FICCI welcomes global event

India will host the annual G-20 summit in 2022, a first time gathering of world’s power leaders which will coincide with the country’s 75th anniversary of Independence.

Prime Minister Narendra Modi announced this at the closing ceremony of the 13th G-20 summit in Buenos Aires on 1 Dec 2018.

“In 2022 India completes 75 years since Independence. In that special year, India looks forward to welcoming the world to the G-20 Summit! Come to India, the world’s fastest growing large economy! Know India’s rich history and diversity, and experience the warm Indian hospitality,” Modi tweeted.

G-20 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.

The President of Federation of Indian Chambers of Commerce and Industry (FICCI), Rashesh Shah, has welcomed the opportunity for India to host the G20 summit in 2022.

“As the country will now be hosting the G20 summit in 2022, it can play an important role in helping the positive results of the Argentina meeting deliver concrete results, going ahead,” he said in a statement on 3 Dec 2018.

He also noted the G20 nations agreeing for the required reforms in the multilateral trading platform, World Trade Organization (WTO).

“India’s role in this exercise will be critical in bringing together all the countries to the discussion table for finding a workable solution,” said Shah.

The FICCI President also noted encouraging signals from the US President Donald Trump and Chinese President Xi Jinping’s meeting.

The meeting has already initiated the process that, in all probability, will succeed in defusing the impending global trade war which threatened to impact world trade in a major way.

The escalating tensions between the two major trading nations in the world has been a cause of deepening concern in terms of its adverse impact on the financial markets across the world and also the economy.

“The very fact that no additional tariffs will be imposed by the US and both the two sides will engage in negotiations, is a big relief for other trading nations, including India. fiinews.com