G20 Summit: Lavrov Highlights Clear Focus on Balanced Economy as a Turning Point

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Lavrov, the Russian Foreign Minister, expressed his view that the G20 summit held in New Delhi marked a significant turning point in the global economy. During a press conference following the event, Lavrov emphasized the summit’s focus on achieving a balanced economy and outlined the clear guidelines that were established to ensure this balance.

G20 family
G20 family

In his remarks, Lavrov highlighted the importance of implementing long-standing promises and commitments to foster a balanced global economy. He acknowledged that this path is not an easy one, but he considered the recent summit as a pivotal moment due to the explicit guidance provided on addressing these tasks.

Lavrov specifically mentioned the reform of the International Monetary Fund and the World Trade Organization as key objectives outlined in the summit’s final declaration. He expressed his belief that the efforts towards these reforms have been hindered by the United States and its allies.

Furthermore, the declaration emphasized the need for the Western countries to fulfill their obligations regarding the transfer of technology to the developing nations. Lavrov stressed that developing countries should no longer be forced to choose between combating poverty and investing in climate change, as this is a false dichotomy.

During the summit, G20 leaders called for the reform of the World Trade Organization, aiming to improve its functions and establish a well-functioning dispute resolution system accessible to all members by 2024, according to the declaration. The final document also emphasized the importance of countering protectionism and anti-market practices to create a fair and competitive trade and investment climate for all participants in the global market.