Emerging economies join forces to chart G20 agenda

UDAIPUR: The informal coming together of the developing economies within the G20 is emerging as a key factor in shaping the agenda of the grouping of the world’s largest economies, pushing developed countries to focus more squarely on pressing issues such as financing for climate transition and food and energy security.

The developing economies, including Brazil and South Africa – which will hold the G20’s rotational presidency after India – and China and Turkey, have been working closely to ensure that the grouping doesn’t shift its focus from the concerns of the Global South because of the divisions created by the Ukraine crisis, people familiar with the matter said.

The developing economies first came together at the G20 Summit in Bali last month, and played a crucial role in the success of efforts by India and Indonesia to ensure a joint communique. In a follow up to those efforts, Sherpas of the developing economies met for more than two hours in Udaipur on Sunday, before the formal start of the G20 Sherpas meeting, the people said.

There was also a meeting of Sherpas of the G20 Troika – which brings together the past, current and incoming presidencies of Indonesia, India and Brazil – to discuss ways to keep the focus on the problems of the Global South, including the shortage of food, fuel and fertilisers and funding for climate action, the people said.

The members of the Troika also agreed to work more closely with South Africa, which will take on the G20 presidency after Brazil, the people added.

“The thinking, by and large, is let us try and have a positive and constructive approach. There

was a long discussion on this at both meetings on Sunday against the backdrop of the slow global economic growth,” a person said, seeking anonymity.

“An economic platform such as the G20 should focus on the fallout of the Ukraine war, including the impact on food, fuel and fertilisers. As long as the war continues, the developing world will continue to suffer,” the person added.

Even at a “chai par charcha” or informal meeting over tea of all the G20 Sherpas on Monday afternoon, the emerging economies highlighted the need to end the Ukraine war and referred to Prime Minister Narendra Modi’s message of peace and harmony, the people said.

However, there is also broad acknowledgement that the “Russia story” at the G20 is not over and the Ukraine crisis cannot be divorced from the proceedings till the conflict ends because of its wide-ranging impact on crucial supply chains.