G20 meet: War in Ukraine adversely impacted global economy

Recognizing that the G20 is not the forum to resolve security issues, members acknowledged that security issues can have significant consequences for the global economy.

Published: 12th June 2023 10:38 PM  |   Last Updated: 12th June 2023 10:38 PM   |  A+A-

G20, India G20

Image used for illustrative purposes only. (Express illustration | Soumyadip Sinha)

By Express News Service

NEW DELHI: The war in Ukraine has further adversely impacted the global economy according to the Outcome document and chair summary after the G20 Development Ministers meeting in Varanasi.

"There was a discussion on the issue of the war in Ukraine. We reiterated our national positions as expressed in other fora, including the UN Security Council and the UN General Assembly, which, in Resolution No. ES-11/1 dated 2 March 2022, as adopted by majority vote (141 votes for, 5 against, 35 abstentions, 12 absent) deplores in the strongest terms the aggression by the Russian Federation against Ukraine and demands its complete and unconditional withdrawal from the territory of Ukraine. Most members strongly condemned the war in Ukraine and stressed it is causing immense human suffering and exacerbating existing fragilities in the global economy – constraining growth, increasing inflation, disrupting supply chains, heightening energy and food insecurity, and elevating financial stability risks,’’ the Outcome document stated.

There were other views and different assessments of the situation and sanctions. Recognizing that the G20 is not the forum to resolve security issues, members acknowledged that security issues can have significant consequences for the global economy.

Meanwhile, it was also reiterated that it was essential to uphold international law and the multilateral system that safeguards peace and stability. This includes defending all the Purposes and Principles enshrined in the Charter of the United Nations and adhering to international humanitarian law, including the protection of civilians and infrastructure in armed conflicts. The use or threat of use of nuclear weapons is inadmissible.

The peaceful resolution of conflicts, efforts to address crises, as well as diplomacy and dialogue, are vital. Today's era must not be of war.

The Development Ministers endorsed the work done by the Development Working Group and unanimously adopted the following outcome documents:

• G20 2023 Action Plan on Accelerating Progress on the SDGs

• High-level Principles on Lifestyles for Sustainable Development

The outcome documents adopted on Monday would be submitted for consideration by the Leaders to be annexed to the G20 Summit Declaration to be held in New Delhi on 9-10 September 2023.

The development ministers expressed their appreciation to India for its leadership of the G20 in 2023 and for stewarding and enhancing our development agenda. In this regard, we recognize and thank the contributions of all the participating international organizations - ADB, ILO, ITU, OECD, UNCTAD, UNDP, UNEP, UNFCCC, UNIDO, UNSG-OSET and WBG.

Members welcomed Brazil’s G20 Presidency in 2024 and the Republic of South Africa’s G20 Presidency in 2025 to take forward the collective agenda of the G20 DWG.

Follow The New Indian Express channel on WhatsApp


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp