G20 Summit in Rio begins: global trade, climate change on world leaders’ agenda

Drafting a joint statement has been contentious, with diplomats struggling to maintain consensus on addressing the Ukraine war, according to Reuters. European leaders pushed to revisit language on global conflicts following a massive Russian airstrike on Ukraine on Sunday. Meanwhile, Biden announced the US will lift restrictions on Ukraine’s use of US-made weapons for strikes inside Russia.

US President Joe Biden, left, shakes hands with India’s Prime Minister Narendra Modi during the G20 Summit leaders meeting. (AP photo)

Security heightened in Rio

Security measures have been intensified in Rio, with troops supporting police during the summit. Hours before the event, Brazilian troops patrolling near a slum faced gunfire, but no injuries were reported.

Shifting priorities and tensions

China’s President Xi Jinping, left, talks with Germany’s Chancellor Olaf Scholz. (AP photo)

Brazil’s G20 agenda, centred on sustainable development, taxing the super-rich, and combating poverty, could potentially face resistance once US President-elect Donald Trump assumes office. Brazil’s push for reforms in global financial institutions may also encounter hurdles under a Trump-led administration.

Biden, arriving as a lame-duck president, emphasised climate cooperation by pledging additional funds to the World Bank’s International Development Association and launching a clean energy partnership with Brazil. China’s Xi Jinping is expected to promote the Belt & Road initiative, despite Brazil’s refusal to join. Xi will conclude his visit with a state meeting in Brasilia on Wednesday.

Brazil’s President Luiz Inacio Lula da Silva, right, and Chile’s President Gabriel Boric talk. (AP photo)

Economic and trade implications

The summit’s trade talks are overshadowed by fears of an escalation in the US-China trade war, as Trump plans new tariffs. Efforts to include taxation of the super-rich in the summit’s communique have already faced pushback, with Argentina refusing to approve the proposal.

(With inputs from Reuters)

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