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G20 is intergovernmental organization consisting of 19 countries and European Union as members. Although the primary agenda behind formation of G20 was to tackle macroeconomic issues and achieve financial stability, now its focus area has been broadened to cover concerns like trade, environment, health, agriculture, climate change, sustainable development, energy, and so on.
G20 nations together represents 85 percent of world economy, 75 percent of world trade and 66 percent of world population. Considering these statistics, summit of G20 gains its significance.
The origin of the group can be traced back in Financial Crisis of 1997-98, which caused its establishment in 1999. Initially it acted as forum of Central Bank Governors and Finance Ministers of developed nations to discuss global financial issues. It was upgraded to level of Heads of Government in 2008, after global financial crisis. In 2009, it was declared as the “premier forum for international economic cooperation”, and since then it has emerged as leading platform for global economic cooperation.
Members of G20
(G-8 + 11 emerging economies+ EU)
G8 Countries includes: USA, Japan, Germany, UK, France, Italy, Canada, Russia
Emerging Economies: Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Saudi Arabia, South Korea, South Africa and Turkey, and
How Does G20 Works?
Every year Presidency is allotted to one of the member state on rotational basis and President state pilots the G20 agenda for one year and hosts the Summit.
The G20 consists of two parallel tracks: the Finance Track and the Sherpa Track.
Details of both the tracks are as shown below:
The G20 Summit is held annually, under the leadership of a state with rotating Presidency.
How G20 Presidency is Selected?
States of the G20 are divided into five groups, consisting of a maximum of four states. These groups are organised on a regional basis, which means, nation states belongs to same region are placed in the same group, except Group 1 (Australia, Canada, the USA and Saudi Arabia) and Group 2 (India, Russia, South Africa and Turkey).
Every year, the G20 selects a country from another group to be president.
Headquarters of G20
The G20 is not formal organization. It does not have a permanent secretariat or Headquarters. Instead, the responsibility of agenda of that particular year lies with G20 president, which is carried out in consultation with other members with the aim to develop the global economy.
You can read about G20 on official website in the link: G20 Website
India’s G20 Presidency in 2023
India holds the Presidency of the G20 for the first time from December 1, 2022 to November 30, 2023. The 43 Heads of Delegations, the largest ever in G20 history were participated in New Delhi Summit, which was held at Bharat Mandapam International Exhibition-Convention Centre (IECC) from 9th and 10th September 2023. Amitabh Kant is the G20 Sherpa of India.
During presidency India hosted 250 meetings, 190 of which were attended by the ministers in charge of the G20 nation’s various nodal ministries like health, finance, agriculture, energy, and trade.
50 cities were selected across India for these meetings under G20 program with active involvement from government agencies along with civil society members. These meetings eventually culminated in a major conference in New Delhi recently from 9th and 10th September 2023.
Theme – G20 Summit 2023
Theme of India’s G20 presidency: “Vasudhaiva Kutumbakam” or “One Earth – One Family – One Future”. It is drawn from the ancient Sanskrit text of the Maha Upanishad. Essentially, the theme upholds the value of all life – humans, animals, plants and microorganisms – and their dependability on the planet Earth and in the wider universe.
What is Troika?
You might have read the term Troika during G20 discussions. Troika term used in the context of a group of three nations with previous, current and next year presidency. The current Presidency is supported by the Troika. During India’s Presidency, the troika will involve Indonesia, India and Brazil, respectively.
What Were India's G20 Priorities?
Green Development, Climate Finance & LiFE
Accelerated, Inclusive & Resilient Growth
Accelerating progress on SDGs
Technological Transformation & Digital Public Infrastructure
Multilateral Institutions for the 21st century
What did the G20 summit 2023 achieve?
Russia Ukraine War
A joint declaration from G20 members condemned Russian invasion on Ukraine. The statement read “human suffering and adverse effects of the conflict in Ukraine on global food and energy security”, without directly naming Russia.
India – Middle East – Europe Economic Corridor (IMEC)
On the sidelines of the summit, the US, India, Saudi Arabia and the EU announced India – Middle East – Europe Economic Corridor (IMEC), a new network of railways and shipping routes, with aim to increase trade between South Asia, the Middle East and Europe.
The countries such as India, the U.S., Saudi Arabia, the European Union, the UAE, France, Germany, and Italy signed Memorandum of Understanding (MoU) to establish this Corridor.
It is also meant to counter China’s project to build new global trading routes, the Belt and Road Initiative (BRI).
African Union’s Entry in G20
Earlier, South Africa was the only country belonging to African continent, which got representation in G20. At G20 summit 2023, New Delhi, the African Union was given full membership. At present AU (African Union) represents 55 countries in the African continent.
G20 Summit 2023: World Leaders Participation
Notable attendees of G20 Summit 2023 included German Chancellor Olaf Scholz, French President Emmanuel Macron, British Prime Minister Rishi Sunak, Turkish President Recep Tayyip Erdoğan, Canadian Prime Minister Justin Trudeau, Italian Prime Minister Giorgia Meloni, South Korean President Yoon Suk Yeol, and Brazilian President Luiz Inácio Lula da Silva.
Chinese President Xi Jinping and Russian President Vladimir Putin were absent from the summit. Premier Li Qiang & Foreign Minister Sergey Lavrov represented China China & Russia respectively.