G20 Summit in India | Knowledge Ridge

G20 has been the latest successful post-World War II initiatives aimed at the International Coordination of Economic and Financial Policies, such as the Bretton Woods System, the United Nations, The International Monetary Fund, The World Bank, G7&G8, and The World Trade Organization.  The formation of G20 was concluded at the Summit of the G7 in June 1999 and formally established at the G7 Finance Minister’s meeting in September 1999, with an inaugural meeting in December 1999 in Berlin.   <h2 style="text-align: justify;">Role and Members of G20 </h2>The Group of Twenty-G20 is the body of 20 of the world’s largest economies conceived in 1999 as a bloc that brings together the important Industrialized and Developing Economies to discuss international Economic and Financial Stability. Its annual summit, a gathering of G20 leaders that started in 2008, evolved into a major forum that discusses economics and other pressing global issues. Also, bilateral meetings on the summit’s sidelines have occasionally led to major international agreements. G20 Group’s most impressive achievement was its robust response to the 2008 financial crisis.  The G20 is functionally an Inter-Governmental Forum of 19 Countries and the European Union (EU). It addresses major Global economic issues like: <ul style="text-align: justify;"><li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559683":0,"335559684":-2,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1">International Financial Stability </li><li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559683":0,"335559684":-2,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1">Global Gross Product & Global Trade </li><li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559683":0,"335559684":-2,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" aria-setsize="-1" data-aria-posinset="3" data-aria-level="1">Climate Change Mitigation  </li><li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559683":0,"335559684":-2,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" aria-setsize="-1" data-aria-posinset="4" data-aria-level="1">Sustainable Development </li></ul>  The fact is that the G20 in 1999, evolved in response to several World Economic Crises, and since 2008, it has convened at least once a year, with Summits involving each Member's Head of Government or State, Finance Minister or Foreign Minister, and other High-Ranking Officials.  The European Commission and the European Central Bank represent the EU. However, other countries, International organizations, and Non-governmental organizations are also invited to attend the summits, some Permanently. The importance of the G20 can be gauged from the fact that, together, the nations of the G20 are composed of the World’s Largest Economies, which account for around 80 percent of Global Gross World Product (GWP), nearly 75 percent of Global Exports (International Trade), 66% percent of the World’s Population & 60% of World Land Area. Bane has been that G20 does not have a permanent institution with its headquarters, offices or staff. Instead, its leadership rotates annually among its members, its decisions are made by consensus, and its agenda implementation depends on the individual states' political will.  It operates without a permanent Secretariat or Staff. The Group's Chair rotates annually among members selected from a different regional grouping of countries. The incumbent Chair establishes a temporary secretariat for its term, coordinating the group's work and organizing its meetings.   The 2021 summit was held in Italy. The 2022 summit was held in Bali, Indonesia and India is the current Chair and will host the 2023 summit. Brazil will host the 2024 summit.   <h2 style="text-align: justify;">2009 G20 Summit </h2>In its 2009 summit, the G20 declared itself the primary venue for International Economic and Financial Cooperation. The group's stature has risen during the subsequent decade, and analysts recognize it as exercising considerable global influence.   <h2 style="text-align: justify;">2023 G20 Summit </h2>As of 2023, there are 20 members in the Group Viz, Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, South Korea, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union. Guest invitees include countries like Spain and UAE, The United Nations, The World Bank, The African Union, the International Monetary Fund, the International Labour Organization, the World Trade Organization, the Development Assistance Committee, the Financial Stability Board, New Partnership of Africa’s Development, Organization of Economic Cooperation Development, ASEAN etc.  Representatives at the Leader’s Summits include the Leaders of Nineteen Countries and the European Union, and at the Ministerial-Level Meetings, the Finance Ministers and Central Bank Governors of Nineteen Countries and the European Union. To ensure continuity, the presidency is supported by a "Troika" of the current, immediate past, and next host countries.   <h2 style="text-align: justify;">Themes for G20 Summit  </h2>Since its inception, the recurring themes covered by G20 summit participants have been related to following  <ul style="text-align: justify;"><li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559683":0,"335559684":-2,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" aria-setsize="-1" data-aria-posinset="5" data-aria-level="1">Priority World Zones, Financial World Order of Global Economic Growth, International Trade and World Financial System Regulation </li><li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559683":0,"335559684":-2,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" aria-setsize="-1" data-aria-posinset="6" data-aria-level="1">More issues of Global Inclusive Growth (especially after the adoption of Sustainable Development Goals and the Paris Climate Agreement in 2015, since G20 accounts for 75% of Global Carbon Emission) were added to the G20 agenda like migrations, digitization, employment, healthcare, the economic empowerment of Women and Development aid  </li><li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559683":0,"335559684":-2,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" aria-setsize="-1" data-aria-posinset="7" data-aria-level="1">Focus on the interconnected nature of the issues facing G20 nations and the need to reach effective, cross-cutting policy measures of development, security, and migration </li></ul> <h2 style="text-align: justify;">Challenges faced by G20 </h2>The G20's transparency and accountability have been questioned by critics, who call attention to the absence of a formal charter and that the most important G20 meetings are in closed rooms.  Its legitimacy has been challenged, highlighting its under-representation of African countries and its practice of inviting observers from non-member states as a mere margin concession, which does not grant the organization representational legitimacy. Then there are considerations like Norwegian perspectives, Spanish Position on Membership, Polish aspirations, Global Governance Group (3G) response from Singapore, USA Foreign Policy Critiques, and calls for the removal of Russia after the Ukraine War.  It is also criticized for its limited membership, lack of enforcement powers, and alleged undermining of existing international institutions. Summits are often met with protests, mainly by Anti-Globalization Groups.  <h2 style="text-align: justify;">India’s G20 Presidency </h2>India convenes the G20 Leader’s Summit for the first time in 2023, as 43 Heads of Delegations - the largest ever in the G20, are participating in the New Delhi Summit in September 2023. As a Nation committed to democracy and multilateralism, India's presidency is a significant milestone as it seeks to find practical global solutions for the benefit of all and embody the idea of ‘Vasudhaiva Kutumbakam’ or ‘the world is one family’. India's G20 Priorities  <ul style="text-align: justify;"><li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559683":0,"335559684":-2,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" aria-setsize="-1" data-aria-posinset="8" data-aria-level="1">Green development, climate finance, and LiFE Movement - aims to promote environmentally conscious practices and sustainable living </li><li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559683":0,"335559684":-2,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" aria-setsize="-1" data-aria-posinset="9" data-aria-level="1">Accelerated, inclusive, and resilient growth </li><li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559683":0,"335559684":-2,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" aria-setsize="-1" data-aria-posinset="10" data-aria-level="1">Accelerating Progress on SDGs–Sustainable Goals of Development </li><li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559683":0,"335559684":-2,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" aria-setsize="-1" data-aria-posinset="11" data-aria-level="1">Technological transformation and digital public infrastructure </li><li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559683":0,"335559684":-2,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" aria-setsize="-1" data-aria-posinset="12" data-aria-level="1">Multilateral institutions for the 21st century </li><li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{"335552541":1,"335559683":0,"335559684":-2,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"hybridMultilevel"}" aria-setsize="-1" data-aria-posinset="13" data-aria-level="1">Women-led development </li></ul>    This article was contributed by our expert <a href="https://www.linkedin.com/in/rajeshwar-dhar-80451a16/" target="_blank" rel="noopener">Rajeshwar Dhar</a>   <h3 style="text-align: justify;">Frequently Asked Questions Answered by Rajeshwar Dhar</h3> <h2 style="text-align: justify;">1. What mechanisms are in place within the G20 to monitor progress toward achieving its economic and financial stability goals?</h2>The G20 employs several mechanisms to monitor progress toward achieving its economic and financial stability goals:Peer Review and Mutual AssessmentG20 members conduct peer reviews and mutual assessments of their economic and financial policies. They voluntarily share information and undergo evaluations by other members to assess whether their policies align with agreed-upon goals and commitments.Framework for Strong, Sustainable, and Balanced Growth (SSBG)The G20 developed the SSBG framework to encourage member countries to coordinate their policies and address global economic imbalances. This framework involves setting targets and indicators to track progress toward achieving balanced and sustainable growth.

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