G20 ROME SUMMIT 2021.

 Group of 20, an intergovernmental forum founded in September 1999 comprised of 19 countries and European union. The countries are Argentina, Australia, Brazil, Canada, China, France,Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia,Saudi Arabia, South Africa, Turkey The United Kingdom, United States and European union. It is an important combination of World's largest advanced and emerging economies accounting for two third of global population, 85% of World's output, 80%of global investment and over 75% of world trade.After the finance ministers and central bank Governors meetings held earlier G20 leaders met in Rome on October 30,31 to address most pressing global challenges and to converge upon common efforts to recover better from Covid19 crisis and enable sustainable and inclusive growth in G20 countries and across the world. They are committed to overcoming the global health and economic crisis stemming from the pandemic which has affected billions of lives, hampered progress towards the achievements of sustainable development goals (SDGs) and disrupted global supply chains and international mobility. 

    Over 2021 global economic activity has been recovering at a solid pace due to the roll out of vaccines and continued policy support. But recovery remains divergent across and within countries exposed to downside risks like uneven vaccination pace,spread of new variants of Covid19 etc.Immunisation is a global public good.According to WHO we have to vaccinate at least 40% of population in all countries by end of 2021 and 70% by mid 2022 .G 20 decided to monitor and evolve global strategies to support research and development as well as to ensure their production and speedier and equitable distribution worldwide, by strengthening supply chain and expanding and diversifying global vaccine manufacturing capacity at local and regional level.Strengthening local manufacturing capacity through technology transfer hubs in various regions like South Africa, Brazil and Argentina through joint production and processing are undertaken,along with promoting vaccine acceptance , confidence  measures and fighting disinformation.It is acknowledged that financing for pandemic prevention preparedness and response ( PPR) has to become more adequate, more sustainable and better coordinated and requires a continuous cooperation between health and finance decision makers.Joint Finance Health task force is established for cooperation and coordination between finance and health ministries, promoting collective action, addressing health emergencies with cross border impact and encouraging effective stewardship of resources for pandemic PPR while adopting a one health approach. The task force appointed after the work will report back by early 2022, on modalities with central coordination role of WHO and involvement of G20  low and middle income countries non G20 partners and multilateral development banks so as  to ensure adequate and sustained financing for PPR. 

      G20 commitment to implement Sustainable development goals (SDGS) requires a sustainable inclusive resilient recovery across the world. SDG localization, women and youth empowerment, sustainable production and responsible consumption patterns and access to affordable, reliable, sustainable and modern energy for all with particular regard to most vulnerable countries. Progress of G20 initiatives on supporting industrialisation of Africa and less developed countries is to be further strengthened. As far as environmental sustainability is concerned G20 commit to strengthen actions to halt and reverse biodiversity losses by 2030 and call on CBD partners to adopt an ambitious, balanced, practical, effective and robust bio diversity framework. UN has already declared 2021-2030 as the ecosystem restoration decade,reaffirming the shared ambition to achieve a 50% reduction of degraded land by 2040 on a voluntary basis and will strive to achieve land degradation neutrality by 2030.Sustainable use of natural resources required concrete measures to end overfishing, illegal logging, illegal mining, illegal wildlife trade and illegal movement and disposal of hazardous substances.G20 is committed to hold the global average temperature below 2°c to limit to pre industrial level of 1.5°c  which require meaningful and effective actions by all countries with ambitious short-term medium and long term goals.

 The agreement by finance ministers and central bank governors to coordinate their efforts to tackle global challenges such as climate change and environmental protection and to promote transitions towards green prosperous and inclusive economies was an important step.There is a pillar dedicated to protecting the planet in the G20 Action. Sustainable finance is crucial for promoting orderly and just transitions towards green and sustainable economies and inclusive societies in line with 2030Agenda.

       The final political agreement set out to address the tax challenge arising out of digitalisation of the economy.In the detailed implementation plan released by OECD/G20 Inclusive framework on Base Erosion and Profit Shifting (BEPS) on October 9 is a historic achievement which will establish a more stable and fairer international tax system.G 20 call for the OECD/G20 Inclusive framework on BEPS to swiftly develop the model rules and multilateral instruments as agreed in detailed implementation plan.

 Other issues addressed include - A,emphasis on the pivotal role of womens' and girls' empowerment and leadership at all levels of inclusive and sustainable development.B,Acces to education as a human right and principal tool for Inclusive and sustainable development.C, Inclusion of migrants, migrant workers and refugees in pandemic response and recovery efforts.D, Endeavour to restart international travel, tourism and transportation.E, Global financial stability for largely resilient gap in regulatory framework remained to be tackled.F, Role of trade and investment in open fair equitable sustainable non discriminatory and inclusive rules based on multilateral trade system in restoring growth,job creation and industrial productivity,and G, Potential for boosting productivity, infrastructure, digital economy, higher education and research, technology and innovation, intellectual property ,ICT and cyber security.

 In short,examination of G20 Rome summit shows that the focus was on people, planet and prosperity by addressing covid19 pandemic, climate change, economic growth, stability and international tax agreement. If the G20 initiatives to boost supply of vaccines in less developed countries succeeded the cooperation will help the world to overcome supply and financing constraints of covid19 mitigation.For climate change measures to halt and reverse biodiversity loss and commitment to hold the global average temperature below 2° c to 1.5°c pre industrial level, require meaningful and effective action.Major achievement of G20-OECD  is the tax agreement reached for taxing multinational companies at minimum 15% and to implement the effective mechanism being worked out jointly to eradicate Base Erosion and Profit Shifting(BEPS) strategy practised by global corporations.