What is a G20 Summit?
G20 Summit is an annual forum conducted for international economic cooperation among major countries. G20 stands for ‘group of twenty’ in which member nations represent 80% of the world’s GDP, 60% of the world’s population, and 75% of international trade. The first G20 summit took place in 1999 and has since been held annually with all member nation leaders in attendance.
History of the G20 Summit’s Origins
The G20 alliance was formed in 1999 with the idea of discussing policies that would bring about international financial stability among member nations. The organization was formed with the idea of tackling the global economic crisis that took place during 1997-1999 by inviting middle-income countries and having a systematic influence on the economy. The G20 Finance Ministers and Central Bank Governors started to hold meetings on the advice of G7 Finance Ministers to discuss the impact and resolution of the global financial crisis. Consequently, these meetings went on to be held regularly every year.
The first G20 Summit was held on November 14-15, 2008 to discuss the impact and response to the severely hit global economic downfall in the US. The G20 Finance Ministers and Central Bank Governors meet on several occasions throughout the year to prepare for the annual summit.
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All You Need To Know About the 17th 2022 G20 Summit
Who are the Member Countries?
The permanent G20 members are Argentina, Brazil, Saudi Arabia, China, Italy, France, Germany, Japan, India, Indonesia, Mexico, the Republic of Korea, Canada, Russia, Australia, Turkey, South Africa, the United States, the United Kingdom, and the European Union.
Every year, a guest country is invited by the Presidency to take part in the G20 exercises. Spain has been invited as a permanent guest to future summits. Many international and regional organizations also participate each year, which gives the forum a representation on a much larger scale.
What is the goal?
The Presidency for the annual summit rotates every year from country to country. The member country holding the presidency for the particular area works together with the predecessor and the successor, known as Troika, to maintain continuity.
This year’s Troika members are Italy, Indonesia, and India. The plans and coordination regarding the summit are organized and completed by personal representatives of the G20 leaders.
Indonesia is holding the Presidency for the 17th G20 Summit, 2022, and will focus on the following three pillars:
- Global Health Architecture
- Digital Transformation
- Sustainable Energy Transition
Indonesia aims to tackle the issue of equitable distribution of COVID-19 vaccines, promoting inclusive and sustainable economic development through more active participation of MSMEs and the digital economy. And also, to encourage international cooperation to reform the global taxation system, fight corruption, and strengthen infrastructure financing.
What were the key takeaways from the 2022 G20 Summit?
- Prime Minister Narendra Modi was in attendance at the 17th G20 Summit in Indonesia.
- PM Modi shared that the discussions with French President Emmanuel Macron were focused on boosting Indo-France cooperation in defense, nuclear energy, and food security.
- As the Indian Prime Minister took over the presidency in Bali, he shared that India will be hosting the G20 meetings in various Indian cities and states, making G20 a catalyst for global change.
- The G20 declarations in Bali also emphasized that most member nations strongly condemn the Russia-Ukraine war differences.
- Most members agree on the fact that the Ukraine war is restricting global growth, increasing inflation, and heightening energy and food insecurity.
- Narendra Modi also shared the discussions he had with the newly elected UK Prime Minister Rishi Sunak, on “ways to increase commercial linkages, raise the scope of security cooperation in the context of India’s defense reforms, and make people-to-people ties even stronger.”
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