G20 – Introduction
The Group of Twenty (G20) is the premier forum for international economic cooperation. On all significant matters of international economic policy, it is important in developing and strengthening global governance and architecture. It works to solve important global economic concerns including international financial stability, reducing greenhouse gas emissions, and sustainable development.
Thank you for reading this post, don't forget to subscribe!
The Forum has met every year since 1999, with leaders meeting for an annual G20 Leaders’ Summit since 2008.
It brings together the world’s major advanced and emerging economies. The majority of the world’s greatest economies, both industrialized and developing countries, make up the G20; together, they represent two-thirds of the world’s population, 60% of its geographical area, and around 80% of the world’s gross world product (GWP).
Members of G20
The Members of the G20 are:
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkiye, The United Kingdom, The United States, and the European Union.
Each year, the presidency invites guest countries to participate.
G20 Summit History
During the Asian Financial Crisis of 1997-1998, it was recognized that a discussion about the global financial system required the participation of key developing market states. In 1999, the G7 Finance Ministers created a conference of G20 Finance Ministers and Central Bank Governors.
The G20 Finance Ministers and Central Bank Governors conference focused on critical monetary and economic problems among the world’s leading players in the financial system. Their purpose was to foster cooperation in order to achieve consistent and long-term global economic growth for the benefit of all nations.
They elevated to the level of head of state in order to provide a platform for leaders from major established and developing market countries. The leaders designated the G20 as the “principal platform for international economic cooperation” at the third summit, held in Pittsburgh in September 2009. Following then, the summit meetings were conducted yearly beginning in 2011, and biannually until 2010.
Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain, and UAE are the guest countries. Spain is invited as a permanent guest Country.
Origin and Evolution Of G20
G20 was established in reaction to the financial crises that hit several emerging economies in the 1990s as well as the growing realization that some of these nations were underrepresented in discussions about and control of the global economy.
For the first time, in December 1999, in Berlin, Germany, the Finance Ministers and Central Bank Governors of developed and developing nations with systemic importance convened for an informal discussion on crucial concerns for global economic stability. Since then a yearly meeting of central bank governors and finance ministers has been held. G20 finance ministers and governors of the central banks met in India in 2002. In order to deal with the 2008 Global financial and economic crisis, G20 was elevated to the summit level.
Invited International Organisations
In addition to the normal International Organisations (UN, IMF, WB, WHO, WTO, ILO, FSB, and OECD) and the chairs of regional organisations (AU, AUDA – NEPAD, AND ASEAN), India will be inviting ISA, CDRI, and ADB as a guest international Organisations (IOs) as part of their G20 Presidency.
The G20’s work is divided into two tracks. All conversations between G20 finance ministers, central bank governors, and their designees are included in the financial track. They meet on a regular basis throughout the year to discuss money and budget difficulties, as well as financial rules. The Sherpa track focuses on broader topics such as political engagement, corruption prevention, development, and energy, among others.
Each G20 country is represented by a Sherpa, who functions as the leader’s representative, planning, directing, implementing, and so on.
G20 Summit Structure and Functioning
The G20 President rotates annually in accordance with a mechanism that ensures long-term regional balance. The 19 countries are divided into five groups for the purpose of selecting the president, each of which can only comprise four nations. Each group takes turns holding the president.
Each year, the G20 elects a president from a new group. India is in Group 2, along with Russia, South Africa, and Turkey. The G20 lacks a formal administration or headquarters. Instead, the G20 president is in charge of coordinating the G20 agenda with other members and responding to global economic events.
G20 Summit Countries List
- Republic of Korea
- Republic of South Africa
- Saudi Arabia
- United Kingdom
- United States of America
- European Union (EU)
G20 Summit 2022
The G20 Summit date has been set on November 15th, 2022. The Bali Summit, commonly known as the G20 Summit, will be held in Indonesia. The following issues will be given top importance during the G20 Summit in 2022:
The Architecture of Global Health
Transition to the Digital Age
Transition to Sustainable Energy
The G20 Summit in Bali had the theme “Recover Together, Recover Stronger.”
Significance of the 17th G20 Summit
PM Modi will go to Bali, Indonesia, for the 17th G20 Summit on November 15. India will hold the G20 Presidency for a year, commencing December 1, 2022, and concluding November 30, 2023, immediately after the completion of the 17th G20 Summit in Bali.
On September 9 and 10, 2023, New Delhi will host the 18th G20 Summit. The G20 accounts for over 75% of global commerce, two-thirds of global population, and close to 85% of the global GDP.
The G20 Summit will take place in 2023.
Following the 17th G20 Heads of State and Government Meeting in November 2022 in Indonesia, India will assume the G20 chairmanship in December 2022. India will preside over the G20 for a year.
India, which presently holds the G20 Presidency, will invite Bangladesh, Egypt, Mauritius, the Netherlands, Nigeria, Oman, Singapore, Spain, and the UAE as guest states. Under the President, India, Indonesia, and Brazil would form the Troika. For the first time, the Troika would include three developing countries and emerging economies, giving them a bigger say. The phrase “troika” refers to the highest hierarchy of the G20, which includes the current, past, and future presidents (Indonesia, India, and Brazil).
Q) Where is the G20 summit held in 2022?
Ans. Hardys Malls Nusa Dua where the G20 summit was held.
Q) What is the G20 summit?
Ans. The G20 brings together the world’s major economies. Its members account for more than 80 percent of the world’s GDP, 75 percent of global trade, and 60 percent of the population of the planet. The forum has met every year since 1999, with leaders meeting for an annual G20 Leaders’ Summit since 2008.
Q) Why G20 summit is held?
Ans. The G20 holds a strategic role in securing future global economic growth and prosperity. Together, the G20 members represent more than 80 percent of the world GDP, 75 percent of international trade, and 60 percent of the world population.
Q) WHO is the chairman of G20?
Ans. The incumbent chair establishes a temporary secretariat for the duration of its term, which coordinates the group’s work and organizes its meetings. The 2021 summit was held in Italy. The current chair is held by India. The 2023 and 2024 summits will be hosted by India and Brazil respectively.
Q) The 17th G20 Summit was held at?
Ans. The 17th G20 Summit was held in Bali, Indonesia on November 15 and 16, 2022.
Q) What is the theme of the 17th G20 Summit in Bali?
Ans. The theme of the 17th G20 Summit in Bali is ‘Recover Together, Recover Stronger’.
Q) Where will the 18th G20 Summit be next year be held?
Ans. The 18th G20 Summit next year will be held in New Delhi in the year 2023.