Infrastructure, jobs among focus areas for G20
Infrastructure, employment, trade and competition will be four focus areas when leaders of the G20 grouping, including India, meet in Brisbane in November for their 9th summit, with the global economy still recovering from the financial crisis of 2008.
A top diplomat and key interlocutor in the run-up to the summit said the immediate task before the leaders will be to break the cycle of low growth and diminished business and consumer confidence, building on the momentum gain in the previous summit in St. Petersburg in 2013.
"We will discuss how to improve the resilience of the global economy through reforms and taxation. We have been assessing the growth strategies of various countries and how governments can drive reforms in their countries," said the diplomat, who requested not to be named.
Prime Minister Narendra Modi is expected to represent India at the summit.
Regarding India's role in the G20, the diplomat said: "India has been a constructive member of G20. India is chairing two key working groups in the G20."
Originally formed at the level of finance ministers and central bank governors in 1999 after the East Asian economic crisis, the G20 assumed significance after its elevation to a summit-level forum in 2008, following the global financial crisis.
The main theme of the 8th G20 Summit in St. Petersburg was to start a new cycle of growth through quality jobs and investment, trust and transparency and effective regulation.
The past summits were held in Washington, London, Pittsburgh, Toronto, Seoul, Cannes and Los Cabos.
Besides India, the G20 comprises Argentina, Australia, Brazil, Canada, China, France, Germany, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, Britain, the US and the EU.
(Posted on 05-08-2014)