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: 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.
How can G20 help to furnish these objectives?
- G20 could adopt actionable norms and policies
- Grow data and knowledge hubs and best practices
- Launch mechanisms for financing and implementation
- Advocacy campaigns
- Impactful programmes on the ground — individually, collectively and for the benefit of the Global South.
Benefits of G20 Presidency:
- The 17th G20 Heads of State and Government Summit took place in Bali.
- After Indonesia, India will assume the presidency of the G20 from December 2022 to November 2023.
- Global agenda: India will have the opportunity to assume centre stage in proposing and setting the global agenda and discourse.
- Global economic growth: The G20 holds a strategic role in securing global economic growth and prosperity as it represents more than 80% of the world’s GDP.
- Leadership potential: The country’s leadership potential and diplomatic foresight in organizing such a big event and in arriving at meaningful outcomes will be tested.
Its relevance in changing times:
- As globalization progresses and various issues become more intricately intertwined, the recent G20 summits have focused not only on macro-economy 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.
- The increased participation of emerging countries in global issues,
- the reform of international financial institutions,
- the monitoring of national financial institutions,
- The improvement in the regulations of the economies whose problems led to the crisis and the creation of safety nets to prevent problems in the future.
- The G20 also specifically helped to provide emergency funds during the 2008 crisis and plays an important role in financing for development.
Way Forward:
- With the intellectual and analytical resources available to leaders of the G20 countries, some review should be undertaken of mistakes made in the past, and how these could be repaired and avoided in fu
- It would be desirable to devote an entire session of the G20 to the problem of terrorism.
- What is the point in focusing only on economic growth when the disparities across the globe and power politics lead to serious and lasting threats to human security globally.
