IAS Gyan

Daily News Analysis


17th November, 2022 International Relations

Copyright infringement not intended


Context:  20 leaders have issued a very long declaration in Bali, Indonesia, where they highlighted the state of the world’s peace, health and economy and agreed to take steps to tackle them.


  • Unparalleled multidimensional crises: devastation brought by the Covid-19 pandemic, climate change, which has caused economic downturn, increased poverty, slowed global recovery, war in Ukraine etcSign up for Today

Ukraine War: i

  • 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.
  • It is essential to uphold international law and the multilateral system that safeguards peace and stability.


Global economy:

  • At today’s critical moment for the global economy, it is essential that the G20 undertakes tangible, precise, swift and necessary actions, using all available policy tools, to address common challenges, including through international macro policy cooperation and concrete collaborations.
  • Stay agile and flexible in our macro-economic policy responses and cooperation.
  • Protect macroeconomic and financial stability and remain committed to using all available tools to mitigate downside risk.
  • Unlock further investments for low- and middle-income and other developing countries, through a greater variety of innovative financing sources and instruments.
  • Recommit to accelerate achievement of the SDGs, achieving prosperity for all through sustainable development.


Food security:

  • We are deeply concerned by the challenges to global food security exacerbated by current conflicts and tensions.
  • We therefore commit to taking urgent actions to save lives, prevent hunger and malnutrition, particularly to address the vulnerabilities of developing countries, and call for an accelerated transformation towards sustainable and resilient agriculture and food systems and supply chains.
  • We are committed to addressing food insecurity by ensuring accessibility, affordability, and sustainability of food and food products for those in needs, particularly in developing countries and least developed countries.
  • We welcome the Türkiye and UN-brokered two Istanbul Agreements and consisting of the Initiative on the Safe Transportation of Grain and Foodstuffs from Ukrainian Ports (Black Sea Grain Initiative)
  • We are committed to supporting the adoption of innovative practices and technologies, including digital innovation in agriculture and food systems to enhance productivity and sustainability in harmony with nature and promote farmers and fishers’ livelihoods and increase income, in particular smallholders by increasing efficiency, and equal access to food supply chains.


Energy security:

  • We meet at a time of climate and energy crises, compounded by geopolitical challenges. We are experiencing volatility in energy prices and markets and shortage/disruptions to energy supply.
  • We underline the urgency to rapidly transform and diversify energy systems, advance energy security and resilience and markets stability, by accelerating and ensuring clean, sustainable, just, affordable, and inclusive energy transitions and flow of sustainable investments.
  • We stress the importance of ensuring that global energy demand is matched by affordable energy supplies
  • We reiterate our commitment to achieve global net zero greenhouse gas emissions/carbon neutrality by or around mid-century, while taking into account the latest scientific developments and different national circumstances.
  • We call for continued support for developing countries, especially in the most vulnerable countries, in terms of providing access to affordable, reliable, sustainable, and modern energy, capacity building, affordable latest technology within the public domain, mutually beneficial technology cooperation and financing mitigation actions in the energy sector.
  • We reaffirm our commitment to achieve SDG 7 targets and strive to close the gaps in energy access and to eradicate energy poverty.
  • Recognising our leadership role, and guided by the Bali Compact and the Bali Energy Transition Roadmap, we are committed to finding solutions to achieve energy markets stability, transparency, and affordability.


Climate change:

  • Mindful of our leadership role, we reaffirm our steadfast commitments, in pursuit of the objective of UNFCCC, to tackle climate change by strengthening the full and effective implementation of the Paris Agreement and its temperature goal, reflecting equity and the principle of common but differentiated responsibilities and respective capabilities in light of different national circumstances.
  • We will play our part fully in implementing the Glasgow Climate Pact and the relevant outcomes of previous COPs and CMAs, in particular COP 26, including the call to revisit and strengthen the 2030 targets in our NDCs, as necessary to align with the Paris Agreement.
  • We welcome the progress to date towards achieving a Post 2020 Global Biodiversity Framework (GBF). We urge all parties and countries to finalize and adopt the GBF with the view of realizing of 2050 Vision of “Living in harmony with Nature”
  • We will step up efforts to halt and reverse biodiversity loss, including through Nature-based Solutions and Ecosystem-based Approaches, support climate mitigation and adaptation, enhance environmental conservation and protection, sustainable use and restoration.
  • We acknowledge the urgent need to strengthen policies and mobilize financing, from all sources in a predictable, adequate and timely manner
  • We reiterate that our policy mix toward carbon neutrality and net zero should include a full range of fiscal, market and regulatory mechanisms



  • We remain committed to promoting a healthy and sustainable recovery which builds towards achieving and sustaining Universal Health Coverage under the SDGs.
  • The G20 High Level Independent Panel, as well as the WHO and World Bank have estimated there is an annual pandemic PPR financing gap of approximately USD 10 billion. We welcome the provision of additional financial resources, to assist in financing critical gaps in implementing IHR (2005) and increase PPR capacities.
  • We recognize that the extensive COVID-19 immunization is a global public good and we will advance our effort to ensure timely, equitable and universal access to safe, affordable, quality and effective vaccines, therapeutics and diagnostics (VTDs).



Digital Economy:

  • We acknowledge that affordable and high-quality digital connectivity is essential for digital inclusion and digital transformation, while a resilient, safe and secure online environment is necessary to enhance confidence and trust in the digital economy.
  • We encourage international collaboration to further develop digital skills and digital literacy
  • We endorse the G20 Financial Inclusion Framework on Harnessing Digitalization to Increase Productivity and Foster a Sustainable and Inclusive Economy


International finance architecture:

  • G20 central banks are strongly committed to achieving price stability, in line with their respective mandates. To that end, they are closely monitoring the impact of price pressures on inflation expectations and will continue to appropriately calibrate the pace of monetary policy tightening in a data-dependent and clearly communicated manner, ensuring that inflation expectations remain well anchored, while being mindful to safeguard the recovery and limit cross-country spillovers.
  • We are committed to the swift implementation of the OECD/G20 two-pillar international tax package.
  • We reaffirm our commitment to strengthening the long-term financial resilience of the international financial architecture, including by promoting sustainable capital flows, and developing local currency capital markets.
  • In the face of a more challenging global economic and financial outlook, we underline the need to reinforce global financial system resilience and ask the Financial Stability Board (FSB) and IMF to continue their monitoring efforts.
  • We welcome ongoing work by the FSB and international standard setters to ensure that the crypto-assets ecosystem, including so-called stablecoins, is closely monitored and subject to robust regulation, supervision, and oversight to mitigate potential risks to financial stability.
  • We reaffirm that the rules-based, non-discriminatory, free, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system (MTS), with the WTO at its core, is indispensable to advancing our shared objectives of inclusive growth, innovation, job creation and sustainable development in an open and interconnected world.



  • The rise of automation and digital technologies are reshaping the world of work, presenting both opportunities and challenges. Adding to the situation, the COVID-19 pandemic has exacerbated pre-existing inequalities in many countries and continues to disproportionately affect women, youth, older workers, persons with disabilities and migrant workers.
  • We underline that it remains our utmost priority to mitigate the adverse impact of the current trends on the labour market.
  • We reaffirm our commitment to support the full inclusion of migrants, including migrant workers, refugees, in our recovery efforts.
  • We remain committed to a human-centred, inclusive, fair, sustainable approach that leads to greater social justice, decent work, and social protection for all.



  • We are deeply concerned that multidimensional crises are posing significant challenges towards realizing the 2030 Agenda for Sustainable Development and the Addis Ababa Action Agenda in a timely manner.
  • In this regard, we will strengthen inclusive and sustainable recovery and build resilience in all developing countries, including SIDS in the Pacific and Caribbean and LDCs, through ambitious and concrete actions.
  • Access to education is a human right and a pivotal tool for inclusive and sustainable economic recovery. We welcome the outcome of the Transforming Education Summit. We will act in solidarity in particular with developing countries to rebuild more resilient, tech-enabled, accessible, and effective education systems.
  • We welcome research and innovation collaboration for the conservation of biodiversity and its use to support the sustainable development including green and blue economy.
  • We reaffirm our commitment to put gender equality and women’s empowerment at the core of our efforts for an inclusive recovery and sustainable development.


  • We reaffirm the important role of tourism for global recovery, and the community-based approach for rebuilding a more human-centred, inclusive, sustainable, and resilient tourism sector.



  • We reaffirm the role of culture as an enabler and driver for sustainable development with intrinsic value beyond its social and economic benefits.



  • We will continue to lead by example through strengthening and implementing our obligations and commitments to anti-corruption efforts including through legally binding instruments, while renewing our commitment to zero tolerance for corruption.



  • We recognize the need for the international community to step up their efforts to effectively combat money laundering, terrorism financing, and proliferation financing.


We appreciate and thank Indonesia for its Presidency and for successfully hosting the Bali G20 Leaders’ Summit and for its contribution to the G20 process. We look forward to meeting again in India in 2023, in Brazil in 2024 and in South Africa in 2025.