Home / Editorial / Editorial: India Gets its Global Due, to Host G20 Summit in 2022

Editorial: India Gets its Global Due, to Host G20 Summit in 2022

Prime Minister, Shri Narendra Modi

Port Wings, 05 Dec 2018:

Prime Minister Narendra Modi’s announcement from Argentina that India will host the G20 summit in 2022 is indeed great news for the world’s largest democracy. For the fact, we will be celebrating the 75th anniversary of our Independence in 2022.

The G20 is a grouping of the world’s 20 major economies. PM Modi made the announcement at the closing ceremony of the two-day summit held here in Argentina’s capital. Italy was to host the international forum in 2022.

Thanking Italy for allowing India to play the host, Modi invited G20 leaders to India in 2022, which also marks the 75th anniversary of India’s Independence.

Putting out the message in pride, Modi said “In 2022 India completes 75 years since Independence. In that special year, India looks forward to welcoming the world to the G20 Summit! Come to India, the world’s fastest growing large economy! Know India’s rich history and diversity, and experience the warm Indian hospitality.”

G20 members comprise Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia,Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK and the US. Collectively, the G20 economies account for nearly 90 per cent of the gross world product, 80 per cent of world trade, two-thirds of the world population, and approximately half of the world land area.

In the recently concluded G20 Meet, India presented a nine-point agenda to member nations calling for strong and active cooperation among them to comprehensively deal with fugitive economic offenders.

The agenda was presented by Prime Minister Narendra Modi in the second session of the G20 Summit on international trade, international financial and tax systems.

India also called for joint efforts by G-20 countries to form a mechanism that denies entry and safe havens to fugitive economic offenders.

“Principles of United Nations Convention Against Corruption (UNCAC), United Nations Convention Against Transnational Organized Crime (UNOTC), especially related to ‘International Cooperation’ should be fully and effectively implemented,” it said.

India suggested the Financial Action Task Force (FATF) should be called upon to assign priority and focus to establishing international cooperation that leads to timely and comprehensive exchange of information between the competent authorities and financial intelligence units.

 “FATF should be tasked to formulate a standard definition of fugitive economic offenders. FATF should also develop a set of commonly agreed and standardized procedures related to identification, extradition and judicial proceedings for dealing with fugitive economic offenders to provide guidance and assistance to G-20 countries, subject to their domestic law,” it said.

India also advocated setting up of a common platform for sharing experiences and best practices including successful cases of extradition, gaps in existing systems of extradition and legal assistance.

It said the G-20 forum should consider initiating work on locating properties of economic offenders who have a tax debt in the country of their residence for its recovery.

While the member nations need to dwell upon these proposals in the coming weeks and months and make it happen, India got its due in the international arena in the form of hosting G-20 Meet in New Delhi in 2022.

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