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Tuesday, November 15, 2022, 10:46
G20 summit begins with focus on economy, climate change
By Xinhua
Tuesday, November 15, 2022, 10:46 By Xinhua

This Nov 12, 2022 photo shows the logo for the upcoming G20 summit outside Apurva Kempinski, the main venue for the summit in Bali, Indonesia. (WANG YILIANG / XINHUA)

BALI, Indonesia – The 17th Group of 20 (G20) Summit kicked off in the island of Bali on Tuesday, with issues pertaining to world economic recovery, world health systems and climate change taking the centerstage.

During the two-day summit themed "Recover Together, Recover Stronger", other issues including digital transformation and food and energy security will also be discussed.

Addressing the summit’s opening ceremony, Indonesian President Joko Widodo said his country hopes that the summit can be a catalyst for inclusive global economic recovery.

Being responsible means respecting international law and the purposes and principles of the United Nations Charter consistently, and creating win-win not zero-sum situation, the Indonesian president stressed.

READ MORE: Meetings set to boost global governance

"We should not divide the world into parts," Widodo said, calling on the world to act wisely, shoulder the responsibility and show their leadership.

The summit comes as the world is facing multiple challenges such as fragile economic recovery, prolonged COVID-19 pandemic, an inflation higher than seen in several decades, tightening financial conditions in most regions, among others.

We hope the G20 summit can deliver concrete partnerships that can help the world in its economic recovery.

Joko Widodo, President, Indonesia

The International Monetary Fund in October projected the global economy to grow by 3.2 percent this year and 2.7 percent in 2023, with a downward 0.2-percentage-point revision for 2023 from the July forecast.

The international community pins its hope on major economies to strengthen coordination on macroeconomic policies and promote multilateralism, openness, inclusiveness and win-win cooperation at the summit.

Established in 1999, the G20 is a central forum for international cooperation on financial and economic issues. It comprises 19 countries plus the European Union. The countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Türkiye, Britain and the United States. 

The G20 accounts for more than 80 percent of the world's gross domestic product, 75 percent of international trade and 60 percent of its population.

A positive sign on the eve of the summit was a bilateral meeting between Chinese President Xi Jinping and his US counterpart Joe Biden in which the two leaders pledged more frequent communications despite many differences. Monday's meeting was the first time the two had met in person since Biden became president and the talks appeared to signal an improvement in relations between the superpowers.

With the Russia-Ukraine conflict and a global spike in inflation overshadowing the summit, Indonesia's president made a fresh appeal to the leaders of the world's richest countries to unite at least on economic matters.

ALSO READ: Indonesia eyes tourism lift ahead of G20 summit

"We hope the G20 summit can deliver concrete partnerships that can help the world in its economic recovery," President Joko Widodo said after a bilateral meeting with Biden.

The Indonesian leader also asked the European Commission and the G7 bloc to lend "support and flexibility" so that the summit can produce concrete results, he said in a statement.

With inputs from Reuters

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