Hamburg G20 Summit to focus on economic resilience, digitalisation

Global economic resilience and digitalisation will be among the key areas of focus of the G20 Summit to be held in Hamburg on July 7-8, Andreas Lux, Head of the German G20 Presidency Team Global, said here on Friday.

Speaking at an interactive session organised by the German Embassy here, Lux said that the summit of 20 major economies would aim at ensuring the continuity of key issues facing the group.

He said that for this, Germany was working in close cooperation with its troika partners China and Argentina.

"Previously, resilience in G20 focussed on improving regulation of financial markets," Lux said.

"Now, the German Presidency is aiming at tackling other areas through which resilience of economy may be improved," he stated giving structural reforms as an example.

To build resilience in the global economy, he said the focus areas will be international financial architecture, financial markets, international taxation, trade and investment and employment.

In terms of improving sustainability, the stress will be on shaping digitalisation in the financial sector, climate and energy, the 2030 Agenda of the UN's Sustainable Development Goals (SDGs), health and empowering women.

Lux also highlighted the "Compact with Africa" through which Germany seeks to intensify partnerships with Africa.

"Sustainable development and employment opportunities are key to address poverty and migration in Africa," he stated.

Tackling the causes of human displacement, combating terror-financing and money laundering, fighting corruption and ensuring food security are among the thrust areas of the German Presidency.

Speaking on the occasion, Jayant Narlikar, Deputy Secretary in the Ministry of Finance, said that as a member of the G20, India stood for poor countries and developing economies.

Stating that "excellent work" was happening in anti-terrorist financing, Narlikar said India was for universal implementation of the Financial Action Task Force (FATF) policies.

Among issues of interest for India, he mentioned trade, reforms in the International Monetary Fund (IMF), the key role of public investment in climate finance, transfer of clean technologies from advanced economies to developing economies, long-term infrastructure investment and mobility of skilled professionals.

In terms of mobility of professionals, Narlikar said that with most developed countries having aging populations, India has the dividend of youth and was ready to contribute.

Following the presentations by Lux and Narlikar, a panel discussion was also held.