G20 2023: Know all about World's Most Powerful Summit
G20 2023: Know all about World's Most Powerful Summit

G20 2023: Know all about World's Most Powerful Summit

G20 is an intergovernmental forum for economic cooperation among the member states to shape and strengthen global economic architecture and related governance. Read more to know

G20: The major focus of G20 nations in the beginning was economic cooperation, focus on macroeconomic issues and financial stability.

However, in the recent years the organisation has broadband it agent how to cover concerns like trade, climate change, sustainable development, health, agriculture, environment, anti corruption and the likes.

HISTORY OF G20

G20 traces it's origin to the financial crisis in 1997-98 of the countries of East and South East Asia (Asian tigers). Its worked in the beginning as a forum for the central bank governors and finance ministers of the major economies of the world.

After the global financial crisis of 2008 the group was upgraded to the level of Heads of the State or Government.

G20 2023: Know all about World's Most Powerful Summit
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MEMBERS INCLUDED in G20 2023

The group is a collaboration of 19 countries and the European union the 19 countries of the group are Argentina, Australia, Brazil, India, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, UK and the US.

Other than the members the invities of the G20 meet in India include multilateral institutions. The members of the G20 account for 85% of the global GDP, 75% of global trade and a massive two third of the world population.

A total of 9 countries have been invited to the G20 summit 2023. The countries invited are Bangladesh, Netherlands, Oman, Singapore, Nigeria, Spain, the UAE, Egypt and Mauritius.

It is also worth noting that India has also proposed to include flick and union as a full. time member

SIGNIFICANCE OF G20

WIDER AREAS OF COOPERATION: The agenda of G20 has expanded over the years to include more and more areas of cooperation. In 2016 the convergence of the USA and China on the Paris agreement took place, similarly in 2018 in the G20 summit in Argentina the focus was on sustainable development.

Whereas in 2021 in the G20 summit in Germany the focus was on money laundering corruption and international tax heavens. While in 2022 when the summit was held in Indonesia the focus was on poverty, financial stability and aid to LDCs.

The group has also focused on issues such as food security, gender equality, balance of power, balancing adversaries on a common platform, climate change, networking and collaboration.

INDIA'S G20 PRESIDENCY

The G20 leaders summit in 2023 is being hosted by India which is the first time in the history of the group 43 delegates will be attending the final summit of 2023 in New Delhi which is the most ever in G20.

India has announced Amitabh Kant as the G20 Sherpa of India. Under its presidency India AIIMS to create a shared global future based on rules peace and just growth.

The theme of India's G20 presidency is Vasudev kutumbkam or one Earth one family one future.

India's growing economic influence has made its role in the G20 more critical and thr presidency will help it further and strengthen its ties with other G20 member nations.

Being a vocal nation and a strong advocate against climate change, India's presidency can help it set the tone for global cooperation on the climate issue.

G20 presidency will also allow India to portray itself as the voice of the Global South.

One of the major priorities of India during it's G20 presidency includes women-led development in order to promote socio-economic development.

It will also try to encourage human-centric view of technology and increased exchange of knowledge in multiple areas.

INDIA'S TOP PRIORITIES

Green development, climate finance and lifestyle for environment accelerated inclusive and resilient growth accelerating progress on SDG technological transformation and digital public infrastructure women lead development.

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