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TEPAV attended T20 Mid-Year Conference TEPAV participated in the T20 Mid-Year Conference held in Mumbai, India between 10-12 May 2023 with the T20 working group consisting of TEPAV Founding Director Güven Sak, G20 Studies Center Director M. Sait Akman and Economy Monitoring Center Director Gülbin Şahinbeyoğlu. They also contributed to the Task Force Statements, which will form the basis of the T20 Communique.
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10/07/2023 - Viewed 635 times

 

 

T20 working group consisting of TEPAV Founding Director Güven Sak, G20 Studies Center Director M. Sait Akman and Economy Monitoring Center Director Gülbin Şahinbeyoğlu attended the T20 (Think20) Mid-Year Conference held in Mumbai, India between 10-12 May 2023. At the conference, health, green growth, technology for development, reform of multilateral institutions, interaction with gender and green transformation were the main topics of discussion. With the recommendations that emerged as a result of the discussions, it was aimed to shape the agenda of the T20 Summit, the last event to be held in August. During the conference, in which panel sessions were held under nine different topics, Task Forces convened and finalized the Task Force Statements, which would form the basis of the T20 Communique.

Observer Research Foundation (ORF) - India's Vice President and Senior Fellow Jaibal Naduvath, Gateway House - India's Executive Director Manjeet Kripalani and Manohar Parrikar Institute for Defense Research and Analysis General Director Sujan Chinoy, in their speeches at the opening of the conference, they highlighted the main topics of the conference and the effects of T20 work on the G20 agenda as well as the priorities of G20 India.

Chairmanship of emerging economies is important

In the first panel session titled “G20 and the Global South: New formats for cooperation on SDGs”, it was stated that the holding of the group presidency by emerging economies for four consecutive years, starting with the Indonesian presidency in 2022, creates an important opportunity for the G20 to increase its inclusiveness. It was stated that the forthcoming of the presidency of Brazil and South Africa following the presidency of Indonesia and India will make it possible to set the G20 agenda in a way that includes the economic conditions of many developing countries and in line with the priorities of the Global South. Underlining that improving the scope is central in achieving the Sustainable Development Goal (SDG), the session emphasized the importance of establishing high-quality database in the follow-up of the SDGs in order to detect problem areas, design the accurate policies and monitor their impacts.

Urban planning should be based on sustainability

In the second panel of the conference titled “Maximum Cities: Urban Habitats, Growth and Sustainability”, it was noted that although 2030 is a crossroads for achieving the Sustainable Development Goals, the pace of progress has slowed and uncertainties have increased due to the COVID-19 outbreak. In the session it was also stated that cities are the centers of international trade and growth, therefore, sustainability and inclusiveness should be the principles in city planning.

Emphasis on gender equality in climate and environmental policies

In the third session titled "Leveraging G20 and COP 28 for People-Centric Energy Transitions", it was stated that human-centered energy transitions were among the G20 principles and based on the 2030 Sustainable Development Agenda. In this context, it was stated that the Indian G20 presidency created the appropriate time to set the COP28 target by ensuring international cooperation on climate change. It was stated that the coordination of the G20 and COP28 played an important role in establishing a common language across a wide range of countries and activating the COP process. It was emphasized that women's position at the center of human-centered energy transitions could lead to better environmental and climate outcomes by improving their access to energy and increasing their economic participation. In addition, it was mentioned that the gender equality criteria should be taken as a basis while creating climate and environmental policies.

Existing consumption patterns must be transformed

In the fourth session of the conference titled “Mission LiFE and the Agenda for Sustainable Development” panel, “Mission LiFE” as a global mass movement that promotes individual and societal action created under the leadership of India to protect and preserve the environment was discussed and its role in the Sustainable Development Goals (SDG) was addressed. Emphasizing sustainable consumption and climate-friendly lifestyles, Mission LiFE's focus is on sustainable cities and communities (SDG 11), responsible production and consumption (SDG 12), climate change (SDG 13), life on land (SDG 15) and life underwater (SDG 14). In that respects, it has contributed directly and indirectly to almost all SDGs, focusing on SDGs. The panel discussed the need to transform current consumption patterns and industries to shift to sustainable production techniques so that the lifestyles of all individuals are compatible with the available resources on the planet.

The global financial system is vulnerable to shocks

In the panel titled “Navigating Choppy Waters: The G20’s Role in Ensuring International Financial Stability”, it was pointed out that the global financial system is still vulnerable to shocks, referring to the uneasiness in the financial markets that started with the bankruptcy of the Silicon Valley Bank (SVB) in the USA. In the current environment of high market volatility, it was emphasized that exit strategies from exceptional monetary, fiscal and regulatory policies should be carefully determined, especially considering the limited financial rooms of emerging markets and developing economies.

A strong banking system is essential for an effective monetary policy

Gülbin Şahinbeyoğlu, who contributed to the session as a discussant, underlined that the inconsistencies in the balance sheet structure of the SVB are striking and said, “Weaknesses in risk management and bank supervision come to the fore in the bankruptcy of the SVB. In this framework, the Basel III framework, which excludes medium-sized banks, should be reviewed and the G20 can play a leading role in this initiative.”

Şahinbeyoğlu stated that the existence of a strong banking system is a necessary condition for the effectiveness of monetary policy and said, "Recent developments have once again confirmed that a strong banking system necessitated a strongly supervised financial system on the basis of banks and financial institutions."

Global problem require global solutions

In the sixth session of the conference, “Trust, Integrity, Resilience: Rethinking Globalisation” panel, developments in the aftermath of COVID-19 were discussed. It was stated that the ongoing problems in the fields of health, finance and food caused disruptions in the supply chain, and countries followed more protective policies in this process. In the panel, it was stated that considering that global problems require global solutions, the G20 should consider the reform process of multilateral institutions and address the challenges arising from climate change.

The G20 has become a global reform

In the seventh panel titled “Reforming the Think20: From Ideas to Action”, focusing on its development since its formation in 2012, it was noted that T20 has developed a multilateral dialogue based on international cooperation in the past 20 years. It was also noted that the G20 has become an effective global forum for the formulation of evidence-based recommendations in determining priorities.

T20 reform made significant advances in communications

The reform of the T20 was first launched and studied within a Task Force framework during the Italian presidency in 2021 and three scopes of development were identified: (i) governance and funding, (ii) diversity, inclusion and regional context, and (iii) timing and impact. The progress made in these areas, the G20's ability to adapt to the ever-changing world agenda and its adaptation to the digital age in communication were the main topics of discussion in the panel. Gülbin Şahinbeyoğlu, who was among the speakers of the panel, stated that T20 by hosting expert groups that conduct independent and data-based research, it differs significantly from other participation groups. In addition, she stated that it is the most effective channel in the agenda of the G20 and in the policy-making process, and said, “T20 is the gate of the G20, which opens beyond the borders of the G20, makes important contributions in the field of inclusion, since it covers countries other than the G20. Since the T20 reform was put on the agenda, significant progress has been made in terms of diversity and inclusion, as well as coordination and communication. For example, joint events and T20 broadcasts, especially during Indonesia and India’s presidency terms, increased and websites and social media started to be used more effectively.”

Noting that it is important to follow the progress in the T20 reform process, Şahinbeyoğlu suggested that some criteria can be developed for this, an evaluation process can be carried out at each presidency term and the results can be shared, and conveyed that there is a similar practice in G20 EMPOWER.

India DPI model proved its success

The eighth session of the conference was held under the title of “Responsible Digital Public Infrastructure: Approaches, Lessons and Possibilities”. At the panel, it was said that the Digital Public Infrastructure (DPI) creates a structure that supports innovation, drives inclusiveness and competition at the national population scale. It was stated that the Indian DPI model proved its success and set a good country example. It was also highlighted that in addition to India, various DPI applications were developed in different European and South American countries, and that these experiences could be a guide for other countries. In this context, it was stated that governments and non-governmental organizations should be encouraged for responsible practices.

Demographic structure should be taken into account in investment plans

The last session of the conference titled "Demographic Transitions: Navigating a Changing Human Landscape" focused on demographic developments on a global scale and different demographic structures of the G20 countries. It was stated that the world population is expected to increase by two billion people in 2050, and to reach its peak at 11 billion by the end of the century, and that the working-age population in many countries is increasing faster than other age groups. In the panel, it was pointed out that the changing demographic structure should be taken into account in investment plans, especially in education and skills. In addition, it was emphasized that half of the population in half of the G20 countries is over the age of 40, while in countries such as India, Indonesia, Mexico and South Africa, half of the population is under the age of 30. The effects of these differences in areas such as health and women's adaptation to demographic transitions were discussed.

TEPAV contributed to Task Force Statements

At the Mid-Year Conference, TEPAV contributed to the drafting of Task Force Statements, which form the basis of the T20 Communique. Within this framework, proposals for the Macroeconomics and Trade Task Force submitted by Gülbin Şahinbeyoğlu and M. Sait Akman from TEPAV, and proposals for the Reform of the Multilateral System Task Force submitted by by Güven Sak and M. Sait Akman were accepted.

T20 India's other events, publications and upcoming events calendar are available on their website.

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