PM Modi Hands Over Ceremonial Gavel To Brazilian Prez As G20 Summit Ends In Delhi

New Delhi: Prime Minister Narendra Modi on Sunday called an end to the G20 summit in Delhi as he handed over the ceremonial gavel to Brazilian President Luiz Inacio Lula da Silva to mark the transfer of bloc’s presidency.

“I want to congratulate Brazil’s president and my friend Lula da Silva, and hand over the presidency’s gavel to him,” PM Modi said. Lula da Silva congratulated PM Modi and thanked India for its efforts to give voice to the topics of interest to emerging economies.

At the concluding session, PM Modi proposed an G20 virtual summit in November end to review progress on matters decided in this summit. The Prime Minister also called for world’s ‘new realities’ to reflect in ‘new global structure’, and sought reforms in global bodies like United Nations.

There is a need to expand the mandate of multilateral development banks and develop global standards to regulate cryptocurrencies, PM Modi told G20 leaders.

“Geopolitical issues” should not derail G20 discussions, Brazilian President Luiz Inacio Lula da Silva said Sunday as his country assumed the bloc’s presidency, in an implicit reference to diplomatic wrangling over the Ukraine war.

“We cannot let geopolitical issues sequester the G20 agenda of discussions,” Lula said adding, “we have no interest in a divided G20. We need peace and cooperation instead of conflict.”

He also stressed on greater representation for emerging countries at the World Bank and IMF.

India’s Sherpa Amitabh Kant shares most ‘complex’ part of G20

India’s G20 Sherpa Amitabh Kant on Sunday said that it took over 200 hours of non-stop negotiations to deliver a consensus on the G20 declaration that was adopted at the Leaders’ Summit.