Oil prices key focus for PM at G20 summit

Smita Sharma
Tribune News Service
New Delhi, November 27

As Prime Minister Narendra Modi prepares to Argentina on Wednesday for the G20 summit, officials said the focus this year would be—among other things—rising prices of fuel.

 “Challenges we intend to highlight in G20 include risks posed by oil price volatility, this is something that has directly impacted Indian economy…impacts the lives of people. It is incumbent that leaders of twenty largest economies reflect both on price of oil and its availability in the market,” Foreign Secretary Vijay Gokhale said ahead of the visit.

Oil prices become a particularly important issue given that the prime minister’s government prepares to face the mammoth general elections next year. The central government has come under heavy criticism at home for spiralling fuel prices.  

Held a decade since the Group of 20 came together to discuss ways out of the 2008 financial meltdown, this year’s summit—called ‘Building Consensus for Fair and Sustainable Development’— will try to evaluate the group’s achievements and chalk out a future blueprint. The summit in Buenos Aires will include three sessions and an informal retreat for leaders.

Modi, who will make lead intervention in first session on ‘Putting People First’, is expected to speak on digital revolution, his government’s flagship projects Jan Dhan and Mundra Yojna , reform initiatives of Aadhar and GST, combating terror financing and money laundering. He will strongly advocate against reducing the summit to the singular issue of trade war.

Modi is also expected to stress on need for WTO issues to be resolved constructively, and make a pitch for non-tropical belt members countries of G20 to join the India led International Solar Alliance.

India has circulated a concept note on Disaster Resilient Infrastructure for creating a platform where a country affected by a natural calamity could access the capacity-building and technological know-how of G20 members.

On the sidelines

Modi will meet Chinese President Xi Jinping for the fourth time in less than a year on the sidelines of the summit as well as at a meeting of BRICS heads of states. Coming amid possibilities of US-China agreeing on some kind of a trade deal in Argentina, Modi and Xi’s meet is “indicative of kind of political exchanges and contacts between India-China post Wuhan”, said the Foreign Secretary.

“Whole purpose of these meetings is to build certain mutual trust and understanding in the relationship. It was decided at their meeting in Wuhan that they would take the opportunity wherever and whenever they could meet to discuss issues on either leader’s mind or of mutual concern,” Gokhale said.

India has confirmed meetings with UN Secretary General Antonio Guterres, German Chancellor and Chilean President Sebastián Piñera.  Meetings are also likely with French President Macron, even as the prime minister’s government continues to draw flak from his opposition at home over the controversial Rafale deal.

It remains unclear if he would hold a one-on-one meeting with President Donald Trump. The two leaders last met with Prime Minister Narendra Modi visited Washington DC in June 2017.