Embassy of India

Cairo, Egypt

Shri Arindam Bagchi, Official Spokesperson: Very good evening to all of you. Thank you very much, I deeply appreciate your presence at this late hour and your patience to wait for this, end of this very important event, the G20 Virtual Summit, that has just concluded under the chairmanship of the Prime Minister. To give us a sense of the conversation, we have Honorable External Affairs Minister, Honorable Finance Minister, Sherpa, as well as Secretary (DEA), who have just actually come from L.K.M. to tell us about the conversations. May I request External Affairs Minister, Sir, to give opening remarks, and then perhaps Madam.

Dr. S. Jaishankar, External Affairs Minister: Thank you. Very good evening. It's a pleasure to meet you all, even if it's a bit late. Today's Virtual G20 Summit, which was chaired by the Prime Minister, has concluded just a little while ago. All 21 members of the G20, including the AU, the nine Guest Countries, and 11 International Organizations participated in the meeting. The discussions were fruitful, they were very productive. All leaders congratulated Prime Minister on a successful steering of India's G20 Presidency.

Let me set out the context for the Virtual G20 Summit. As you are all aware, the New Delhi Leaders’ Summit saw the unanimous adoption of the New Delhi Leaders’ Declaration. Now at its closing session, Prime Minister had suggested to G20 leaders that we could reconvene virtually at the end of November to look at suggestions and proposals made at the September Summit by participating leaders, and also to review Summit outcomes and accelerate progress on them. Secondly, the G20 Finance Ministers’ and Central Bank Governors’ Meeting was held in Marrakesh in October, in mid-October, after the New Delhi Summit. It achieved some very notable outcomes on MDB reforms and other important areas of the Finance Track, and the Finance Minister would be speaking about it. Third, there have been major geopolitical developments in the last two and a half months since the New Delhi Summit, and they obviously have consequences for global development and growth. The situation in West Asia has deteriorated dramatically, which has serious implications for the region and the world. And this has come on the back of the conflict in Ukraine. Fourth, the outcomes of the 2nd Voice of the Global South Summit, which again, you know, was held only recently on the 17th of November, also fed into the Virtual Summit deliberations.

Now in terms of what was discussed today, I would say mostly they were progress on the agenda of the New Delhi Summit. Of course, there were the two geopolitical issues which came up in some…the Middle-East, West Asia, Gaza situation came up in greater detail, to some extent also the Ukraine conflict and its consequences. In terms of Prime Minister's own remarks, I think that you would have seen, it is already in the public domain. Now, the Virtual G20 Summit, we believe, is very significant because it is also the first gathering of world leaders after the outbreak of conflict in West Asia. As I said, many leaders spoke about it. And what we heard really were condemnation of terrorism, expression of deep concern over the loss of civilian lives, calls for extending timely and adequate humanitarian assistance, not allowing the conflict to spread, and to find a long-term solution for the Palestine issue. G20 members on the whole welcomed the understanding which has been reached on the release of hostages, on the flow of relief material to Gaza, and some pause in the fighting.

So overall, there was a strong sentiment expressed by the leaders to ensure implementation of the commitments which were agreed to at New Delhi. Prime Minister Modi assured President Lula of Brazil of India's fullest support as Brazil takes over the Presidency. We will be part of the G20 troika, and together we will continue to take forward the outcomes achieved during our Presidency. So with that broad overview, may I request Finance Minister to make her remarks.

Smt. Nirmala Sitharaman, Finance Minister: Today on the G20 Finance Track related issues, let me start by saying, every one of the five main agenda points which had been discussed over the year had been reiterated. They were welcomed. In fact, most of them elaborated, saying we are looking forward to building more on those agenda. Just quickly, I'll recall the five for your benefit – MDB reforms, Digital Public Infrastructure on which India, I'll give you the details, India is now signing memorandum of understanding with many countries; the roadmap for Crypto Assets, Climate Finance, and Financing of Cities of Tomorrow. On all these agenda, as was reflected in the Delhi declaration, there was overwhelming appreciation and keenness to take it forward during the next Presidency.

Particularly on the MDB reforms, there were several reiterations for building a better, bigger and more effective multilateral development banking institutions. Now even as I say this, several MDBs are already exploring options of collaborating with each other in areas such as innovative finance. So the International Expert Group’s report has been welcomed. Many aspects of it are already set on course. The boards are taking it up for each of the banks, particularly the World Bank has already started doing a lot of action which are reflective of what the recommendations are. When I said banks are collaborating with one another in looking at ways of innovative financing, I take the example of the African Development Bank and the Inter-American Development Bank, who are now collaborating on developing hybrid capital instruments. So you see that people are, in the multilateral development banks, already initiating many of the suggestions which have come through the International Experts Group.

The other which I want to highlight on is that the US administration has asked US Congress to increase the World Bank's financing by more than 25 billion. Germany has pledged 305 million Euros of hybrid capital that can be used by the World Bank to have additional IBRD lending of 2.4 billion Euros over the next 10 years. So you already see action in place and therefore the Indian Presidency's efforts to bring in the International Experts Group to look into serious ways of improving the efficiency, making the 12 Multilateral Development Banks more 21st century-ready are taking shape. The multilateral assistance are also being speeded up by the MDB and the processes have all been ramped up. On that particularly today, I had Kristalina Georgieva referring to the debt round table which was initiated during our Presidency. World Bank and IMF are actively engaging with all creditors for each of the countries so that solutions are arrived at the earliest.

The next agenda on which there was a lot of sense of working together and I was very glad to hear the FSB speaking about the Crypto Asset Framework on which they wanted…the road map is ready, they wanted countries to take it up and it is only through that we are going to have the risks which have to be managed by particularly the emerging market countries, which can be handled, because the road map actually has looked into some specific areas. And the mandate therefore includes proposing tailor-made measures to mitigate risks specific to the emerging market and developing economies, identifying appropriate strategies and outlining how to enhance the capabilities and capacities of these economies to face the risks that these Crypto Assets can pose to us. So on the Crypto, I was glad to see that today much beyond the Delhi declaration, there were efforts to highlight that countries can go ahead with the road map and have their own templates to deal with the Crypto risks.

On the Digital Public Infrastructure, I did mention to you that India is signing MoUs with countries. The overall sense of appreciation on the importance of the Digital Public Infrastructure is seen as, DPIs promote sustainable and inclusive growth, advance financial inclusion through capacity building, technical assistance and adequate support. India's own effort in this, even as our Presidency was on and after the Delhi Declaration, is seen in that we have signed with seven countries, MoUs through which we are going to share our experience, our technologies and also share our experience with these countries. Now India is also at an advanced stage with few more countries.

On cross border…you know that cross border acceptance of UPI was already made effective with Singapore and UAE. Now we are looking at very many more countries who will be taking this up so that they can provide an acceptance to our UPI and provide QR at merchant establishments. So even that's moving forward.

If I can add a bit more on to the way in which Crypto would also be dealt with, the G20 has formally adopted the road map but Indian Presidency is also going to be working with the Brazilian Presidency. The IMF, FSB and the FATF will be required to provide regular updates to the G20 regarding the progress and implementation of the G20 roadmap on Crypto Assets and that's why I began by quoting the FSB. I again bring the FSB into the picture. It was very clearly mentioned that not just the G20 countries but also beyond that, which means more of FSB's members who are more than 100 will all have to be now contacted by FSB, G20 and others to see that an effective mechanism is placed in each of the countries, so that nowhere there is a loophole in controlling the Crypto Assets.

The last two points are on climate finance. Timely and adequate mobilization of climate finance has also remained high on our agenda during our Presidency. Today we heard a lot of members talking about this and how important this will be. Climate finance has been emphasized in terms of new collective quantified goals that we have to arrive by 2024. There was frequent reference by all the members talking about next we meet at COP28. So this marked the major last Summit, virtual however, under the Indian Presidency and effectively ends the Indian Presidency. But there was a lingering memory of this Presidency moving over to COP28 which was referred to by most members, saying we are going to carry forward our agenda on climate finance to the next.

Just one or two things to say, that we are not meeting in the context of the Summit which is virtual. After the Delhi declaration there has been significant movement. There was an international seminar on DPI in which 100 countries participated. So when I told you about crypto; even in DPI, 100 countries have participated in this Seminar. They were largely from Asia, Africa and Middle East and MoUs are being signed to share technology. Second was also a seminar on strong sustainable building, strong sustainable balanced and inclusive growth and multilateral institutions for 21st century. Even in that many countries participated, shared their experiences. External Affairs Minister, just a moment ago, referred to the 2nd Voice of the Global South Summit. A special session was held on financing people centric development. So beyond Delhi Declaration, even that has been taken up. As a member of the troika, the Honorable Prime Minister himself mentioned that we will be playing a constructive role during the Brazilian Presidency in taking forward many of the points that I have just referred to. Thank you.

Shri Amitabh Kant, G20 Sherpa: Just two points. One is that today we had 22 Heads of Government and all Heads of International Organizations participating in it. So it was a very, very well attended virtual conference. And secondly that since G20 works in continuity, our focus since 9th and 10th of September has been on implementation. A lot of things have been implemented both domestically and we are pushing for implementation. And number of things which we have taken up, like working group on Women's 20, Start-up 20, Disaster Resilience, are all being carried forward by Brazil. Brazil's theme is ‘Build a Fair World and a Sustainable Future’. And under that, most of what we have announced in the New Delhi Leaders’ Declaration, we will push as a member of troika, we will push for implementation under the Brazil Presidency now. That's all.

Shri Arindam Bagchi, Official Spokesperson: Thank you very much. We have to take a few questions but please keep it very tight, we will take in a group. Okay, Siddhant, you can start. Please introduce yourself and the organization.

Sidhant: I'm Sidhant from WION, my question is to EAM Jaishankar Sir. Sir, my first question is on how we were able to bring the Voice of the Global South at the high table. We hosted the two Summits, how did the inputs from those two Summits were able to be brought at this Summit, the G20 Virtual Summit. And secondly the absence of the Chinese President Xi Jinping, he's again missed the Virtual Summit, how do you see that as?

Sudhi Ranjan: Sir, Sudhi Ranjan from Bloomberg. So question to the External Affairs Minister, Mr. Jaishankar. Sir, if you could give us an understanding on the West Asia situation, as you said, everybody spoke about it. Is there a possibility, and we heard the Prime Minister saying that G20 is going to help, is it a possibility that it's going to take forward a proposal and ensure that there is peace in the area?

Kallol: Kallol Bhattacharjee from The Hindu. As far as the spillover effect of the Gaza crisis is concerned, I noticed that, External Affairs Minister, you have referred to it that leaders are concerned about the expansion of the conflict, possible expansion of the conflict. In such a scenario, what is really our preparation as far as the diaspora is concerned, because we have a large number of Indians living in the Gulf region, they're also perhaps part of our concerns at the moment. Their safety and security is also something that perhaps you should think about.

Rishabh: Sir this is Rishabh from Times Now. Question to EAM Sir, from where Bloomberg left. Sir, when the Prime Minister discussed about two-state solution, was there an understanding and discussion, and was it a unanimous decision to work on a two-state solution by all the G20 members, or was it the India statement on a two-state solution?

Dr. S. Jaishankar, External Affairs Minister: I think most of the questions relate to West Asia and Gaza. Prime Minister's own position, I think all of you would have heard, so I don't need to reiterate that. Most of the leaders, in some form or the other, expressed something similar. The emphasis and the selection of words may be different. Some would have put some aspects of it stronger, some would have put other aspects of it. But I would say there was a broad overlap of views there. Was there a G20 proposal itself? No, I think everybody actually welcomed what had been agreed to, you know, as a result of Qatar, the United States, and Egypt working out this particular understanding.

On the two-state solution; many countries, I would say, spoke about it explicitly. Perhaps, I mean overwhelming would be; but I don't think…I would not say, in all honesty, everybody did. So again, I cannot say there was a consensus on a two-state solution. And I think on this whole idea of a spillover, I honestly, I would say the focus is right now on ensuring it doesn't even spill over beyond where it is. So I don't think the kind of scenario you are suggesting was something which anybody even remotely spoke about.

In terms of Sidhant, to your question, President Xi Jinping not being there; look, it's for a country to decide who represents them. And Prime Minister Li Qiang had represented them at the G20 New Delhi Summit as well. So they chose to continue with that.

And is there a carryover? I think, as an example, what Finance Minister herself said, that the Finance Track of the Voice of Global South has actually fed into the G20 Finance Track as well. But there was one point, I think, which all of us would have noted today, a very clear recognition that India's G20 Presidency was Global South-centric. And it had brought development back, fair, square, and center of the G20. I think this was a very widely voiced thought, not just among the G20 members, but also, I would say, among the international organizations.

Shri Arindam Bagchi, Official Spokesperson: I see one hand there. Yes.

Tarun: Ma'am, Tarun from Zee Business. My question to FM, Ma'am. Prime Minister has mentioned about the Social Impact Fund for the DPI. How is the consensus in the G20? How many countries are agreed to put the money for the Social Impact Fund, especially for the DPI?

Smt. Nirmala Sitharaman, Finance Minister: I am not sure if details of that has been worked out yet, on that.

Aanchal: Aanchal from Indian Express. Ma'am, you mentioned about the crypto roadmap. Will there be data sharing also between the countries? Or it's just a…(inaudible) since the first review is likely to be held in 2025. That was what was told… of the crypto roadmap… data sharing.

Smt. Nirmala Sitharaman, Finance Minister: These are initial days. You have the larger template flag points, right? So you're going to be able to get the template out for nations to decide how they want to have their own legislative framework and other things. So it'll be too early. Maybe the early stages of Brazilian Presidency will come out with a bit more clarification.

Sapna: Hi, Ma'am, Sapna here from CNBC. Just a small follow up to Aanchal's question on the Crypto Asset roadmap. So roughly, what is it that has been decided in the earlier Declaration itself in September meeting in terms of the timeline for the implementation or the agreement to happen on Crypto Assets? Is it three years? Is it four years as of now? Is it two years as of now? And simultaneously, Ma'am, we understand that individual countries, including India, will work on their own roadmaps. I mean, what they want to do basically out of the world consensus.

Siddhant: Hi, Sir, I'm Siddhant from CNN News 18. Sir, Prime Minister of Canada Justin Trudeau participated in G20 Virtual Summit. And ahead of that, India announces the e-visas will be started for the Canadians, Sir. So my question to you is that, are we looking at a situation of de-escalation, or is it a step towards de-escalation, given tensions between two countries?

Shri Arindam Bagchi, Official Spokesperson: Not really a G20 question, is it? Anyway, I will leave it to Sir to decide.

Urvashi: Sir, I'm Urvashi Khona from The New Indian. Deepfake was a big concern that Prime Minister Narendra Modi has raised. Was it a consensus from other countries as well? What was the concern raised regarding Deepfake from other countries?

Smt. Nirmala Sitharaman, Finance Minister: Well, I think very clearly the issue of a template, the roadmap, has specifically given; and also given those downside risks for emerging market economies. At this stage, beyond that, there is no timeline given. See, when you're talking of the two pillar solutions, you had timelines. You had timelines for the pillar one, and then you know how it is progressing. So timelines are not here for us as yet. But as I said, when we move into the Brazilian Presidency, given the momentum that Crypto Assets issue has picked up in the G20, if there is anything emerging, we'll know at that time. At the moment, the content of the roadmap is what is before us to act on.

Dr. S. Jaishankar, External Affairs Minister: In terms of the other questions; no, the issue of Deepfakes did not come up at all in the conversations today.

Regarding the e-visa, first of all, it had nothing to do with the G20 meeting. What had happened was we had temporarily suspended visa issuance, because the situation in Canada made it difficult for our diplomats, frankly, to go to office and do the necessary work for processing visas. As the situation there has become more secure or relatively improved, I think we have found it possible for the visa services to progressively resume. And the physical visas had started in many categories. And at that time itself, we had said we will be looking at e-visas next. So I think it was a logical consequence of that.

Shri Arindam Bagchi, Official Spokesperson: Thank you very much, Honorable Ministers. Thank you to Sherpa and Secretary (DEA). Thank you all for joining, and good evening.