India’s Sherpa for the G20 summit and Vice Chairman of NITI Aayog Dr Arvind Panagariya, has said that New Delhi is planning to ratify the Paris accord to cut climate warming emissions as soon as possible. Speaking to media on the interventions made by India in the communiqué, Mr Panagariya said, he feels that India is not quite ready yet in terms of the domestic actions that is required for it to ratify or at least commit to ratify within 2016, So the Government is planning to do it as soon as possible.
He said, there were some disagreements and the G20 had welcomed those countries that has tried, ratified or plant to ratify within 2016. India is seeking greater flexibility on the issue and China and the United States on Saturday ratified the Paris accord. Mr Panagariya said, it has five major parts, including growth, international financial governance, trade, investment and development.
Speaking on growth, he said, it is traditional agenda but with a neutral interest because China brought in innovation digital economy the new industrial revolution on the agenda. The second intervention was made on the international financial governance and traditional issues like sharing of tax information. On trade and investment, he said, trade is an ongoing agenda and investment is the new agenda. On trade, there were very strong sentiments among all the sherpas that nations should stand firmly against protectionism and support multilateralism.
Speaking on investment, he said there were some guiding principles which were worked out as a separate document that the G20 has endorsed. He said, there were also talks focused on development mostly carried forward by the present presidency and there was separate section on the significant challenges which includes Brexit, terrorism, refugees.
Mr Panagariya said, a new issue Anti-Microbial resistance, AMR has been put in this year. Speaking about the Base erosion and profit shifting, BEPS, the Sherpa asserted that the problem with the BEPS is that only G20 nations cannot successfully carry the agenda because it can be shifted outside G20 countries as well. He said, the meeting also called for ratification for UN convention against corruption to improve public and private sector transparency.