G20 Meet Outcomes

 

The G-20 summit held at Saint Petersburg, Russia, during 5–6 September 2013.

During the meet the World leaders at the G20 summit failed to bridge their bitter divisions over US plans for military action against the Syrian regime, as Washington slammed Moscow for holding the UN Security Council “hostage” over the crisis. Putin strongly opposed military intervention against the regime of Syrian President Bashar al-Assad over an alleged chemical weapons attack on August 21, saying any such move without UN blessing would be an aggression. Some states were defending the view that rushed measures should be taken, overlooking legitimate international institutions. Other states appealed not to devalue international law and not to forget that only the UN Security Council has the right to decide on using force. Several Western states share Putin’s opposition to military action and after the British parliament voted against strikes, France also vowed to join American intervention.

The Syria crisis and prospect of military intervention has overshadowed the official agenda of the summit of leaders of the world’s top economies and emerging markets to stimulate growth and battle tax avoidance.

Amid a new low in US-Russia tensions, no bilateral meeting as been scheduled between Putin and Obama although officials have left the door open for some informal contact.

According to US intelligence, more than 1,400 people living in rebel-held suburbs of Damascus were killed in the August 21 chemical weapons attack, which involved the use of sarin nerve gas. The two-and-a-half year conflict between Assad and rebels, which began as a popular uprising, has left more than 100,000 people dead. About a third of Syria’s pre-war 20.8 million population has fled abroad or have been forced from their homes.

Further other than Syria issue G-20 declaration stated that the central banks of the developed world would calibrate and communicate their monetary policies to the developing economies to minimise volatility in capital flows and currencies.

g20
The other big comfort for India’s volatile currency market comes from Japan’s decision to enhance its forex swap arrangement with India from $15 billion to $50 billion. This will go a long way in boosting and stabilising the currency market sentiment in India. The arrangement means India can access up to $50 billion from Japan to meet any Balance of Payment (BoP) contingency whenever it needs the dollars. Effectively, with this swap and the progress made in the $100-billion BRICS currency reserve fund, India has sought to diversify its sources of contingency fund arrangement with nations other than those of the West. To that extent, India’s dependence on the IMF for the funding of BoP requirements is reduced.

 

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