G20 Bali Leaders' Declaration

G20 Bali Leaders’ Declaration 2022

G20 Bali Leaders’ Declaration: In the final statement from the Bali summit, most G20 leaders criticized Russia’s invasion of Ukraine and called for it to leave Ukrainian territory immediately and without conditions.

G20 Bali Leaders’ Declaration

Wednesday’s statement was the result of a difficult meeting held amid geopolitical unrest and concerns about a global recession.

The ongoing war in Europe caused the most disagreement among the G20 leaders. This has made its members even more upset about the rise in food and energy prices around the world.

The leaders of the G20 said in their declaration that “most members strongly condemned the war in Ukraine and stressed that it was causing a lot of suffering and making the already fragile global economy worse.”

G20 Bali Leaders' Declaration
G20 Bali Leaders’ Declaration

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Security issues can have far-reaching effects on the global economy, but the G20 is not the appropriate forum for addressing them.

This was the first time the G20 had issued a statement together since Russia’s invasion of Ukraine began in late February. It includes Russia, one of the group’s member states.
The leaders of the G20 have said that threats of nuclear war are “unacceptable” and that international law must be followed.

The 19 member states of the G20 (plus the EU) are responsible for more than 80% of global GDP, 75% of global trade, and 60% of the global population. Brazil and Saudi Arabia are just two of the countries represented in this group.

Indonesia’s President Joko Widodo thanked everyone who came to the summit and said that their “flexibility” helped get the final agreement on the declaration.
After the ceremony, Widodo said that until after midnight, everyone had been debating the same paragraph about the situation in Ukraine.

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After a “very, very tough discussion,” he said, “G20 leaders agreed on the content of the declaration,” which was “the condemnation of the war in Ukraine because it violated the borders and integrity of the country.”

The consensus was the key to success in drafting the Bali Declaration. We both acknowledged that the war had a depressing effect on international trade.
In my opening remarks (at the meeting on Wednesday), I said that “peace is necessary for economic recovery around the world.”

In a press conference held on the eve of the G20 Summit, UK Prime Minister Rishi Sunak singled out Russian President Vladimir Putin. Putin had already decided not to go to the Bali forum, so Foreign Minister Sergey Lavrov went in his place.

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Sunak said, “The persistent threat to our security and global economic asphyxiation has been driven by the actions of the one man unwilling to be at this summit—Vladimir Putin.” Putin’s war, as one commentator put it, “has affected every single person on the planet.”
The rest of the G20, on the other hand, won’t let Russia’s showboating and weak excuses stop this week’s important chance to improve the lives of people around the world in Indonesia.

There were reports that a missile landed in Poland overnight near Ukraine, killing two people. This caused leaders from the G7 and NATO to hold an emergency meeting on Wednesday morning, which messed up the schedule for the summit.

Reuters reports that at first, US Vice President Joe Biden told allies that the missile was “unlikely” to have originated in Russia. He said later that it was a Ukrainian surface-to-air missile.

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To show their dedication to combating climate change, G20 leaders took a break from negotiations on the second day of the summit to plant mangrove trees while wearing white shirts.

The world’s top politicians have reaffirmed their commitment to the Paris Agreement’s temperature target of limiting global warming to 1.5 degrees Celsius. This means, among other things, that they will accelerate their efforts to completely phase out their use of coal.
The G20 members also warned of “unprecedented multidimensional crises” in the global economy in the declaration. Many governments have tightened their monetary policies in response to crises like the war in Ukraine and rising inflation.

“G20 central banks are closely watching how price pressures affect expectations of inflation and will continue to adjust the pace of monetary policy tightening based on data and in a way that is clear to everyone,” the document said.

The G20 leaders reaffirmed their commitment to limiting currency fluctuations in their declaration. Also, they claimed that “many currencies have moved significantly this year with increased volatility.”

At the end of the summit, Widodo gave the G20 presidency gavel to India as a symbol.
Since last December, the G20 has been led by Indonesia, the country with the largest economy in Southeast Asia and the fourth-most people in the world. After the coronavirus pandemic, Indonesia has chosen the slogan “Recover together, recover stronger “to bring its people and economy together.”

I’d like to offer my sincere best wishes to India as it assumes the presidency of the G20. “It is now in the hands of the honorable Prime Minister Narendra Modi,” Widodo said, “to safeguard and actualize global recovery and strong and inclusive growth.”

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There is no doubt in my mind that the G20 will thrive under Prime Minister Modi’s guidance. Indonesia is prepared to support India’s G20 presidency next year.

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