India proposes ease of business norms at G20

The first draft revised declaration, to be discussed by the G20 sherpas at their third meeting under the Indian presidency beginning Thursday, has also received overwhelming backing from all members on Prime Minister Narendra Modi’s proposal to include the African Union as a member.

Modi had written a letter to all G20 heads of states proposing its inclusion in the membership and it is part of the draft declaration circulated to sherpas. The European Union is a member of the grouping that controls 80% of the world’s economy.

A global framework for crypto assets and measures to reform the multilateral development banks will be part of the discussions at the three-day meeting of the G20 sherpas beginning here Thursday.

“There is a need to lower barriers to trade and investment to promote cross-border flow of capital,” said one of the persons quoted above. The draft circulated as a detailed preamble emphasising on the theme of India’s presidency of ‘One World-One Family’.

Free flow of trade and investment is important to lift global growth and the G20 countries need to bring down barriers, the person said. India has proposed risk mitigation to foster global value chains that can lift medium and small enterprises in the G20 countries.

India’s focus is not just growth but accelerated, inclusive, sustainable and resilient growth, the person said, adding that focus would also be on calibrated monetary and fiscal policies to bring stability in the global economy while protecting the poor.

New Delhi is keen to bring economic measures, for which the grouping was formed, at the centre of the deliberations though the upcoming meeting will also look at charting the way forward on the sensitive issue of Ukraine-Russia conflict.

The sherpa meeting will witness participation of over 120 delegates led by their sherpas and heads of delegations from G20 members, invitee countries and international organisations, who will engage in co-authoring of Leaders Declaration to be eventually adopted by G20 leaders in New Delhi Summit.