G20's big outcomes: India to host G20 in 2022, Trump-Xi's trade truce

PM Modi, Russian President Vladimir Putin and Chinese President Xi Jinping at G20 Summit. Image was tweeted by PM Modi. Photograph:( Twitter )

WION Buenos Aires, Argentina Dec 02, 2018, 10.36 PM (IST) Siddhant Sibal

The 13 G20 Summit ended with a number of big outcomes such as India being as the host for G20 in 2022 and Trump-Xi truce in the ongoing trade war. 

India will be hosting the summit on the 75th Independence anniversary year.

Speaking at the G20 summit, India's Prime Minister Narendra Modi said "It's India's 75th Independence Day in 2022 & we had requested Italy if we can get '22 instead of '21 (for hosting G20 summit). They accepted our request, others accepted it too.I'm grateful and I invite leadership from across the world to come to India in 2022"

Italy and India swapped year for hosting G20 summit. Italy will be hosting G20 Summit in 2021. Italian PM Giuseppe Conte said it was "very important for India to celebrate its 75th anniversary of Independence with our presence and therefore I decide to accept the swap".

In Asia, South Korea hosted G20 in 2010, followed by Turkey in 2015 and China in 2016. 

GLOBAL OUTCOMES

On Global outcomes, US president and Chinese President met for almost two-and-a-half hours on a working dinner. Later in a press statement, the white house said, "President Trump has agreed that on January 1, 2019, he will leave the tariffs on $200 billion worth of product at the 10% rate, and not raise it to 25% at this time."

According to White House, China also agreed to purchase "very substantial" amount of agricultural, energy, industrial, and other product from the United States to "reduce the trade imbalance between our two countries."

US President has been calling on Bejing to reduce the trade deficit with Washington.

Trump & Xi have also agreed to "immediately" begin negotiations on "structural changes" with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture. Both agreed that this will be completed within the next 90 days.

President Trump said, “This was an amazing and productive meeting with unlimited possibilities for both the United States and China. It is my great honour to be working with President Xi.”

India's Prime minister also spoke on the ongoing trade wars between world number one and number two economies in the world saying it has a "collateral" impact on emerging economies.

Terror and the issue of fugitive economic offenders remained the key focus by the PM with the PM calling on the need to "implement the 11 point action plan against terrorism which was issued as a stand-alone statement in last year's G20 summit (in Hamburg)". 

India's Sherpa or Chief negotiator Shaktikanta Das, replying to WION's question on terror said, "PM raised the issue of terror and the way it undermines human life and also economies and society. PM emphasised that the Hamburg declaration should be implemented by all countries. "

PM had also given 9 point agenda to tackle fugitive economic offenders which called on Financial Action Task Force (FATF)  to define economic offenders. 

On the sidelines of G20, PM Modi also met a number of world leaders including Chinese President Xi for the fourth time since he assumed office and invited South African President Cyril Ramaphosa for the Republic day celebrations.

Speaking after the bilateral, Foreign Secretary Vijay Gokhale said, "PM extended South Africa Pres Cyril Ramaphosa invitation to be the chief guest for India's Republic Day in 2019 and Ramaphosa accepted."