Group of Twenty (G20) 

What is G20?

The G20 is a loose coalition of 19 nations, the EU, and officials from the World Bank and International Monetary Fund. The largest advanced and rising economies in the world make up the G20 membership, which collectively accounts for more than 80% of global GDP, 75% of global commerce, and 60% of global population.

How did the G20 get started?

• ASIAN Financial Crisis, 1997–1999: Developed and emerging economies were invited to the G7-organized ministerial-level discussion on the 19971999 ASIAN Financial Crisis. Meetings between governors of the central banks and finance ministers first started in 1999.
• During the Financial Crisis of 2008 the world saw the need for a new consensus building at the highest political level. It was decided that the G20 leaders would begin meeting once annually.
• To help prepare these summits, the G20 finance ministers and central bank governors continue to meet on their own twice a year. They meet at the same time as the International Monetary Fund and The World Bank.

How Does the G20 Operate?

There are two tracks for the G20’s work:

The finance track: All talks with G20 central bank governors and their deputies are part of the finance track. They meet frequently throughout the year and concentrate on matters related to money and finances, financial rules, etc.

The Sherpa track: Broader topics including political participation, anti-corruption, development, energy, etc. are the subject of the Sherpa track.

Each G20 nation is represented by a Sherpa, who acts on behalf of the country’s leader to plan, direct, implement, etc. (Shri Shaktikanta Das, an Indian Sherpa, attended the G20 in Argentina in 2018)

Who are the G20 members?

Argentina, Australia, Brazil, Canada, China, France, Germany, Greece, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, and the European Union are the other members of the G20.

What is G20 2023 India?

India will serve as the G20 Summit’s rotating chairmanship in 2023. The summit is held yearly. The troika, or past, present, and future presidents, provide assistance for the organisation, which lacks a dedicated secretariat. The troika in 2023 is made up of Indonesia, Brazil, and India.

G20 Leaders’ Summit 2023

• The Group of 20 (G20) will hold its 18th Heads of State and Government Summit in New Delhi, India, in September 2023. The G20 meeting in 2023 will center on the theme “One Earth, One Family, One Future” under the Indian Presidency. The subject upholds the importance of people, animals, plants, and microorganisms as well as their interdependence on Earth and throughout the universe as a whole.
• The conclusion of the G20 process and the work done during the year through Ministerial Meetings, Working Groups, and Engagement Groups is the Leaders’ Summit.
• In order to create a cleaner, greener, and bluer future, the Indian Presidency will also highlight Lifestyle for Environment (LIFE), which places a focus on environmentally sound and responsible decisions made at both the individual and national development levels. Agriculture, anti-corruption, culture, digital economy, disaster risk reduction, development, education, employment, environment and climate sustainability, energy transitions, health, trade and investment, and tourism will be the main areas of concentration for the working groups.
• At the conclusion of the Summit, the G20 is anticipated to adopt a Leaders’ Declaration that expresses the commitment of the Leaders to the goals discussed and chosen during the Ministerial and Working Group Meetings.
• The EU and 19 other nations make up the G20. Argentina, Australia, Brazil, Canada, China, Czech Republic, Denmark, Finland, France, Germany, Italy, Japan, Republic of Korea, Mexico, Russian Federation, Saudi Arabia, South Africa, Turkey, United Kingdom, and the United States are the 19 nations. For the period of 1 December 2022 to 30 November 2023, India will be the G20’s president.

What Sort of Issues Does the G20 Address?

The G20 focuses on a wide range of global concerns; while issues relating to the global economy predominate the agenda, other items have gained importance recently, including:

• Monetary markets
• Fiscal and tax policy
• Trade
• Agriculture Employment
• Energy
• Fight against corruption
• Advancement of women in job market
• 30 year plan for Sustainable growth
• Changing Climate
• World Health
• Anti-terrorism
• Entrepreneurship that is inclusive