Brief overview of the G20 Summit
The Group of Twenty (G20) is the
principal platform for international economic cooperation. It significantly
creates and improves global architecture and governance on all key
international critical economic issues. The G20 was created in 1999 and built
the Asian financial crisis as a platform for the Finance Ministers and Central
Bank Governors to address global economic and financial issues.
The G20 was elevated to the Heads of
State/Government level after the global economic and financial crisis in 2007
and 2009 and was declared the "premier forum for international economic
cooperation." "The G20 S." is conducted yearly under the
supervision of a rotating Presidency. The G20 focused initially on
microeconomics; subsequently, it broadened its agenda to include trade,
sustainable development, health, agriculture, energy, environment, climate
change, and anti-corruption.
The G20 countries comprise over 85% of
the worldwide GDP, over 75% of the global commerce, and roughly two-thirds of
the world population. The members include 19 nations (Argentina, Australia,
Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan,
Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United
Kingdom and United States) and the European Union.
Importance of the summit in the global economic and
political context
The G20 Summit is of great
significance in the global economic and political landscape for various
reasons:
Global Economic Cooperation: The G20 is an annual summit of leaders from the nations with the
most significant and fastest-growing economies1. Its members account for 85% of
the world's GDP and two-thirds of its population1. This gives it an
excellent venue for debating and tackling global economic issues.
Policy Coordination: The G20 Summit enables leaders to share ideas, debate policy
options, and coordinate efforts to solve essential concerns confronting the
global community3. These difficulties may vary from economic problems, such as
recession, trade, and investment, to social ones, such as poverty, inequality,
and climate change3.
Crisis Response: The G20 has played a vital role in reacting to global crises. For
instance, during the financial crisis 2008, the G20 leaders agreed on a range
of steps to combat economic challenges2.
Broadening emphasis: Over the years, the G20 has widened its emphasis to include
climate change and sustainable energy4. This demonstrates its expanding role in
tackling economic, environmental, and social concerns.
Influential forum: The G20 acts as an effective forum where global leaders may debate
and agree on the economic and urgent concerns facing their nations2. The
choices taken at these summits frequently have far-reaching ramifications for
international policies and initiatives.
History of the
G20 Summit
The G20, or Group of Twenty, is an
international organization that was founded in 1999 in response to numerous
global economic crises. It was initially a conference of Finance Ministers and
Central Bank Governors from seven nations - Canada, France, Germany, Italy,
Japan, the U.K., and the U.S. following a meeting in Washington DC2. The
inaugural meeting of the group was held in Berlin, Germany.
The G20 was upgraded to Heads of
State/Government in 20082. The first G20 Summit at this level was held in 2008
in Washington DC (USA). It laid the ground for the most profound overhaul of
global banking in over 60 years. At the follow-up summit in 2009 in London
(U.K.), the G20 resolved to blacklist governments who failed to cooperate on
measures to curb tax evasion and avoidance.
In its 2009 summit, the G20 proclaimed
itself the principal arena for international economic and financial
cooperation1. The forum primarily focused on subjects connected to
macroeconomics. Still, over the years, its agenda has evolved to embrace issues
linked to trade, climate change, sustainable development, health, agriculture,
energy, environment, climate change, and anti-corruption.
Today, G20 countries account for more
than 80% of the world's GDP, 75% of global commerce, and 60% of the population
of the planet2. The organization does not have a permanent secretariat, and the
president is backed by the office's former, present, and future occupants,
jointly dubbed the troika.
Origin and evolution of the G20 Summit.
The G20, or Group of Twenty, was
founded in 1999 after the Asian financial crisis as a platform for Finance
Ministers and Central Bank Governors to debate global economic and financial
issues12. The concept of organizing this organization was realized by Paul
Martin (then Prime Minister of Canada) and Larry Summers (U.S. Deputy Treasury
Secretary) to build a conversation between developing and developed nations.
The necessity for such a body was
hastened by the financial crisis of Mexico in 1994, followed by the Asian
crisis of 19973. The G20 contains 19 nations (Argentina, Australia, Brazil,
Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of
Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, and
the United States) plus the European Union4. These members represent over 85
percent of the global GDP, over 75 percent of international commerce, and
roughly two-thirds of the world population.
Unlike the U.N., G20 does not have a
permanent secretariat or personnel. The G20 Presidency rotates yearly among the
members — the Presidency is responsible for putting together the G20 agenda,
managing its workings, and convening summits4. The inaugural G20 Summit was
held in 2008 in Washington DC, U.S.
The G20 was then advanced to the Heads
of State/Government level and was dubbed the "premier forum for
international economic cooperation." It is essential in creating and
improving global architecture and governance on all critical international
economic problems.
Key milestones and significant decisions taken in past
summits.
Here are some notable milestones and
big decisions reached at prior G20 summits:
2008, USA: The inaugural G20 summit
was held on November 14 and 15, 2008, in Washington DC, USA. It was held
against the background of the 2008 global economic crisis. Its significant
successes included leaders agreeing on shared principles for transforming
global financial markets and developing an action plan to execute them.
2009, United Kingdom: The next G20
meeting gathered in London, the United Kingdom, on April 2, 2009. The primary
emphasis remained on the worldwide economic crisis. There were three key
outcomes:
The G20 nations jointly
contributed $5 trillion in stimulus to the global economy.
Member nations offered 1 trillion
dollars in more funding to the IMF and agreed to increase its position in
global finance and overhaul its governance1.
2023, India: The G20 Leader Summit in
New Delhi concluded with an official speech by PM Narendra Modi. India proved a
successful host of the first inaugural Voice of the Global South Summit, which
enabled 125 nations to voice their issues and objectives2. The notion of
"Vasudeva Kutumbakam," or "the world is one family," was
the most significant lesson to the G20 leaders' summit2.
Date and venue of the 2023 summit.
The G20 Summit 2023 was place on the
9th and 10th of September. The site for the conference was the magnificent
'Bharat Mandappam,' which is housed inside the ITPO Convention middle in the
middle of New Delhi's famed Pragati Maidan1234.
The Theme of the 2023 summit
The Theme for the G20 Summit 2023 is
'Vasudhaiva Kutumbakam — One Earth, One Family, One Future.
Agenda of the 2023 Summit
The agenda for the G20 Summit 2023 is
built on the subject 'Vasudhaiva Kutumbakam — One Earth, One Family, One
Future. While no clear plan is given at the start of G20 summits3, this year's
emphasis is on sustainability as a critical issue. The leaders will address the
global economy's health and how to foster sustainable and inclusive growth4.
The summit has extended on subjects from economics and finance, including
climate change, renewable energy, debt relief, and multinational business
taxation1.
Key topics and issues to be discussed
The parts and concerns to be tackled
at the G20 Summit 2023 are based around the theme 'Vasudhaiva Kutumbakam - One
Earth, One Family, One Future.' The emphasis this year is on sustainability as
a critical problem. Here are some of the essential themes that are expected to
be discussed:
Condition of the Global Economy: Leaders will examine the present state of the global economy and
measures for encouraging sustainable and equitable growth.
Climate Change: Given the subject of the summit, climate change is likely to be a
key topic of debate. Leaders will likely discuss ways to minimize climate
change and support renewable energy.
Debt Relief: Debt relief, especially for developing nations, is another critical
subject routinely addressed at G20 conferences.
Taxation of Multinational firms: The leaders will likely debate concerns linked to the tax of
multinational firms, which has been a subject of worldwide attention.
Please note that the agenda topics
might change and are frequently only disclosed closer to the summit day.
Significance of India Hosting
the G20 Summit & Why India needs to host this summit.
India hosting the G20 Summit is of
tremendous importance for various reasons:
Diplomatic Prestige and Worldwide
Acknowledgment: Hosting the G20 Summit carries
unequaled diplomatic prestige and worldwide recognition1. The summit is an
exclusive outlet for India to communicate with leaders from key economies,
discuss crucial global difficulties, and promote its viewpoints on critical
international matters1.
Catalysing Economic Growth and
Foreign Investment: The G20 Summit is a confluence
of state leaders, politicians, and industrial magnates from across the world1.
This confluence gives India an excellent chance to spark international
investments, showcasing its potential as an appealing investment destination1.
Showcasing infrastructure Leaps: The painstaking preparations for hosting the G20 Summit entail
major infrastructure upgrades1. India may cleverly employ this moment to
demonstrate its advancements in transportation, hospitality, technology, and
urban development1.
Fostering Knowledge Exchange and
Skill Augmentation: The scope of the G20 Summit
goes beyond economic debates, embracing varied global problems such as
environmental concerns, healthcare measures, and technology advancements1. As
host, India may effortlessly participate in information sharing with
professionals and visionaries across numerous domains1.
Showcasing Cultural Heritage and
Stimulating Tourists: A momentous international
event like the G20 Summit inevitably focuses on the host country's cultural
tapestry and tourist allure.
India's role and contributions to the G20.
India has played a prominent role in
the G20 and has significantly contributed to its projects. Here are some
crucial points:
Economic Growth and Stability: As one of the fastest-growing global economies, India has a vital
role in the G20. India's economy has been rising at an annual pace of 6-7%,
making it one of the fastest-growing economies in the world. Its expanding relevance
in the global economy has made India a more significant participant in the
G201.
Domestic Policies: One way India may contribute to global economic development is
through domestic policies. The Indian government has launched a series of
economic reforms over the last several years to attract foreign investment,
modernize infrastructure, and boost entrepreneurship1. These changes have led
to increased foreign investment and economic growth.
International Trade: Another way India may contribute to global economic development is
by participating with other G20 nations on problems linked to international
trade1. As a firm believer in free trade, India can collaborate with other G20
nations to create a more open and inclusive trading system that benefits all
countries, especially emerging economies.
G20 Presidency: During its G20, From December 1, 2022, to November 30, 2023, India
held approximately 200 meetings throughout all Indian States and Union
Territories2. The two-day-long G-20 Leaders' Summit effectively achieved
different treaties, pacts, and other cooperation from worldwide leaders2.
Voice of the Global South: In an unprecedented gesture, India warmly welcomed the African
Union (A.U.) at the G20 Leaders' Summit held in New Delhi3. This enabled 125
nations to comment about ton issues and objectives.
Ability objectives: The Asian Development Bank (ADB) announced concessional financing
towards India's sustainability objectives at the G20 Summit4.
Climate funding: The statement defined the direction of future talks on critical
economic problems, including climate funding, which has placed $5.9 trillion
into the green financing needs for poor countries for the first time.
The G20 Summit
2023, hosted by India, was a crucial event in the world's economic and
political environment. The summit's Theme, 'Vasudhaiva Kutumbakam – One Earth,
One Family, One Future,' underlined the significance of global unity and
collaboration in solving significant concerns like climate change, economic
stability, and sustainable development. India's position as the host country
raised its diplomatic standing and allowed it to display its economic potential
and cultural legacy. The debates and conclusions taken during the summit will
undoubtedly have far-reaching ramifications for the global economy and
international relations.
References
G20 Summit 2023: Dates, Schedule & Agenda, Member
Countries, Leaders, And More - Forbes India
2023 G20 New Delhi summit: Date, venue, Theme, other
details - India Today
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