Prime Minister Narendra Modi announces closure of G20 Summit

 Ceremonial gavel handed over to Brazil’s President

NEW DELHI: Prime Minister Narendra Modi on Sunday announced the closure of the New Delhi G20 leaders' Summit and handed over the presidency gavel to Brazilian President Luiz Inacio Lula da Silva.

Brazil will hold the G20 presidency for the next year. PM Modi expressed hope that under Brazil's presidency, the G20 will take forward the common agenda of the grouping further. He also congratulated the Brazilian president on the occasion.

While delivering his speech to announce the closure of the G20 Summit, PM Modi said, "As you all know, India has the responsibility of the G20 presidency till November 2023. In these two days, all of you made a lot of suggestions and placed proposals. It is our duty that the suggestions we have received be reviewed once again so as to see how their progress can be sped up. I propose that at the end of November, we hold a virtual session of the G20".

He added, "We can review the topics decided at this summit in that virtual session. I hope you all will connect during the virtual session. With this, I declare the conclusion of the G20 Summit".

India had taken over the G20 presidency from Indonesia during the Bali Summit last year.

Enhancing financial inclusion and strengthening digital public infrastructure, as well as expanding multilateral development banks (MDBs) for emerging economies, amplifying the voice of the Global South, and ensuring environmental sustainability, have been some of the key takeaways of India's G20 presidency.

‘Framework needed for responsible AI governance’

On 'One Future, Prime Minister Narendra Modi said that there is a need to create a framework for responsible human-centric artificial intelligence governance. In this regard, India will also make suggestions. He said, "And our efforts will be to ensure that in spheres of socio-economic development, the global workforce, as well as research and development, the benefits of artificial intelligence (AI) are available to all nations."

In 2019, the G20 adopted the principles on AI, which now need to be taken forward, PM Modi said.

"At the same time, global cooperation is also needed for preparing a framework on cyber security," the prime minister said.

He added that new ways of terror funding are being seen in the cyber world, which need to be prevented for the good of all nations.

"The sentiment of 'One Future' will be strengthened only when we focus on the safety of every nation," Modi said.

"In today's world, there are several burning issues that can impact the present and future of all nations.

"One among these issues is that of crypto currency, which has emerged as a new topic for social order and monetary and financial stability.

"We need to develop global standards to regulate crypto currencies, and to do this, we have the model of Basel standards on banking regulations before us," the prime minister said.

Modi once again reiterated the need for restructuring the UN Security Council, noting that despite 200 nations being part of the UN, the permanent members of the Security Council have remained static even after almost 80 years of its existence.

The prime minister also called for the expansion of the mandate of multilateral development banks (MDBs), for which immediate and effective decisions are needed.

"In the fast-changing world, along with sustainability, there is also a need for stability, so let's take a vow to fructify our promises on the Green Development Pact, an action plan on the SDGs, high-level principles on anti-corruption, MDB reforms, and digital public infrastructure," the prime minister said. (IANS)

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