G20 success makes Modi look more like a visionary statesman than Xi, says Jim O’Neill

Neill praises India and US for pushing through the Joint Declaration

The Joint Declaration from the G20 Summit held in the national capital confirmed that this grouping is the only body that can offer truly global solutions to the problems faced by the world, said Jim O’Neill, former chairman of Goldman Sachs Asset Management.

Despite “considerable differences in how member states operate”, consensus to address a wide range of issues was reached, O’Neill told Project Syndicate.

“We should applaud those who played the biggest roles – presumably India and the US – in pushing through the final communiqué. The New Delhi declaration could be the first step in a stronger concerted effort to address global issues,” he added.

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O’Neill said Chinese President Xi Jinping’s decision to skip the summit had the effect of undermining the significance of the recent BRICS meeting. “The lack of Indo-Chinese solidarity will be a major stumbling block for the new BRICS. Now, Xi’s absence from the G20 Summit has deepened the divide between the two countries. If Xi wants to convince us otherwise, he will need to reach out to Indian Prime Minister Narendra Modi. As matters stand, the success of the G20 meeting makes Modi the clear winner in this season of summitry. Perceptions matter, and right now he looks more like a visionary statesman than Xi does,” he said.

According to O’Neill, the step to include the African Union into the grouping gave “Modi a clear diplomatic victory” and allowed him to burnish his image as a “champion of the Global South”.

He said many believe that G7 is still a highly effective body compared to the G20 but he begs to differ. According to O’Neill, though the G20 communiqué’s language on the war did not rise to the level that Ukraine’ leaders would prefer, it was robust enough to send a clear message. “It also conveys to Putin that he should not expect even superficial backing from some of his supposed BRICS friends. And, of course, the declaration does not inhibit Western countries or individual leaders from condemning the war in more forceful terms, he said.

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According to O’Neill, NATO is the only voice that matters when it comes to the Ukraine war. “As much as G7 leaders would like to think that they are still a major influence in global affairs, the reality suggests otherwise. The big takeaway from the New Delhi summit is that you cannot possibly deal with big global challenges unless you include the major emerging powers,” he said.