G20 Summit: World awaits 'Delhi Declaration' as leaders gather for the grand finale

India hopes to get the governments to agree on a fossil phase-down.

India's year-long G20 presidency culminates with the leaders' summit that got underway in New Delhi on September 9 morning, with Prime Minister Narendra Modi greeting presidents, prime ministers and representatives of member countries along with special invitees at the lavishly done up Bharat Mandapam.

There has been feverish speculation about the joint statement, or the Leaders Declaration, to be issued at the end of the two-day summit as the member countries have differed on Russia's invasion of Ukraine.

According to Bloomberg,  diplomats from the Group of 20 nations have figured out compromise language on Ukraine. This move overcomes differences between Moscow and the rest of the group that had threatened to cast a shadow over the summit.

The final statement is expected to directly refer to Russia’s war “in” Ukraine rather than the “against Ukraine”, phrasing that the US and its allies had sought, the report said.

Moneycontrol couldn't verify the report independently.

G20 Chief Co-ordinator Harsh Vardhan Shringla also sounded optimistic about the Delhi Declaration. "We are in a very good position. We will have an impeccable unique summit," he said.

While members work on the joint communique, we take a look at the concept of a joint declaration and why it matters.

Catch the live coverage of the G20 Summit here

What is a joint declaration?

A joint declaration or a joint communique issued at the end of a formal summit is a standard diplomatic practice. It seeks to show a unified front and some level of agreement on key issues. It also represents the collective views of the member nations and reinstates their commitments to a wide range of global issues. These include economic, financial, developmental, and occasionally geopolitical matters. Read here.

Why is it important?

Without a joint communique, the summit's aim is not considered accomplished.  This document allows G20 member nations to align their economic policies and strategies. It reinforces the belief in diplomacy and consensus-building on the global stage. The signing of the document ensures the commitment of G20 nations to global development goals.  G20 countries collectively represent a substantial portion of the world's economy, making up around 85 percent of the global economic output.