Leaders at the G-20 conference stressed that in a multi-polar world, China and India will have to play a crucial role in reviving the European economy, which has worsened following the outbreak of the Ukraine-Russia war
In 2021, the European Union had set up a €672.5 billion recovery fund in response to the Covid-19 pandemic, but the situation worsened following the outbreak of the Ukraine-Russia War. With the conflict, which broke out in February this year, entering the 10th month, the world scenario, both in terms of economy and political, is grim as well as challenging. The significance of the G-20 conference comprising world’s richest and most powerful countries held in Bali, Indonesia, held on November 15-16 this year increased manifold in this backdrop. The agenda of this summit was set in with the marathon meeting of more than three hours between the US president Joe Biden, with his Chinese counterpart, Xi Jinping, held just a day before at the same venue.
The two leaders representing America, world’s most powerful country, and China, now an economic superpower, committed themselves to compete and excel, but they agreed that there was no place for ‘cold war’ in the contemporary world. For India, now the chairman of the G-20, the summit entrusted a proactive role in the geo-politics. Earlier, in September this year, she was also assigned the presidentship of the Shanghai Cooperation Organization (SCO). During the Bali summit, the Indian Prime Minister, Narendra Modi, and Xi Jinping did not have any detailed discussion on the sidelines, but the leaders had a handshake accompanied by a warm smile.
There was a general consensus that the funds raised in 2021 were inadequate. The global economies, albeit to some extent the European economy, need the South Asian economies, especially Chinese and Indian, for restoring its health. German Chancellor, Olaf Scholz, recently stressed on deeper cooperation with the region. He had been to Beijing just two weeks before the G-20 Summit and repeatedly stated, “Deepening cooperation is crucial because we all feel that the geopolitical ground beneath our feet is shifting.” He was hopeful of finalization of the ongoing negotiations for free trade agreements (FTA) of the European Union (EU) with Australia, India and Indonesia. At present, Vietnam and Singapore are the only countries having a free trade agreement with the EU. Meanwhile, the crucial meeting between the British PM, Rishi Sunak, on the sidelines of the G-20 is expected to propel FTA between the two countries.
