The Group of Twenty (G20) is a primary forum for economic cooperation on a worldwide basis. It contributes significantly to the development and reinforcement of the international governance and architectural framework on all key international economic concerns.
The summit’s priorities are to discuss topics such as “women’s empowerment, digital public infrastructure, health, agriculture, education, culture, tourism, climate financing, circular economy, global food security, energy security, green hydrogen, disaster risk reduction and resilience, fight against economic crime, and multilateral reforms”.
Launch of the G20
As a forum for the Finance Ministers and Central Bank Governors to debate world economic and financial concerns, the G20 was established in 1999 following the Asian financial crisis. But in 2008, an urgent necessity for a global forum of G20 summit for the leaders and heads of the States evolved in the wake of the 2008 global financial crisis and then finally it was Promoted to the Rank of Leader and head of the States.
When amid the world financial and economic crisis of 2007, the G20 was elevated to the status of Heads of State/Government, and in 2009 it was named the “primary forum for international economic cooperation.”The Headquarters of G20 is in Cancun, Mexico. There is no permanent Secretariat or staff for the G20.
G20 group’s 20 members
- South Korea
- Saudi Arabia
- South Africa
- United Kingdom
- United States
- The European Union
Each, G20 Summit is conducted with a rotating Presidency in charge. The G20’s agenda has since been expanded to include topics like trade, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption. The G20 initially concentrated primarily on broad macroeconomic issues. The leading intergovernmental platform for cross-border economic cooperation is the Group of Twenty (G20). On all significant international economic issues, the forum has a significant impact on shaping and strengthening global governance.
India as the host of G20 Summit 2023
India will preside over the G20 from 1 December 2022 to 30 November 2023. The Pragati Maidanin New Delhi will host the G20 Summit in 2023. In India, this will take place from Sep 9 to Sep 10. Thus, preparations for this have begun. Our Ministry of Foreign Affairs will be involved in this. They disclosed that there will be 249 meetings held across the country. where the minister in charge of the G20 Nations will be present. Therefore, the planning for this has begun.
The minister in charge of the G20 Nations will attend 190 of those. The theme for India’s G20 year, Vasudhaiva Kutumbakam, or “One Earth, One Family, One Future,” was just announced. This is one of the famous mottos of India. It is founded on Sanskrit texts and places stress on the connectivity of different living forms, including as people, animals, plants, and microorganisms, as well as their importance on Earth and in the broader cosmos.
“Indonesia, Italy, and India make up the G20 Troika, which includes the current, past, and incoming G20 Presidency. The troika would consist of Brazil, Indonesia, and India during our presidency. The troika would include three developing nations and emerging economies for the first time, giving them a stronger voice, according to an official statement from the Ministry of Foreign Affairs.
The ongoing Ukrainian issue, which has soured relations between Russia and the industrialized Western nations, the majority of whom are members of the G20, which accounts for 85% of the world’s GDP and 75% of international commerce, will be a significant problem for the G20 meeting in India.
G20 Meet in Bangalore
Bangalore hosted the G20 Finance Ministers’ First Meeting and the Second Meeting of Central Bank Governors (FMCBG) from February 22–25, 2023. The members spoke on a range of subjects, including the conflict between Russia and Ukraine and cryptocurrency. But on the Russia-Ukraine issue, the group asserted that the G20 was not the appropriate forum for resolving security matters, even though they can have a significant impact on the world economy.
The decisions are taken in the meet
The group acknowledged the need for immediate action to address the debt risks in low- and middle-income nations. The members praised the end of the debt treatment for Chad and demanded that the work on the debt treatments for Zambia and Ethiopia be finished quickly.
It anticipates both a prompt resolution of Sri Lanka’s debt crisis and the prompt creation of a formal creditor committee for Ghana to work on the desired debt treatment. The committee charged the International Financial Architecture Working Group with creating a fair and thorough G20 Note on the Global Debt Landscape.
To implement the recommendations of the G20 Independent Review of MDBs Capital Adequacy Frameworks (CAF) based on updates from MDBs in Spring 2023, the group tasked the International Financial Architecture Working Group to collaborate with the Multilateral Development Banks (MDB). The group expressed excitement about getting the plan in the third meeting in 2023.
According to the G20 Sustainable Finance Roadmap, the group declared it will take steps to enable improved finance for the Sustainable Development Goals (SDG), including and beyond climate. Together, the members requested that the Sustainable Finance Working Group create an analytical framework for enabling finance for the SDGs, initially concentrating on nature-related data and reporting and social impact investing while taking into account local conditions in each nation.
The organization urged the Organization for Economic Co-operation and Development (OECD) to complete work on the implementation packages for the Common Reporting Standard revisions and the Crypto-Asset Reporting Framework (CRS). The G20 anticipates the FSB’s high-level recommendations for the oversight and control of stablecoins and digital assets by their third summit in 2023.
The group assigned Framework Working Group, which is led by the G20’s Indian Presidency, has the duty of researching macroeconomic scenarios, effects, and implications of food and energy insecurity on the world economy and in policy-making.
On March 1 and 2, 2023, the Foreign Ministers Meeting (FMM) will take place in New Delhi during India’s presidency of the G20 Summit. Sergey Lavrov, the foreign minister of Russia, Antony Blinken, James Cleverly, the secretary of foreign, Commonwealth, and development affairs of the United Kingdom, and Qin Gang, the foreign minister of China, will all be present at the meeting. At the gathering, 40 nations will be represented in total, including multilateral organizations and non-G20 members who were invited by India.
India plans to concentrate on broad problems at FMM, with the agenda including everything from counterterrorism and new emerging threats to multilateralism and the need for reforms, food and energy security, and development cooperation. significant global issues like the conflict in Ukraine and Russia
Together with the European Union, the organization consists of 19 nations. Bangladesh, Egypt, Mauritius, the Netherlands, Nigeria, Oman, Singapore, Spain, and the United Arab Emirates are among the nations that have sent special invitations to India.