Key takeaways from G20 Summit 2023 consensus

G20-summit

The G20 Summit held in New Delhi highlighted several key points regarding digital technology, digital public infrastructure, and more. Here are the key takeaways:

  1. Promotion of Responsible Digital Technology: G20 members have committed to promoting the responsible, sustainable, and inclusive use of digital technology in agriculture, including support for Agri-Tech start-ups and MSMEs.
  2. Digital Public Infrastructure (DPI): The G20 recognized the importance of safe, secure, trusted, accountable, and inclusive DPI. They welcomed the G20 Framework for Systems of Digital Public Infrastructure and India’s plan to create a Global Digital Public Infrastructure Repository (GDPIR). One Future Alliance (OFA) was established to provide capacity building and funding for DPI in low- and middle-income countries.
  3. Resilience and Trust in Digital Economy: G20 members emphasized the need for an inclusive, open, fair, and secure digital economy while respecting legal frameworks. They welcomed non-binding G20 High-level Principles to support businesses in building safety, security, resilience, and trust in the digital economy.
  4. Digital Health: The establishment of the Global Initiative on Digital Health (GIDH) within a WHO-managed framework was welcomed. This aims to create a comprehensive digital health ecosystem in compliance with data protection regulations.
  5. Culture and Heritage: G20 members intend to leverage digital technologies for the protection and promotion of culture and cultural heritage, adopting digital frameworks for cultural and creative sectors.
  6. Crypto Assets Ecosystem: The G20 is closely monitoring developments in the crypto-asset ecosystem. They endorse the Financial Stability Board’s recommendations for the regulation and oversight of crypto-assets activities and markets. They also emphasize global coordination in implementing these recommendations.
  7. Central Bank Digital Currencies (CBDCs): Discussions were held on the introduction and adoption of CBDCs, particularly their implications for cross-border payments and the international monetary and financial system. Reports from BIS Innovation Hub and the IMF on CBDCs were highlighted.

These takeaways reflect the G20’s commitment to harnessing digital technology for inclusive and responsible economic growth while addressing key challenges and opportunities in the digital sphere.