G20 has retained its relevance: Niti VC

G20, an influential grouping that brings together the worlds major economies, has retained its relevance, Niti Aayog Vice Chairman Rajiv Kumar said on Wednesday. The Niti Aayog Vice Chairman, however, pointed out that there are risks in some countries acting arbitrarily and such actions weaken the multilateral trading model.


PTI | New Delhi | Updated: 06-10-2021 19:29 IST | Created: 06-10-2021 19:29 IST
G20 has retained its relevance: Niti VC
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G20, an influential grouping that brings together the world's major economies, has retained its relevance, Niti Aayog Vice Chairman Rajiv Kumar said on Wednesday. The multilateral block's relevance is only bound to grow, he added.

Kumar further said it is good to see that Prime Minister Narendra Modi's call at the last G20 summit for effective global governance and reforms in multilateral institutions has now been reinforced by the leaders of New Zealand, South Africa and Spain.

''G20 has retained its relevance...it's relevance is only bound to grow,'' he said while addressing a virtual event organised by economic think tank ICRIER According to Kumar, it is a very crucial time for India to be assuming the G20 presidency in 2023. ''...because 2023 will be the year when most economies will hopefully be going ahead of the pre-COVID level and bringing prosperity to us, to all our people along with ensuring that planet is safe,'' he noted. The Niti Aayog Vice Chairman, however, pointed out that there are risks in some countries acting arbitrarily and such actions weaken the multilateral trading model. ''I think it is important for us to point towards that and to ensure these actions do not actually cause any mortal blow to the multilateral trading order which had been a lynchpin for our prosperity,'' he observed. The G20 summit is scheduled to be held in Italy in October. India will hold the G20 presidency from December 1, 2022. The G20 is an influential bloc that brings together the world's major economies. Its members account for more than 80 per cent of global GDP, 75 per cent of global trade and 60 per cent of the global population. The G20 member countries are Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, India, Indonesia, Italy, Mexico, Russia, South Africa, Saudi Arabia, South Korea, Turkey, UK, US and the European Union.

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