and FATF Style Regional Bodies and encourage others to do the same, including for the next round of mutual evaluations.

Economy & Climate

G20 leaders called for a strong, sustainable, and inclusive growth as an answer to the uneven recovery the world has seen from the pandemic-infused plunder, and flagged trillions of dollar that countries would need to meet their climate goals and clean energy technologies.

They also called for reforming of international financial institutions, managing debt vulnerabilities of low and middle-income countries and the start of exchange of tax-relevant information on crypto assets by 2027.

The Declaration called for accelerating efforts to phase down unabated coal power, phase-out of inefficient fossil fuel subsidies and low-cost financing for energy transition of developing countries.

"We will protect the vulnerable, through promoting equitable growth and enhancing macroeconomic and financial stability."

"With notable tightening in global financial conditions, which could worsen debt vulnerabilities, persistent inflation and geoeconomic tensions, the balance of risks remains tilted to the downside. We, therefore, reiterate the need for well-calibrated monetary, fiscal, financial, and structural policies to promote growth, reduce inequalities and maintain macroeconomic and financial stability," it said.

Global Growth

G20 leaders reiterated the need for well-calibrated monetary, fiscal, financial, and structural policies to promote growth, reduce inequalities and maintain macroeconomic and financial stability. They also stressed that central banks remain strongly committed to achieving price stability in line with their respective mandates. They welcomed the initial steps taken by the Financial Stability Board (FSB), Standard Setting Bodies (SSBs) and certain jurisdictions to examine what lessons can be learned from this recent banking turbulence and encourage them to advance their ongoing work.

Multilateral Development Banks

Committed to delivering better, bigger and more effective multilateral development banks (MDBs), G20 leaders asked the financial institutions to leverage private capital through innovative financing models and new partnerships to make maximum development impact.

They also endorsed the roadmap for implementing the recommendations of the G20 Independent Review of MDBs Capital Adequacy Frameworks (CAFs) and called for its ambitious implementation, within MDBs' own governance frameworks while safeguarding their long-term financial sustainability, robust credit ratings and preferred creditor status.

"We also call for a regular review of the progress of implementation on a rolling basis including through engaging with MDBs, subject experts and shareholders. We commend the MDBs for their progress in implementing the CAF recommendations, especially with respect to adapting definitions of risk appetite and financial innovation."

Cross-border Payments

"We reaffirm our commitment to the effective implementation of the prioritised actions for the next phase of the G20 Roadmap for Enhancing Cross-border Payments to achieve global targets for faster, cheaper, more transparent and inclusive cross-border payments by 2027 and welcome the initiatives undertaken by SSBs (Standard Setting Bodies) and international organisations in this direction."

The leaders also welcomed discussions on the potential macro-financial implications arising from the introduction and adoption of Central Bank Digital Currencies (CBDCs), notably on cross-border payments as well as on the international monetary and financial system.

Education

Recognising the importance of investment in supporting human capital development, the G20 committed to harness digital technologies to overcome digital divides for all learners and support educational institutions and teachers in keeping pace with emerging trends and technological advances

The G20 members supported promoting open, equitable and secure scientific collaboration and encourage mobility of students, scholars, researchers and scientists across research and higher education institutions.

"We are committed to inclusive, equitable, high-quality education and skills training for all, including for those in vulnerable situations. We recognize the importance of investment in supporting human capital development. We recognise the importance of foundational learning (literacy, numeracy, and socioemotional skills) as the primary building block for education and employment."

Agriculture

Stating that rising commodity prices are contributing to cost of living pressures, the G20 leaders committed to facilitate "open, fair, predictable, and rules-based" trade in agriculture, food and fertilisers and not impose export curbs in line with relevant WTO rules.

The member countries also committed to support developing countries' efforts and capacities to address their food security challenges.

"We commit to enhance global food security and nutrition for all in line with the G20 Deccan High-Level Principles on Food Security and Nutrition 2023," the New Delhi Leaders' Declaration stated.

Religion

The G20 strongly deplored all acts of religious hatred against persons, religious symbols and holy books. "We note the UNGA Resolution A/RES/77/318, particularly its commitment to promote respect for religious and cultural diversity, dialogue and tolerance. We also emphasize that freedom of religion or belief, freedom of opinion or expression, the right to peaceful assembly, and the right to freedom of association are interdependent, inter-related and mutually reinforcing and stress the role that these rights can play in the fight against all forms of intolerance and discrimination based on religion or belief."

Corruption

The G20 reaffirmed its commitment to zero tolerance for corruption and called for strengthening law enforcement-related international cooperation and information sharing for combating graft. The joint Declaration also called for strengthening asset recovery mechanisms for combating corruption.