The G20, or group of twenty, is an intergovernmental forum consisting of all the major developed or developing countries of the world.
On Sep 9 and 10, 2023, it is expected that India will host the G-20 summit in New Delhi. On Tuesday, the ministry of external affairs stated that India is expected to host over 200 G20 meetings across the country in a year. India is set to take over the G20 presidency from Indonesia for a year. The presidency will be held from December 1, 2022, to November 30, 2023, in India.
During India’s Presidency beginning this December, more than 200 preparatory and other meetings are expected to be held across the country. This meeting will be held in places ranging from Tamil Nadu to the Union Territory of Jammu and Kashmir as part of an exercise already underway to identify suitable venues
The Indian presidency of the G20 will replace Italy’s in 2021 and Indonesia’s in 2022 after India swapped the presidency twice. On 09 and 10 September 2023, the G20 Leaders’ Summit at the level of Heads of State [or] Government will be held in New Delhi,” the external affairs ministry announced on Tuesday.
G20 Summit to be held in Bali during November 15-16 has been invited by Indonesia to include both the Russian and Ukrainian presidents. Some tensions with other member states have already been caused by Russia’s presence at preparatory meetings this year.
In addition to the Group of Twenty, there are other forums that bring together major developed and developing economies around the world.There are 19 members – Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, and the United States – as well as the European Union (EU).
85% of the world’s gross domestic product, 75% of international trade, and two-thirds of the world’s population are collectively represented by the G20. This makes the forum a premier forum for international economic cooperation.
A current, past, and upcoming G20 presidency, including Indonesia, Italy, and India, makes up the G20 Troika.India, Indonesia, and Brazil will be part of the troika during Brazil’s presidency.Three developing economies and emerging economies will make up the troika for the first time, “giving them a greater voice”, according to the statement.
Global macroeconomic policies, infrastructure financing, international financial architecture, sustainable finance, financial inclusion, health financing, tax reform, and international taxation are among the work streams in the G20 finance track.
A Sherpa track also exists, with 12 work streams – anti-corruption, agriculture, culture, development, digital economy, employment, environment, health, trade and investment, and tourism.
The private sector, civil society and independent bodies are involved in 10 engagement groups that focus on a variety of areas, including business, civil issues, labor, parliament, science, audit institutions, urban issues, women’s issues, and youth issues. The engagement groups have a wide diversity of members.
Traditionally, the G20 presidency has invited guest countries and international organizations to its meetings and summits as a part of its tradition.As part of its presidency, India will invite as guests countries Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain, and the United Arab Emirates, along with regular international organizations such as the UN, IMF, World Bank, WHO, WTO and ILO. This is in addition to regular international organisations such as the UN, IMF, World Bank, WHO, WTO and ILO.
What is G20?
The G20, or group of twenty, is an intergovernmental forum compromising of 19 major developed or developing countries. It works to solve the major issues related to the global economy, financial stability, climate change mitigation, and sustainable development.
The G20 group countries are responsible for 85% GDP of the world, 75% of trade in the international market, and two-thirds population of the world.
Which countries are in G20?
Countries like Argentina, Australia, India, Brazil, China, Canada, France, Germany, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudia Arabia, South Africa, Turkey, USA, UK, and the European Union are part of G20.
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Presently, India is a part of the G20 Troika (current, previous, and incoming G20 Presidencies) consisting of Indonesia, Italy, and India.
This time the troika is compromising three developing countries and emerging economies for the first time and it will give them a greater voice, the MEA said.
Which countries will be invited to the G20 summit?
Countries like Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain, and UAE, are expected to be the guest. Other than these countries ISA (International Solar Alliance), CDRI (Coalition for Disaster Resilient Infrastructure), and ADB (Asian Development Bank) as Guest International Organizations (IOs) will also be invited.
What will be the theme?
The theme of the summit is likely to represent the world as a “one family” and the need for “sustainable growth” by the presidency. It will be taken ahead through 200-plus meetings in 55 cities which will cover each state and territory of India.
Last week, our new president Draupadi Murmu said that multilateral cooperation in the G-20 should be based on the principles of inclusion, flexibility, and diversity. The president showed confidence that during the time of India’s presidency, the G-20 forum will move forward with an ambition to make intentions to further strengthen multilateralism and global governance.
The other key points are education, skill-mapping, commerce, tourism, and culture; food security in the world, security of energy, green hydrogen, disaster risk reduction, resilience, developmental cooperation, fight against economic crime, and multilateral reforms.
