GS Paper 2:
Topics Covered: Important International Institutions.
US Treasury Secretary Janet Yellen and her counterparts from the mostly western bloc recently walked out of a G20 finance boffins session as Russian officials began to speak.
- This was a boycott — to protest Moscow’s war on Ukraine.
- However, these countries were not joined by officials from at least ten other nations, including Indonesia, China, India, Brazil, South Africa, and Saudi Arabia.
What’s the issue?
These countries have continued to resist Russian aggression and war crimes.
- They said, Russia’s illegal invasion of Ukraine is a grave threat to the global economy.
- They demanded that Russia should not be participating or included in these meetings.
What is the G20?
The G20 is an annual meeting of leaders from the countries with the largest and fastest-growing economies.
- Its members account for 85% of the world’s GDP, and two-thirds of its population.
- The G20 Summit is formally known as the “Summit on Financial Markets and the World Economy”.
After the Asian Financial Crisis in 1997-1998, it was acknowledged that the participation of major emerging market countries is needed on discussions on the international financial system, and G7 finance ministers agreed to establish the G20 Finance Ministers and Central Bank Governors meeting in 1999.
- The group has no permanent staff of its own, so every year in December, a G20 country from a rotating region takes on the presidency.
- That country is then responsible for organising the next summit, as well as smaller meetings for the coming year.
- They can also choose to invite non-member countries along as guests.
- The first G20 meeting took place in Berlin in 1999, after a financial crisis in East Asia affected many countries around the world.
Full membership of the G20:
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States and the European Union.
Its relevance in changing times:
- As globalization progresses and various issues become more intricately intertwined, the recent G20 summits have focused not only on macroeconomy and trade, but also on a wide range of global issues which have an immense impact on the global economy, such as development, climate change and energy, health, counter-terrorism, as well as migration and refugees.
- The G20 has sought to realize an inclusive and sustainable world through its contributions towards resolving these global issues.
Do you know about Sherpas? Reference: read this.
Currently, Indonesia holds the presidency of the G20 Summit.
- G20 vs G20+ vs G7 vs G8.
- Objectives and sub- groups.
- Overview of Geographical locations of the member countries.
Do you think the recent G20 summits have turned into talking shops rather than getting down to brass tacks? Critically analyse.
Sources: the Hindu.