What is G20

What is G20

The Group of Twenty or G20 is the premier intergovernmental cooperation on the most important aspects of the international economic and financial agenda. It plays a vital role in shaping and strengthening global important architect and governance on all major international advances and emerging economies.

The G20 or Group of Twenty comprises 19 countries and the European Union. The member countries are Argentina, Australia, Brazil, Canada, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States of America. Spain, the United Nations, the World Bank, the African Union, and ASEAN are the organizations that have been invited as guests. The G20 Countries represent 90% of the global economy, 80% of world trade, and 2/3rd of the world population.

What is G20
What is G20

G20 Summit: A Brief Introduction

The G20 was established in December 1999 as a meeting of the Finance Minister and Central bank Governors in Berlin, Germany on key issues for global economic stability. Since then, Finance Minister and Central Bank Governor have met annually. G20 was raised to the Summit level in 2008 to address the global financial and economic crisis of 2008.

The G20 Summits were held two times in the years 2009 and 2010 due to the 2008 financial crisis. The first summit was held in 2008 in Washington, The United States. In the years 2009 and 2010, the summits were organized semi-annually, and since the 2011 Cannes, France summit, all G20 summits have been held annually.

Objectives of G20 Summits

The objectives of the G20 or Group of Twenty Summits are as follows: –

  • Policy coordination between its members in order to achieve global economic stability, and sustainable growth.
  • To promote financial regulations that reduce risks and prevent future financial crises, and
  • To create a new international financial architecture.

List of G 20 Summits held in different countries in the past years:-

  • 2008 – United States Washington
  • 2009 – United Kingdom London
  • 2009 – United States Pittsburgh
  • 2010 – Canada Toronto
  • 2010 – South Korea Seoul
  • 2011 – France Paris
  • 2012 – Mexico Los Cabos
  • 2013 – Russia Moscow
  • 2014 – Australia Brisbane
  • 2015 – Turkey Antalya
  • 2016 – China Beijing
  • 2017 – Germany Berlin
  • 2018 – Argentina Mendoza
  • 2019 – Japan Tokyo
  • 2020 – Saudi Arabia Riyadh
  • 2021 – Italy Rome
  • 2022 – Indonesia Bali

The G20 Summit was attended by the heads of the state or government, the finance minister, the foreign minister and top official from each member. The European Union is represented by the European Commission and the European Central Bank.

The G20 operates without a permanent secretariat or staff. The chair rotates annually among the members and is selected from a different regional grouping of countries. The G20 Summit hosted by one of the member countries and who will chair the next summit is decided in previous meetings. In 2023, India is going to host the summit.

The G 20 summit is conducted through the established Sherpa and Finance tracks that prepare and follow up on the issues and commitments adopted at the summits.

The Sherpa track focused on noneconomic and financial issues whereas the Finance track focused on economic and financial issues. Both Sherpa and Finance tracks rely on the technical and substantive work of a series of expert working groups.

India and G20 Summit 2023-

The G20 summit is going to be held in New Delhi India in 2023. The venue of this prestigious occasion will be Pragati Maidan, New Delhi, India. This is going to be the 18th G20 summit in 2023. The G20 presidency is a significant responsibility and the Indian Government has enhanced its intellectual, administrative, infrastructural, and social capital, improved the decision-making procedures, and created an agenda for the upcoming year to rise to the summit.

The theme of the G20 summit 2023 is “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future.”

The minister of External Affairs revealed that there will be 250 meetings held throughout the nation. 190 of which will be attended by the ministers in charge of the G20 Nations.

The G20 summit 2023, India will host more than 200 events in 50 cities in September 2023. The summit is anticipated to draw thirty leaders of states and governments from G20 countries and other invited countries.

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