TELETRADER News
12/1/2023, 4:45 AM (Source: TeleTrader)
more TeleTrader news

Brazil assumes G20 presidency: What's in store?

Brazilian President Luiz Inacio Lula da Silva officially assumed the Group of 20 (G20) presidency on Friday, December 1, and will be leading the bloc until the end of 2024, with its motto now being "Building a fair world and a sustainable planet." During his speech at the G20 Summit in New Delhi, held on September 10, 2023, Lula emphasized that reducing inequality across the globe must be put "at the center of the international agenda."

The country has put forth three main agenda priorities for discussions under its presidency: social inclusion and the fight against hunger; energy transition and sustainable development; and reform of global governance institutions. To achieve the first two goals, the Brazilian head of state plans to form two task forces, the Global Alliance against Hunger and Poverty, alongside the Global Mobilization against Climate Change. Meanwhile, speaking about international organizations, Lula underlined that there must be a greater representation of emerging countries in the decisions made by the World Bank and the International Monetary Fund (IMF). Furthermore, he wants to see the World Trade Organization (WTO) "revitalized," while its "dispute settlement system must function again." Finally, the Brazilian president said the United Nations Security Council (UNSC) "must count on the presence of new developing countries among its permanent and non-permanent members" to regain its political strength.

Lula emphasized that geopolitical turmoil can't be allowed to "hijack G20 bodies' discussion agendas." The alliance will meet for the 19th time next year, at the 2024 G20 Rio de Janeiro summit, which will convene on November 18 and 19, 2024.

Baha Breaking News (BBN) / AY