CHANDIGARH: South Korea on Monday termed India an undeniable global powerhouse, praising it as both soft and hard power and added that under the Indian presidency, the G20 will pay heed to insights and feedback from members and contribute to the international community.
Addressing the first meeting of the G20 International Financial Architecture Working Group here today, South Korea (Co-Chair of this working group) delegation head Byungsik Jung said, "We are facing a lot of global challenges, global debts, climate changes, industrialization. We have got together to address all these issues under the spirit of `One family, One Future’. The impression of this country is that India is undeniably a global powerhouse that is not only a hard power evidenced by economic scale and population but also a soft power equipped with well-known films, cuisines, history and renowned figures.’’
He also exuded confidence about the success of the G20 presidency this year. "I am sure that the Indian presidency will unleash its potential and charm and pay heed to insights and feedback from members and contribute to the international community,” Jung said.
Who all are attending?
The discussions during the meeting will be jointly steered by the Ministry of Finance and Reserve Bank of India along with France and South Korea who are co-chairs of the International Financial Architecture Working Group.
"This working group would explore options to strengthen these organizations to meet these new challenges and increase their contribution to development financing towards meeting the Sustainable Development Goals. There is an urgent need to find mechanisms through which such financial assistance provided by international financial institutions can be made in time and are effectively responsive to the needs," a statement read.
"This is important for low-income and developing countries, as they are the major beneficiaries of these resources. The countries most affected by rising debt are again low-income countries and many middle-income countries. The working group would explore how policy action can address issues of debt restructuring. With the rich and diverse experience of eminent experts from around the world, it is believed that the International Financial Structure Working Group is better positioned to coordinate the efforts of the G-20 which is committed to development financing, supporting vulnerable countries, maintaining financial stability and upholding the theme of 'One Earth, One Family, One Future',’’ it stated.
Union Agriculture Minister speaks:
After inaugurating the working group meeting, Union Agriculture Minister of India Narendra Singh Tomar said that the support extended to agricultural production in the form of farm subsidy will be protected, as he was asked if India might succumb to the pressure from developing countries to end agriculture subsidies.
"India’s interest will be protected under the leadership of Prime Minister Narendra Modi,’’ he said.
When asked about climate change impacting agriculture, Tomar said, "It is a global challenge and on this platform, deliberations will be held on the issue and its impact on the livelihood of farmers, as agriculture will bear the maximum impact of climate change. ’’
"The world is facing complex challenges which are global in nature and are deeply interconnected and cannot be defined by borders. They need global solutions. That is why the global community needs to focus on coordinated policy,’’ he said.
He said that earlier such global summits used to be held only in Delhi, Hyderabad or Bengaluru. "But thanks to the vision of the Prime Minister, more than 200 meetings are being held in 50 places in the country to showcase the country’s cultural and historical strength to the delegates. The delegates will get the opportunity to visit each and every corner of the country, know about the culture and see real India,” said Tomar said.