G-20 shining example of how partnership works: Suresh Prabhu at CII Partnership Summit
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JP Member of Parliament and India's Sherpa to G-20 and G-7 Suresh Prabhu on Wednesday said G-20 is a shining example of how the partnership works.
"In the next few months, we can expect economic growth to start returning but we must see how we want to rebuild, whether to go back to the old world or to build better for livelihoods, growth and caring for the planet," said Prabhu.
He was speaking at a session on the 'Role of G-20 in building a strong global partnership for reviving world economy' conducted during the second day of the 26th partnership summit of the Confederation of Indian Industry and the Department of Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India.Noting that the G-20 is a great example of coordination and partnership, he added that the theme of lives, livelihood, and growth, that the summit has taken is linked to the current Italian G-20 presidency's efforts around "planet, people, and prosperity".
He emphasised that sustainability is key to future growth and intrinsically linked to people's livelihoods. He gave the example of the International Solar Alliance, which is not only conscious of creating and increasing the use of a clean energy source, thus reducing emissions, but also impacts job creation.Nicolas Pinaud, G-20 and G-7 Sherpa, OECD, France, noted that 2021 would bring with it a "tsunami of insolvency", due to multiple trends brought on by the pandemic like reduction in investments, and the labour market seeing fourteen times the decline it saw during the economic crisis, according to a new OECD report.
He added that the G-20's role must be to create a strong and coordinated policy response while pointing to the G-20 fiscal stimulus of USD 11 trillion. He also recommended that the grouping consider widespread debt relief measures for developing countries.Dr Stormy Annika Mildner, Head of Department, External Economic Policy, Federation of German Industries and B-20 Sherpa, Germany, stated that the pandemic has exacerbated negative trends such as health, economic, income inequality within and amongst countries, jobs, and debt crises - which cannot be addressed by a singular policy. She emphasised the need for trust-building amongst leaders and the engagement partners like the G-20, to create a joint narrative.Arlinda Imbang Jaya, Special Advisor to the Minister of Trade for International Relations Affairs, Ministry of Trade, Indonesia, observed that the G-20 plays two fundamental roles - setting the path for future economic recovery, and responsiveness in times of crisis. She affirmed the need to revisit the objectives of the G20, especially that of policy coordination between members. She contended that the G-20 can make a difference by ensuring that positive benefits are there for non-members as well.Marco Felisati, B-20 Sherpa, Italy, commented that while the world has become familiar with the crisis over time, we have yet to find an effective crisis management system, especially one as unprecedented as this pandemic. He stressed that the Italian presidency of the G20 was committed to economic and environmental regeneration and has added two new taskforces - on health and life sciences, and a council for sustainability and global emergencies.Ambassador Rajiv Bhatia, Distinguished Fellow, Gateway House and Former Ambassador of India, noted that the G-20 countries must work towards the effective implementation of the 2030 Agenda for Sustainable Development in an integrated manner. It should adopt a science-based direction for sustainable development, boost the financial inclusion of women and youth, encourage digitization, and ensure cybersecurity.
✔️ G-20 shining example of how partnership works: Suresh Prabhu at CII Partnership Summit
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