RPT: REVIEW – G20 Leaders Vow to Shape Strong, Inclusive Post-COVID-19 Era

BRUSSELS, November 23, Luc Rivet- The leaders of the world’s 20 largest economies have pledged during an online G20 summit over the weekend to build a stronger and more inclusive post-pandemic era. It consists of 19 individual countries and the European Union. The 38- point declaration adopted by the heads of G20 nations has brought into view multilateral…

BRUSSELS, November 23 (Sputnik), Luc Rivet – The leaders of the world’s 20 largest economies have pledged during an online G20 summit over the weekend to build a stronger and more inclusive post-pandemic era.

The event was dedicated to working out a COVID-19 action plan to shore up the struggling global economy.

The Group of 20 makes up around 80 percent of the global economic output, two-thirds of the world population and three-quarters of international trade. It consists of 19 individual countries and the European Union.

Unlike previous editions, this year’s summit — chaired by Saudi Arabia — did not have photo-ops, marathon bilateral meetings and on-the-go talks, as it was in a virtual format due to the coronavirus pandemic. The leaders, however, have adopted a joint declaration and made some serious promises.

WHAT WE LEARNED FROM G20 2020 SUMMIT

The 38-point declaration adopted by the heads of G20 nations has brought into view multilateral commitments and joint initiatives aimed at the post-pandemic recovery worldwide. Leaders have expressed their determination to develop COVID-19 vaccine distribution channels and increase production capacities, extend social protection guarantees to poorer countries and secure debt-relief extensions.

“We, the G20 Leaders, meeting for the second time under the Saudi Presidency, stand united in our conviction that coordinated global action, solidarity, and multilateral cooperation are more necessary today than ever to overcome the current challenges and realize opportunities of the 21st century for all by empowering people, safeguarding the planet, and shaping new frontiers. We are committed to leading the world in shaping a strong, sustainable, balanced and inclusive post-COVID-19 era,” the declaration read.

Some G20 nations have already mobilized resources to address the financing needs in the global health care sector to promote the research, development, production, and distribution of COVID-19 diagnostics and vaccines through collaboration with such initiatives as the Access to COVID-19 Tools Accelerator (ACT-A) and its COVID-19 Vaccine Global Access Facility (COVAX) facility.

Members of the G20 promised to “fill the financing needs which still exist.”

As for the poorest countries, the G20 leaders pledged to implement an already adopted debt-service suspension initiative that allows low-income countries to stop paying interest on their debt until June 2021.

G20: RUSSIA

Russian President Vladimir Putin said during the summit that COVID-19 vaccines should be accessible for everyone and that Moscow supported the G20 project on this issue, and was ready to provide vaccines to all the countries in need.

Putin added that humanity faced unprecedented challenges in 2020 triggered by the COVID-19 pandemic.

“The coronavirus pandemic, global lockdown and frozen economic activity triggered a compound economic crisis, which the modern world has not probably seen since the Great Depression,” Putin said during his speech.

Notably, Russia is ready to partner up with over 30 countries that have already expressed interest in obtaining Russia’s Sputnik V COVID-19 vaccine, including Saudi Arabia, the United Arab Emirates, Indonesia, Philippines, Brazil, Mexico and India.

G20: CHINA

Chinese President Xi Jinping, in turn, said at the summit that the pandemic had exposed weaknesses of the existing system of global governance and urged the world’s most developed economies, whose gathering this year was presided by Saudi Arabia, to lead the way in promoting global cooperation.

Xi then underlined the four most vital areas of global cooperation, including “building a global firewall against COVID-19, ensuring the smooth functioning of the global economy, harnessing the role of the digital economy and pursuing more inclusive development.”

The Chinese leader then reminded his G20 counterparts that Beijing had long proposed the creation of “a global mechanism on the mutual recognition of health certificates based on nucleic acid test results in the form of internationally accepted QR codes.”

According to Wang Yiwei, professor of the School of International Studies and senior fellow of the Chongyang Institute for Financial Studies at the Renmin University of China, Xi’s proposal for more countries to join such a global mechanism is a concrete measure in the fight against the pandemic.

The expert told Sputnik that the international recognition of QR health codes could make it easier for people to travel around the world, reduce the impact of the epidemic on production and supply chains, as well as contribute to building mutual trust, the formation of a single system of epidemiological security and the foundation for the ultimate triumph over the coronavirus pandemic.

G20: EU

The European Union was represented by European Commission President Ursula von der Leyen, and the head of the European Council, Charles Michel.

The officials stressed the financial aspects of the development and deployment of the COVID-19 vaccines.

“I am glad that G20 leaders agreed to make COVID-19 vaccines available and affordable for all. But more funding is needed. This is why I called G20 Leaders to commit to funding 4.5 billion US dollars for the ACT-Accelerator by the end of the year. G20 leaders also agreed to maintain economic measures until the recovery is firmly on the way. As a lesson from the crisis we need to step up global preparedness,” von der Leyen said.

Michel, in turn, added that an international Treaty on Pandemics could help the world respond more quickly and in a more coordinated manner.

“It [the treaty] should be negotiated with all UN organizations and agencies, in particular the WHO. The WHO must remain the cornerstone of global coordination against health emergencies,” the head of the European Council noted.

All in all, the G20 regrets a lack of participation of the private creditors to poor countries.

Following the completion of the G20 summit, Saudi Arabia’s King Salman formally handed over the presidency to Italy, which will chair next year’s G20 summit.