how to write essay on g20

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Essay on G20 Summit- The G20 Summit is an annual gathering of leaders from the world’s largest economies and the European Union. It serves as a critical forum for international economic cooperation and development. Established in 1999, the G20 Summit plays a significant role in shaping the global economic landscape and addressing pressing global challenges. This essay will explore the origins and evolution of the G20, its organizational structure, the importance of the summit, India’s G20 Summit presidency in 2023, and the key discussions and outcomes of the G20 New Delhi Summit.

Origins and Evolution of the G20

The G20 was created in response to the financial crises that emerged in several emerging economies in the 1990s. It aimed to provide a platform for Finance Ministers and Central Bank Governors to discuss global economic and financial issues. In December 1999, the first informal dialogue took place in Berlin, Germany, with representatives from advanced and emerging economies. Since then, Finance Ministers and Central Bank Governors have met annually.

Organizational Structure of the G20

Unlike other international organizations, the G20 operates without a permanent secretariat or staff. The chairmanship of the G20 rotates annually among its members. The chair, along with the past and future chairs, forms the Troika, which manages the G20’s affairs. The preparatory process for the G20 Summit is conducted through the Sherpa and Finance tracks. The Sherpa track focuses on non-economic and financial issues, while the Finance track addresses economic and financial matters. Expert working groups support both tracks in their technical and substantive work.

Importance of the G20 Summit

The G20 Summit holds immense importance as it brings together countries that represent approximately 85% of global GDP, 80% of global trade, and two-thirds of the world’s population. It serves as a platform for leaders to exchange ideas, deliberate on policy solutions, and coordinate efforts to address global challenges. The G20 Summit has played a crucial role in responding to major crises such as the 2008 global financial crisis and coordinating the global response to the COVID-19 pandemic.

India’s G20 Summit Presidency 2023

India assumes the G20 Summit presidency in 2023, reflecting its growing economic prowess and global influence. As the host of the G20 Summit, India aims to advocate for its economic interests and contribute to resolving critical global challenges. India’s G20 leadership provides an opportunity to showcase its expertise in areas such as women empowerment, democracy, and digital technologies. As a country with core democratic values, India can demonstrate that conflicts can be resolved when democracy becomes a culture.

India’s foreign policy focuses on the “global common good.” Through its G20 leadership, India aims to find sustainable solutions to key global challenges, including climate change, emerging technologies, food and energy security. India’s G20 presidency also presents an opportunity to address long-standing anomalies that disadvantage developing countries, especially in the areas of agriculture and food subsidies.

G20 New Delhi Summit: Discussions and Outcomes

The G20 New Delhi Summit, held on September 9 and 10, 2023, focused on the theme “One Earth, One Family, One Future.” The summit addressed various important issues, including food security, climate and energy, development, health, and digitalization. The discussions aimed to find collaborative solutions to these challenges and promote global economic stability and sustainable growth.

In Session 1, titled “One Earth,” participants discussed the world economy, food security, climate and energy, and the environment. The importance of observing the United Nations Charter and achieving a just and lasting peace in Ukraine was emphasized, given Russia’s aggression. Prime Minister Kishida highlighted the need for cooperation among countries to address global crises and reaffirmed the significance of the G7 Hiroshima Summit’s outcomes being integrated into the G20.

In Session 2, titled “One Family,” inclusive growth, the Sustainable Development Goals (SDGs), and health were discussed. G20 members stressed the importance of reducing poverty and inequality, accelerating efforts towards achieving the SDGs, and preparing for pandemics.

In Session 3, titled “One Future,” leaders discussed multilateral reforms, digitalization, and other issues. Prime Minister Kishida reiterated Japan’s support for the African Union’s membership in the G20, acknowledging the increasing roles of African countries in the international community. He highlighted the necessity of multilateral system reforms to overcome global challenges and shape a better future.

The G20 New Delhi Leaders’ Declaration, issued as a summary of the discussions, highlighted the commitments and actions agreed upon by the participating countries. Prime Minister Kishida engaged in brief talks with leaders from over 29 countries, fostering dialogue and strengthening international cooperation.

The G20 Summit plays a vital role in shaping the global economy and addressing pressing global challenges. As India assumes the G20 Summit presidency in 2023, it has the opportunity to advocate for its economic interests and contribute to finding sustainable solutions to key global issues. The discussions and outcomes of the G20 New Delhi Summit reflect the commitment of participating countries to collaborate and take collective action for global economic stability, inclusive growth, and the well-being of all nations. By working together, the G20 members can shape a better future for the world economy and foster international cooperation on a scale commensurate with their collective influence.

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Essay on G20

Students are often asked to write an essay on G20 in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on G20

Introduction.

G20, short for Group of Twenty, is an international forum for governments and central bank governors. It consists of 19 countries and the European Union.

Members of G20

The member countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States.

Importance of G20

The G20 was formed to discuss policy issues pertaining to the promotion of international financial stability. It seeks to address issues that go beyond the responsibilities of any one organization.

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250 Words Essay on G20

Introduction to g20.

The Group of Twenty (G20) is an international forum for the governments and central bank governors from 19 countries and the European Union. Established in 1999, the G20 aims to discuss policy issues pertaining to the promotion of international financial stability.

Member Countries and Influence

The G20 members include a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85% of global gross domestic product, and over 75% of global trade. The influence of the G20 extends beyond its core members due to its economic and political weight.

Role and Function

The primary role of the G20 is to prevent future international financial crises. It seeks to shape the global economic agenda, by fostering dialogue amongst key countries within the global economic system. The G20 has no permanent staff or headquarters, making it a flexible and informal forum.

Significance and Criticism

The G20’s significance lies in its capacity to facilitate international economic cooperation. However, it has been criticized for its lack of transparency, accountability, and representation of smaller or less developed countries.

Despite its criticisms, the G20 remains an important platform for dialogue and decision-making at the highest levels of government and central banking. Its ability to adapt and respond to global economic challenges will continue to shape its relevance in the years to come.

500 Words Essay on G20

The Group of Twenty, popularly known as G20, is an international forum for governments and central bank governors from 19 countries and the European Union. Established in 1999, the G20 aims to discuss policy issues pertaining to the promotion of international financial stability. It seeks to address issues that go beyond the responsibilities of any one organization.

Member Nations and Structure

The G20 comprises 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, United States, and the European Union. These economies represent around 85% of the gross world product (GWP), 80% of world trade, two-thirds of the world population, and approximately half of the world’s land area. The G20 operates without a permanent secretariat or staff, and its chairmanship rotates annually among its members.

Role and Importance

The G20 plays a pivotal role in global economic governance. Amidst the global financial crisis of 2008, the G20 was instrumental in preventing the global economy from slipping into a depression. It did so by coordinating national fiscal stimulus packages, enhancing the resources of international financial institutions, and initiating a financial sector reform agenda.

Challenges and Criticisms

Despite its significant role, the G20 has been criticized for its lack of representation and transparency. Critics argue that many countries, especially those from Africa, are underrepresented. Furthermore, decisions are often made behind closed doors, with little input from non-member countries. The G20’s effectiveness has also been questioned given the persisting global economic imbalances and the lack of enforceability of its decisions.

Future of G20

The future of the G20 hinges on its ability to adapt and respond to global challenges. Climate change, income inequality, and digital transformation are just a few issues that require a coordinated international response. The G20’s capacity to effectively address these issues will determine its relevance in the coming years.

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• School Life

Essay on G20 Summit 2023 in English for School Students

Essay on g20 summit delhi: the g20 summit 2023 is being held in new delhi, india. students must understand how important this is for our nation. check this english essay on g20 summit 2023 and amaze your teachers and friends with your knowledge.

About G20 Summit 2023

The 18th G20 Summit is the high point of a year filled with G20 activities. The G20 Summit 2023 is being held in Delhi, India from September 9 and September 10, 2023.

Who are G20 Members?

When did india join the g20, what is the theme of the 2023 g20 summit delhi, which country will host the g20 presidency in 2024, 200 words essay on g20 summit 2023.

The G20 Summit stands as a pivotal international gathering where the leaders and central bank governors from 20 of the world's most influential economies come together to deliberate on matters of global economic significance. Established in 1999, this summit was conceived to facilitate discussions surrounding policy issues concerning international economic cooperation and development.

The G20 member nations collectively wield tremendous economic power, representing a staggering 85% of the world's Gross Domestic Product (GDP) and a majority of the global population. These member countries include Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Russia, Mexico, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States.

For India, the 2023 G20 is of paramount importance. It serves as a platform through which the nation can engage with the world's foremost economic players, advocating for its economic interests and addressing pressing global concerns. India, with its rapidly growing economy and substantial population, seeks to leverage this forum to not only safeguard its own interests but also to contribute to the resolution of critical global challenges, such as climate change, trade, and economic stability.

Importance of the G20 Summit

Together, the G20 members account for approximately 85% of the world's total economic output (GDP), more than 75% of worldwide trade, and nearly two-thirds of the global population, making it a vital forum for international economic cooperation. The G20 Summit is important as it serves as a platform for the leaders of the world's largest economies to collaborate on pressing global matters. 

At the G20 Summit, leaders exchange ideas, deliberate on policy solutions, and coordinate efforts to tackle various global challenges, encompassing economic issues like recessions, trade, and investments, as well as social concerns like poverty, inequality, and climate change.

Importance of India’s G20 Summit Presidency 2023

G20 is the premier forum for international economic cooperation representing around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population.

During the course of its G20 Presidency, India will host about 200 meetings in 32 different sectors in multiple locations across India.

• According to Prime Minister Modi, this term can be an opportunity for India to share its expertise with the world in areas of women empowerment, democracy and digital technologies.
• As a country with core democratic values, India can show the world that the scope of conflict can come to an end when democracy becomes a culture. This gains significance amidst the ongoing Russia-Ukraine conflict.
• India’s foreign policy is focusing on the ‘global common good’. Through its G20 leadership, India hopes to extend this principle towards finding sustainable solutions to some of the key global challenges emerging out of the interconnectedness of the world, such as climate change, new and emerging technologies, food and energy security, etc.
• This would be the first time when the Troika would consist of three developing countries and emerging economies.
• It is hoped that as a result there would be a shift in the balance of power within the G20 favouring emerging economies to have a greater share in decision-making at this grouping.
• The G-20 Presidency presents a great opportunity for India to correct the long-standing anomalies that go against developing countries, especially in the domain of agriculture and food subsidies.

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Essay on G20 Summit- 100, 200, and 500 words

Reported by Pankaj Bhatt

Published on 5 August 2024

What if you have to write an essay on G20 Summit in school or anywhere else? Do you know what it is and why we have the number 20 in it ? If you don’t know anything about G20 or know a little bit and want to know more and, most notably, how you can write an essay on this complicated yet exciting topic, then do read this article because we have everything for you on this page.

The G20, commonly known as The Group of Twenty, is an international platform where many nations participate and discuss the cardinal points regarding the global financial and economic agendas. Moreover, one of the main objectives of this forum is to bring together all the economies emerging with the world’s advanced economies.

Furthermore, the Group of Twenty provides a forum for International Cooperation regarding economics. The G20 group was introduced in the year 1999.

In 2023, India was the presidential candidate of the G20, which was held in September. The next edition of G20 will be held in Rio De Janeiro, Brazil. The other critical details about the G20 we have shared are in essay format. In this article, we have provided essays on the G20 summit. The essay has been divided into three sections of 500, 200 and 100 words in the forthcoming paragraphs.

500 Words Essay on G20 Summit

The Group of Twenty, also known as G20, is an international platform for economic cooperation. The G20 forum plays a crucial role in reinforcing the global architecture and the governance or administration of all the economic issues that have been doing rounds worldwide. The presidency of G20 for the year 2024 is handed over to Brazil, which will be held on 18 and 19 November 2024 in Rio De Janeiro. In 2023, the 20 summit was headed by India.

Moreover, after discussing establishing the G20 summit, the Group of Twenty was founded in 1999. It was established in the wake of the Asian Financial Crisis.G20 is a platform in which the Central Bank Governors and the Finance Ministers of many countries participate in the summit to discuss financial and economic issues worldwide.

The G20 summit is held once every year under the leadership of the presidency, which is rotated among all the participating countries. The G20 comprises 19 countries in the current situation. The participating countries are as follows Indonesia, Argentina, Canada, Australia, Japan, Mexico, South Africa, United Kingdom, Türkiye, the United States, the Republic of Korea, Australia, China,  Germany, France, Saudi Arabia, Brazil, Russia, Italy and the European Union. In terms of GDP, 85% of the world GDP is represented by the G20 members. Along with this, global trade of over 75% is also done by the G20 members. The various G20 summits held in the previous years have been stated below:

• The First Summit was held in the year 2008 and was hosted by the US in Washington.
• The Second Summit was held in April 2009 and was held in London.
• The Third Summit was held in September 2009 in Pittsburgh.
• The Fourth Summit was held in June 2010 in Toronto.
• The Fifth Summit was held in November 2010 in Seoul.
• The Sixth Summit of G20 was held in November 2011 in Cannes.
• The Seventh Summit of G20 was held in June 2012 in Mexico.

The summits mentioned above are the G20 summit held in 2012. However, after 2012 also, the G20 summit was held every year. The 2023 G20 summit will be held in India and this will be the 18th G20 summit. The 17th G20 summit was held in Bali, i.e. the G20 summit 2022.

As we have mentioned earlier, this year the G20 summit will be held in India. The theme of the G20 Summit 2023 will be ‘One Earth · One Family · One Future’ or ‘Vasudhaiva Kutumbakam’.The inspiration for the theme is the ancient Sanskrit text i.e., Maha Upanishad. The theme indicates the importance of life for every creature present on the earth. The objective of the G20 Summit 2023 is as follows:

• To discuss the policies regarding global economic stability as well as sustainable growth.
• To discuss the crisis of the climate.
• Apart from this, the G20 members are expected to discuss the recovery of many nations from the recent pandemic and the impact of the pandemic on jobs.
• Discussing the Ukraine-Russia Conflict.

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The G20 summit to be held in the year 2023 will be very important for India. The primary point of the discussion for the participating countries will be as follows.

• Economic Growth: The G20 platform is one of the biggest platforms for many developing and developed countries. From this perspective of India, it will provide India with the opportunity to get engaged with many larger and more developed economies all over the world. India will get the opportunity to attract investment into the country, and it will help the nation in its overall development along with its economic growth.
• Financial Stability: Regarding financial stability, India can gain from the discussion regarding financial stability and regulations at the G20 Summit to be held in India.
• Global Issues: The G20 summit is always considered an important platform for discussing global issues. Therefore, India can be considered a platform in which it can address various issues such as the Ukraine-Russia conflict. The G20 summit 2023 can be a game changer regarding this conflict.

World Happiness Index 2023

100 words essay on g20 summit.

The G20 is a forum mainly regarding economic cooperation. Since its inception and implementation, it has played an important role in strengthening world architecture. In addition to this, it has also helped in governing the major economic issues countered by the world. Furthermore, this year the G20 summit will be held in India.

The G20 summit will be from the 9th of September to the 10th of September, 2023 in New Delhi. It will be held under the presidency of India only. The theme of the G20 Summit 2023 will be ‘ One Earth. One Family. One Future’ and ‘Vasudhaiva Kutumbakam’.The G20 Summit 2023 will be important for India from many perspectives.

You can also follow the G20 India Official Twitter Page for more updates on this.

Important Links

Which Country will host the G20 Summit in 2024?

G20 Summit 2024 will be headed by Brazil.

Which country host the G20 in 2023?

India hosts the G20 summit for 2023.

When will the G20 summit be held in 2024?

It is scheduled for 18 and 19 November 2024.

Pankaj Bhatt

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G20 Summit and Global Economic Governance Research Paper

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Working Thesis

Potential argument, hypothesis: use of technology to cut on the costs of the g20 summit, unfulfilled promises, defenders of self interest, the financial stability board, works cited.

The Group of Twenty (G20) summit was established in 1999 following the financial crisis of the late 20th century that affected, especially, Asia (Arner and Schou-Zibell). It consists of twenty Ministers of finance and Governors of Central banks from both emerging-market countries and developed economies (Edkins and Zehfuss). Its first meeting was held in Berlin, Germany, in December 1999. One of the reasons why the G20 summit came into existence was the realization that important emerging-market countries the world over had not been given a forum to discuss economic and governance issues on the world stage. Its mandate is to promote discussion and review of policies between industrialized and emerging-market countries (Blustein).

Before the emergence of the G20 summit, there had been many other similar summits that had come up with an aim of promoting dialogue on issues of governance and economics. These summits ideally came into existence to build financial growth, development, and structure in international relations. They included the G-7, G-22, and G-33 (Dunne and Smith). The larger groups, G-22 and G-33, demonstrated that there were benefits in involving emerging-market countries in regular consultations, leading to the formation of the G20. Unlike other international organizations, the G20 does not have a permanent secretariat and it promotes the informal interchange of ideas and views on international issues (Dunne and Smith).

Each year the summit is held in a different country and in June 2010 it was Toronto’s turn to hold the three-day event. The leaders of the 20 countries would participate in the discussion regarding financial sustainability (Lagarde 078-079). The 20 countries that would be involved are the following: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Republic of Korea, Turkey, United Kingdom and the United States of America. Also in attendance at the G20 summit would be the International Monetary fund’s (IMF) managing director, the World Bank president, and chairpersons several other international committees like the development committee and the International Monetary and financial committee (Samans, Uzan, and Lopez). Their presence is due to the close cooperation between G20 and other international organizations.

Looking at all the countries listed, it is important to note that they are all economically independent and this summit does lack the participation of third world countries. This might mean that the issues afflicting the underdeveloped countries may not be given weight in the G20 summit since there is no one to push for them, except for times when some representatives from such countries are invited, but in such cases, they may not have much of bargaining power like the representatives of the member countries (Brunswick and Evenett 269).

The main purpose of the G20 summit was to have the top 20 economically independent countries come together in hopes to legitimize economic structure around the globe, but this holds to be contradictory. The Toronto G20 summit was focusing on recovery and new beginnings as its theme. In this summit, issues to do with financial reform progress and the development of stimulus measures that are sustainable were discussed. Issues of bank tax and promotion of open markets world over were also debated (Dvorak). However, the following facts should be considered when referring to the Toronto G20 summit and its overall impact on enhancing better world economy. The summit was nothing more than a media frenzy that didn’t need the amount of attention that it received. This three day event cost Canada and the tax payers a billion dollars (Msnb). It was held in one of the busiest places in Canada and therefore affected the day to day activities of many people and ventures (Dvorak). One of the most important factors this essay will study is G20, like many of the other summits before it, has yet again accomplished very little as compared to the time and money spent on the event.

The G20 summit cost Canadian taxpayers a billion dollars. What was the billion dollars spent on lingered in the minds of most Canadians. Statements by the Parliamentary office demonstrated that the summit had cost Canadians 930 million dollars in safety measures only. This security operation was the most expensive in the history of Canada. Together with other hosting costs including nearly 2 million dollars for marketing and media, the total amount comes to about 1 billion dollars. When looking at these figures and those of other G20 summit meetings, it is very astonishing to see how much of the taxpayers’ money was spent on security alone and the question whether this was necessary lingers on, bearing in mind that some people in third world countries are in need of aid (Msnb).

The meeting was held in downtown Toronto, one of the busiest areas, and this affected residence, business, employees, pedestrians, transit riders, cyclists, motorists, students, those leaving town, the homeless, and lastly the tourist (Dvorak). One of the biggest tourist attractions, The CN tower, was closed for the summit. Although this attraction was only closed for a 3 days, it would negatively impact on Canada’s economy as it is a daily income generating site (Gothamist). The summit was rocked by widespread protests which stated several days prior to the summit. These protests were part of the reason for the expenses incurred on security measures. They also served to worsen an already bad situation for day to day activities for residents and business ventures as more than 900 people were arrested within a week, some streets were closed down and some buildings attacked. This further heightened the economic burden that came with hosting the G20 summit (Dvorak).

What comes out of this summit? Twenty large economies came together, for a three day affair, but one must essentially wonder what changes were made in previous summits and this past G20 summit. The G20 summit held in Toronto came to the conclusion that these represented economies should keep more financial capital in their banks in case of economic upsets in the future. The developed nations’ leaders also agreed on debt-to-GDP ratio reduction by the year 2016 as well as taxing financial institutions. The need for the capital reserve was to have restrictions on many of the countries that did not have them in place already, which resulted in the recession of 2009. The United States, which did not hold any restrictions on their banks, resulted in many banks as well as economy to go downhill (Lagande, 078-079).

Although it is apparent that this meeting was needed, one may ask: was the cost worth it? The 20 countries that did participate in the summit are already economically independent, which is one of the reasons protesters feel that the G20 summit is a waste of time and money (Brusick and Evenett 269). The issues that the third world countries are mostly concerned with, namely food security and climate change did not get a significant resolution during this summit. It is due to this that Protestors believe that the summit is only helping the economically successful countries gain more success instead of helping the third world countries that need the help (Brusick and Evenett 269). The results were the enduring cycle of the wealthy getting wealthier as well as the underprivileged getting more pitiable. At the end of the meeting, joblessness remains a challenge to those in underdeveloped countries and due to this they continue to suffer in poverty (Coats, Hutton and razarelli).

It is tradition to do these summits in person as seen in the G20 summit and many of the previous summits, but with the changing economy and technology it would be more efficient to have such summits in another manner which would cut cost especially in security, infrastructure, travel and accommodation. This would also make sure that the day to day activities of hosting countries, including businesses and other income generating ventures like tourism are not interfered with (Dvorak). The media has a large part in the amount of security that is needed in such political events. If the summit had been done in other technological means without attracting the attention of protestors little or no security would be needed. The destructive effects of protests, both to the economy and security of the country, would be avoided (Gothamist). With society changing and technology advancing 20 people don’t have to be in the same place at the same time to discuss world matters. This would also protect against excessive media coverage of a highly political event. The net effect would be a significant cut in the cost of holding the G20 summit. The saved finances would then be focused on other issues like provision of basic needs to those who lack them.

Since the summit was held in Toronto, there have been 94 protectionist measures implemented by the G20 member governments, with just 44 of similar measures being implemented by the rest of the world (Evenett 22). The world over, there has been 100 neutral measures formulated and implemented since June 2010, with G20 member countries implementing only 29% of these (Evenett 22). This shows a serious mismatch between what the G20 summit concludes and the action taken by the member countries. If this is the trend, is there a need to spend so much money on G20 summit to make resolutions that will not be followed by those making them? This question needs to be answered for the need for and the importance of the G20 summit to be ascertained.

It is clear that governments which are not members of the G20 summit are better at keeping markets open than those who made the resolution to do so in Toronto. There is a great mismatch between word and action of the developed countries. The same governments that spoke of their desire to promote development by encouraging trade between them and the third world countries are instead harming these poor countries through their protectionist measures (Evenett 22). The G20 members are ranked top among countries that have caused economic harm to their lesser trading partners (Evenett 23).

The following table shows the biggest targets of discriminatory measures at different times before and after the summit (Evenett 25).

Table 1: Highest targets of discriminatory measures

The table below shows by rank the countries that have inflicted the most harm to others. It shows that the economically stable countries of the G20 are in the forefront of inflicting harm to their trading partners (Evenett 26).

Table 2: Rank of countries inflicting the most harm

As seen in the G20 meetings in Washington and London, the member countries showed that they can act together on serious issues affecting them, like the financial recession. The nations demonstrated their willingness to engage in any actions necessary in a bid to stabilize their financial systems (Blustein and Prasad). Such actions included nationalization of banks and creation of insurance schemes that would help clear toxic debts as well as availing bail-outs. There was also reduction of interest rates as a policy measure to boost the economic recovery process. These economic heavy weights encouraged support of their development agenda by the World Bank through its new infrastructure as well as trade finance facilities (Lagande 078-079). They also resolved to strengthen regulatory regimes as they did for financial markets in a bid to prevent further economic crises. During the Washington G20 meeting, the member countries stressed the importance of assisting the poorest countries in the world to develop. Emerging economies would also be helped to get finances through the IMF and development banks. The intent to help the poor countries seems noble and would momentarily bring an illusion of relief to these countries, but the developed countries just stressed the importance of helping them with no commitment or plans of doing so being drawn (Brusick and Evenett).

From these summits, it is clear that the developed countries can act in haste when matters affecting them directly arise and they defend their interests with whatever action that is necessary. It cannot be expected that they react with the same zest when there are issues affecting the poor countries, but at least including the in the membership of the G20 would give them a forum to push for consideration of those problems afflicting them (Brusick and Evenett).

The financial stability board (FSB) came up as a result of re-establishment of what was formerly known as the Financial Stability Forum (FSF) during the G20 meeting in London. It was mandated with the task of promoting financial stability among the G20 member countries, but its coverage extends to cover the European commission and Spain. The FSB monitors and advises the member countries on issues to do with market development, highlighting the possible effects on regulatory policy. It undertakes strategic reviews of the work on policy development done by standard setting institutions in an effort to ensure timely and coordinated focus on priorities that cover financial gaps (Samans, Uzan and Lopez). It also comes up with guidelines and support for supervisory colleges’ establishment and operation by identifying the most important and systemically appropriate cross-border firms. It then coordinates planning to manage cross-border crisis with reference to the identified important cross-border firms. In conjunction with the IMF, the FSB identifies early warning signs of financial risks and recommends actions that can be used to deal with the threat.

The FSB is therefore concerned about the financial welfare of the G20 member countries which, as earlier indicated, comprise of the world’s greatest economies and upcoming promising economies. This further proves the theory earlier generated that the process adopted by the G20 seeks to safeguard the rich and make them richer while the poor remain in poverty. The developing countries could benefit significantly from the services of the FSB in helping them from their financial difficulties through strategic planning (Brusick and Evenett).

From the text presented in this paper, it can be concluded that the G20 summit is necessary for handling the economic and governance issues of the member countries. The summit provides a forum in which matters of global importance are discussed and solutions formulated. It also works hand in hand with other global organizations like the World Bank and the IMF to facilitate solutions to various challenges. Through the FSB, it helps identify economic warnings early enough for preventive measures to be put in place. Therefore, the importance of the G20 summit cannot be underestimated (Blustein and Prasad).

However, the G20 summit has its blemish on different areas. First, its organization and operation of meetings is too expensive, as seen in the 2010 Toronto summit in which approximately 1 billion dollars was used, most of it going to security. This leaves the desire for a way to change how these summits are done in a bid to cut the costs and direct the funds to other areas which are more critical, like helping poor countries develop (Brusick and Evenett).

It is apparent that the G20 summit does not concentrate on issues that do not affect the member countries directly as much as they concentrate on those issues directly affecting them. Since the membership of the G20 does not include poor third world countries, this means that issues affecting them are not given weight for them to be attended to well and solutions found (Brusick and Evenett).

The G20 summit continues to use a lot of money on issues like organising meetings while the poor countries of the world suffer in poverty. Though the G20 is necessary, something should be done on its membership to involve third world countries and cut down the cost of running it (Blustein and Prasad).

Arner, Douglas, and Lotte Schou-Zibell. Asian regulatory responses to the Global Financial Crisis: Global journal of emerging market economies , 3, 1 (2011): 135- 169.

Blustein, Paul, and Eswar Prasad. Recovery or relapse: the role of the G20 in the global economy. Washington D.C: global economy and development at Brookings, 2010.

Brusick, Philippe, and Simon J. Evenett. “Should the developing countries worry about abuse of dominant power?” Wisconsin law review , 2 (2008): 269.

Coats, David, Will Hutton, and Matteo Razzanell. Tackling the global jobs crisis: Why the G20 summit matters . London: The Work Foundation, 2009.

Dunne, Timothy, Milja Kurki, and Steve Smith. International relations theories. New York: Oxford University Press, 2010.

Dvorak, Phred. “Toronto Locks Down for G-20 Summit”. The Wall Street Journal. Dow Jones and Company Inc. 2011.

Edkins, John. and Zehfuss, Michael. Global politics. London : Routledge, 2009.

Evenett , Slyst. Broken promises: a G20 summit report by global trade alert. London: centre for Economic Policy research, 2009.

Msnb . G-20 Summit: ‘$1 Billion Boondoggle?’ 2011. WEB.

Gothamist LLC . How will the G-20 affect everyone, From Cyclists and Tourists . 2011.

Lagande, Charles. “How the G20 must unite to stave off further global financial crises.” business week- New York, 4149 ( 2009): 078-079.

Samans, Richard, Marc Uzan, and Augusto López-Claros.. The international monetary system, the IMF, and the G20: a great transformation in the making? Basing stoke: Palgrave Macmillan, 2007.

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IvyPanda. (2022, January 8). G20 Summit and Global Economic Governance. https://ivypanda.com/essays/the-g20-summit/

"G20 Summit and Global Economic Governance." IvyPanda , 8 Jan. 2022, ivypanda.com/essays/the-g20-summit/.

IvyPanda . (2022) 'G20 Summit and Global Economic Governance'. 8 January.

IvyPanda . 2022. "G20 Summit and Global Economic Governance." January 8, 2022. https://ivypanda.com/essays/the-g20-summit/.

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What Does the G20 Do?

• The G20, formed in 1999, is a group of twenty of the world’s largest economies that meets regularly to coordinate global policy on trade, health, climate, and other issues.
• Previous summits have addressed the COVID-19 pandemic, 2008 financial crisis, the Iranian nuclear program, and the Syrian civil war.
• At the 2023 summit, the group welcomed the African Union as its newest member, even as the Russian invasion of Ukraine continued to cause divisions.

Introduction

The Group of Twenty (G20), a collection of twenty of the world’s largest economies formed in 1999, was conceived as a bloc that would bring together the most important industrialized and developing economies to discuss international economic and financial stability. Its annual summit, a gathering of G20 leaders that debuted in 2008, has evolved into a major forum for discussing economics as well as other pressing global issues. Bilateral meetings on the summit’s sidelines have occasionally led to major international agreements. And while one of the group’s most impressive achievements was its robust response to the 2008 financial crisis, its cohesion has since frayed, and analysts have criticized its lackluster response to the COVID-19 pandemic.

Under President Donald Trump, the United States clashed with the rest of the group on trade, climate, and migration policy. President Joe Biden promised a return to multilateral cooperation, achieving a new global agreement on corporate taxation, but tensions have continued to grow as high- and low-income countries have increasingly diverged on major issues such as climate change, economic development, and the ongoing fallout from the war in Ukraine. At the 2023 summit in New Delhi, India aimed to bolster its leadership bona fides by welcoming the African Union as the group’s newest member.

Who is in the G20?

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The G20 is a forum comprising nineteen countries with some of the world’s largest economies, as well as the European Union (EU) and, as of 2023, the African Union (AU). The countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom (UK), and the United States. Spain is invited as a permanent guest.

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Every year, the leaders of G20 members meet to discuss mainly economic and financial matters and coordinate policy on some other issues of mutual interest. Examples include when the G20 discussed how to address a covert Iranian nuclear plant at the 2009 summit and when the forum debated how to administer a partial cease-fire in Syria at the 2017 summit. The G20 is not a permanent institution with a headquarters, offices, or staff. Instead, its leadership rotates on an annual basis among its members, its decisions are made by consensus, and implementation of its agenda depends on the political will of the individual states.

Why does the G20 matter?

Together, the nations of the G20 account for more than 85 percent of global economic output, around 75 percent of global exports, and about 80 percent of the world’s population. These figures have remained relatively stable while the corresponding rates for Group of Seven (G7) nations, a smaller group of advanced democracies, have shrunk, as larger emerging markets take up a relatively greater share of the world’s economy.

The G20 was formed in 1999, in the wake of the Asian financial crisis, to unite finance ministers and central bankers from twenty of the world’s largest established and emerging economies. A decade later, at the height of the global economic crisis, the G20 was elevated to include heads of state and government. Many experts credit the G20 with quick action; former CFR fellow Stewart Patrick said the group “ rescued a global financial system in free fall .” In 2008 and 2009, G20 nations agreed to spending measures worth $4 trillion to revive their economies, rejected trade barriers, and implemented far-reaching reforms of the financial system.

Since then, many observers say, the G20 has struggled to achieve similar success on its goals of coordinating monetary and fiscal policies, achieving higher growth, and rooting out corruption and tax evasion. Geopolitical analysts Ian Bremmer and Nouriel Roubini have argued against the G20’s utility, saying that a “G-Zero” world is emerging instead—one in which countries go it alone or form ad hoc coalitions to pursue their interests. In 2021, then CFR President Haass and senior fellow Charles A. Kupchan called for a new concert of powers , contending that “fly-in, fly-out” G20 summits are often bogged down by “haggling over detailed, but often anodyne, communiqués.”

But experts point out that the G20’s membership is still more representative of the current international balance of power than blocs of countries formed earlier, such as the G7. Several rising democracies, including Brazil, India, and Indonesia, belong to the G20, as do other influential autocratic countries, such as China, Russia, and Saudi Arabia. (Russia’s G7 membership was suspended indefinitely in 2014 following its annexation of Ukraine’s Crimea region.) For this reason, Patrick described the 2008 elevation of the G20 as a watershed moment in global governance and argued that the group was the best-suited forum for tackling the challenges of the COVID-19 pandemic.

What’s been on the agenda?

The G20 initially focused largely on broad macroeconomic policy, but it has expanded its ambit. The 2016 summit in Hangzhou, China, broke new ground when U.S. President Barack Obama and Chinese President Xi Jinping formally announced their countries’ accession to the Paris Agreement on climate.

Economic and financial coordination remains the centerpiece of each summit’s agenda, but issues such as the future of work, climate change, and global health are recurring focuses as well. Broader agendas became more common in the decade following the global financial crisis, when the G20 was able to turn its attention beyond acute economic crisis management. But at recent summits, countries have struggled to reach a unified consensus—the hallmark of previous iterations of the conference—as the interests of high- and low-income economies continue to diverge.

The COVID-19 pandemic posed a major test for the group, which Patrick has criticized for largely failing to move beyond “uncoordinated national policies.” However, G20 countries did agree to suspend debt payments owed to them by some of the world’s poorest countries, providing billions of dollars in relief.

Although climate change has been a focus of recent summits, meetings have yielded few concrete commitments on the issue. At the 2021 Rome summit, countries agreed to curb emissions of methane and end public financing for most new coal power plants overseas, but they said nothing about limiting coal use domestically. (China, the world’s largest emitter, permitted more domestic coal power plants in 2022 than any year since 2015). At the 2022 gathering, Indonesia agreed to close coal power plants in exchange for $20 billion in financing from high-income countries, including the United States. But as of 2023, it is still building coal-fired plants. 

As the 2023 host, India sought to cast itself as a voice for the so-called Global South, framing the agenda around issues facing lower-income countries. These include rising debt levels, persistently high inflation, depreciating local currencies, food insecurity, and increasing severe weather events associated with climate change. In addition, New Delhi presided over the admittance of the AU, expanding representation to fifty-five countries. This allowed Indian Prime Minister Narendra Modi to “showcase his status as the leader of a rising India,” according to CFR’s Manjari Chatterjee Miller and Clare Harris.

What have been the main points of contention?

Geopolitical tensions, heightened by the Russian invasion of Ukraine but also spurred by strategic competition between China and the United States, have increasingly threatened cooperation. In the United States, bipartisan legislative efforts have aimed to deny Russia standing in the World Trade Organization (WTO) and other international institutions. Russia’s participation in the G20 has grown contentious, with some Western countries seeking to exclude Moscow, though members including China and Brazil have opposed that idea. Neither Chinese President Xi Jinping nor Russian President Vladimir Putin attended the 2023 summit. The issue continued to split the group in New Delhi, and their joint declaration on the war failed to mention Russia by name.

G20 members also faced divisions over how to address the economic shocks disproportionately affecting emerging economies. The energy crisis resulting from the war in Ukraine has led to food scarcity and soaring energy prices, as well as inflationary pressures that have engendered a stronger U.S. dollar at the expense of depreciating currencies in emerging economies. As a result, more countries are turning to international lenders for bailouts; over one hundred countries have requested emergency assistance from the International Monetary Fund (IMF) since the beginning of the pandemic. IMF lending to distressed economies soared to a record high of $140 billion in 2022. The G20 introduced a common framework for debt treatment ahead of its 2020 summit, but only four countries—Chad, Ethiopia, Ghana, and Zambia—have requested debt relief under the framework. Experts blame divisions between lender countries. 

“No framework for coordination among official creditors can work if official creditors don’t have enough in common to work together,” CFR senior fellow Brad W. Setser wrote in March 2023. “The ‘Common Framework’ exists in name only.” International lenders are now considering ways to reform the framework.

The group’s long-standing commitment to an international order based on WTO principles of reducing tariffs and other trade barriers has in recent years collided with growing economic competition between great powers. President Trump launched a multifront trade war involving several G20 members, imposing a suite of tariffs on China that the Biden administration has largely left in place. Biden has also pursued other measures meant to “de–risk” the U.S. economy from China’s. In August 2022, he signed the CHIPS and Science Act, which encourages advanced technology manufacturing to move back to the United States. That measure was followed by strict export controls that restricted China’s ability to buy certain chips made anywhere in the world with U.S. inputs, and an outbound screening regime prohibiting some U.S. investments in Chinese sensitive technology sectors. 

There is also still friction within the group regarding climate change. China, India, Russia, and Saudi Arabia reportedly blocked an agreement on phasing out coal use and fossil fuel subsidies at a July 2021 meeting of environment ministers. And following the invasion of Ukraine, Germany and other G20 countries have reneged on previous promises to stop financing fossil fuel projects overseas. The New Delhi summit again failed to produce ambitious climate action, calling only for a “phasedown” of coal rather than the “phaseout” sought by many climate advocates.

What happens on the sidelines of the summits?

Some experts have emphasized the G20’s flexibility compared with other multilateral institutions, noting that it can help shake up a sometimes rigid geopolitical order. This flexibility extends to the summits themselves, where bilateral meetings between heads of state and government often focus on issues outside the formal agenda.

These tête-à-têtes, whether planned or impromptu, often grab headlines due to their diplomatic gravity. In Hamburg, Germany, in 2017, Trump met Putin for the first time, holding multiple meetings that lasted several hours each and sparked concerns among U.S. allies within the G20. The following year, a bilateral meeting again overshadowed the G20 summit, this time between Trump and Chinese President Xi Jinping. The two leaders agreed to delay threatened tariff hikes. 

The 2022 Bali summit hosted the first in-person meeting between Biden and Xi since Biden was elected in 2020. Though the two leaders did not agree to any tangible measures, they committed to keeping diplomatic lines of communication open. In 2023, summit sidelines saw the formation of the India-Middle East-Europe Economic Corridor (IMEC), a rail and port deal linking India and Europe via infrastructure networks that cut through the Middle East. Some observers see IMEC as one of the most serious challenges to China’s Belt and Road Initiative to date.  

Many experts stress the substantial effects of personal relationships among leaders on the creation of foreign policy. By gathering so many leaders together, G20 summits offer rare opportunities to develop such relationships and recast bilateral ties.

Recommended Resources

For Foreign Affairs , CFR’s Richard Haass and Charles A. Kupchan make the case for a new concert of powers .

This Backgrounder explains the recent international agreement on a new framework for corporate taxation . 

This In Brief breaks down the progress countries made at the ​​twenty-seventh Conference of the Parties (COP27) climate summit.

In this blog post, CFR expert Brad W. Setser analyzes the G20 common framework and its limitations.

Experts from around the world break down the 2023 G20 summit in this Council of Councils Global memo . 

Andrew Chatzky and Megan Fahrney contributed to this report.

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G20 and It’s Importance in Today’s World

Introduction

A common saying has it that when China sneezes, the rest of the world catches a cold. However, with China’s economic rise, this phrase has gained momentum.

In the face of a new virus (COVID-19), world economies are reportedly shutting down production lines, consumption around the world is weakening and growth forecasts are being revised downwards. As a result, experts around the world are now rushing to understand the true impact of the spread of COVID-19 in this globalised world.

Globalisation and interconnectedness are interchangeable terms. Due to globalisation, the world has become one global village. Indian Prime Minister Narendra Modi on the side-lines of Extraordinary Virtual G20 Leaders’ Summit 2020 has made a call to conceptualise this globalized world with humanity at the centre. Furthermore, PM gave a call to move ahead from the anachronistic agenda of finance and economics to humanity, climate change and terrorism.

In June 1999 the Finance Ministers at the G7 summit in Cologne recommended founding the G20 in order to strengthen the international financial architecture. The G20 was subsequently established in December 1999 as a regular forum for finance ministers and central bank governors. The G20 was further valorised when the heads of state and government met for the first time at the G20 summit in Washington in November 2008 to deal with the global economic and financial crisis. It thus became the key forum for the most important industrial and emerging countries to discuss major issues of international currency and financial policy.

Since then, The Group of Twenty, or G20, is the premier forum for international cooperation on the most important aspects of the international economic and financial agenda. It brings together the world’s major advanced and emerging economies. Moreover, The G20 Countries together represent around 85 percent of global GDP, 80 percent of global trade, and 60 percent of the world’s population. The objectives of G20 is to coordinate policy between its members, sustainable growth, risk reduction and creating a financial architecture. The G20’s work is organized around the Finance and Sherpa Tracks, while civil society assembles through Engagement Groups.​​ However, it has been argued that G20 is not a legally binding institution and needs to be given more teeth.

Fir. 1 G20 population in millions  

Roles and Responsibilities

G20 is a platform where the Leaders’ committed to work with developing countries, particularly low-income countries to support them in implementing their nationally driven policies and priorities which are needed to fulfil internationally agreed development goals, particularly the Millennium Development Goals (MDGs) and reaffirmed their standstill commitment.

G20 provides policy coherence, analysis and practical tools to support growth and development. This helps G20 members to better target their cooperation with developing countries and can help amplify development efforts on the international agenda. It promotes inclusive societies and opportunities for all. Co-ordinated work associated with G20 on human resources has helped many job-seekers with employment opportunities. The G20 members have and will continue to have, important implications for growth and development in Low Income Developing Countries (LIDCs).

G20 plays a critical role in creating an enabling environment for inclusive global growth and development. Its work on ensuring financial stability, promoting growth and avoiding and managing crises is critical in supporting the opportunities. In turn, the increasing integration of developing countries into the global economy contributes to the G20’s objective of strong, sustainable, balanced and inclusive global growth. The 2030 Agenda for Sustainable Development also sets an ambitious, transformative and universal agenda for sustainable development efforts. The G20 is well placed to contribute to its implementation and can maximize its collective impact.

Role in Fighting COVID-19

Today, when the global pandemic COVID-19 is making its way into the annals of the world, G20 needs a more humane touch. British installations during the Second World War were plastered with posters which said Careless talks costs lives. It also has to be noted that 90 percent of the COVID-19 cases and 88 percent of deaths were in G20 countries. Therefore, proactive talks with a collective approach will bring to halt this crisis of pandemic. Realising the dream of a virus-free world will take extra effort from every G20 nation. A “reformed multilateralism” is required for making the systems more effective to meet present-day challenges as well as making them more inclusive.

Theoretically, the School of Structural Realism says it’s the structure of the world which is anarchical in nature and there is no global governance. States behave in a way where there is a goal for self-survival and self-help. A humanitarian call by Indian PM for the empathy to nurture within states is an endeavour in the right direction.

In the Seoul Summit in 2010, the theme ‘Shared Growth Beyond Crisis’ was central. This vividly explains the core agenda of the grouping but undermines the humanitarian issues which need urgent attention. The role of G20 will become more active if the leaders will put the parlance into practice by bringing COVID-19 impact and humanitarian agenda into centrality.

Therefore, as a larger chunk of G20 integrates a larger population, the role of G20 has become more and more fierce and integral. A comprehensive and collective endeavour is a need for an hour for the institution to live.

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What does the G20 actually do?

Director of Studies, Asia Pacific College of Diplomacy, Australian National University

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Susan Harris Rimmer does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

Australian National University provides funding as a member of The Conversation AU.

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Presumably, you have now read all about what on earth the G20 is , and you care deeply. But what does it actually do?

The aim of the G20 is clear. The 2009 G20 Framework for Strong, Sustainable, and Balanced Growth states that members will “promote balanced and sustainable economic development in order to narrow development imbalances and reduce poverty” .

Launched at the 2009 Pittsburgh (US) Summit, this “Growth Framework” constitutes the matrix of policies in which 1) each G20 country makes commitments and to which each country is held accountable; and 2) G20 collective commitments are articulated and tracked.

Both of these functions are monitored through the IMF’s Mutual Assessment Process , which also charts different global scenarios in terms of growth, and rebalances in response to the action (or lack thereof) of the G20’s member countries.

The G20 does not bind any other country. But G20 countries do play a strong donor and governance role in many of the world’s key institutions.

These leaders’ commitments are decided during a long series of meetings between the different tracks of the G20, such as the sherpas, finance ministers and central bank governors, and many, many (oh, so many) reports commissioned from the World Bank and IMF.

Based on all this spadework, G20 leaders tend to make commitments laid out in the Final Communique. The G20 made a total of 282 commitments at the 2011 Cannes Summit (with the full list available here ). The Washington Summit in 2008 usefully included an ‘ action plan ’.

Many of these actions are often issues of technical financial regulation, and are ongoing but also reactive to markets and politics. For example, Australia committed in Cannes to make “clear and credible fiscal consolidation plans to halve deficits by 2013 from 2010 levels, and to stabilise or reduce government debt-to-GDP ratios by 2016”, and the IMF is tracking this commitment.

But sometimes it is very difficult to find out how those commitments by member states are being implemented in any qualitative sense, and so academics and think tanks have attempted various ways to do so. There is a general view that more accountability is required.

Sometimes it is extremely clear what the G20 can do as the site of 84% of the world’s economic output - in a crisis, it can mobilise resources.

The London Summit mobilised $1.1 trillion to withstand the global financial crisis to restore “credit, growth and jobs”. This included $50 billion directly for low-income countries (LICs) through the multilateral development banks (MDBs), along with $5 trillion for a combined fiscal stimulus package.

But long-term strategic coordination between all members on some of the global issues has proven more difficult. The G20 has not been able to reinvigorate global trade and complete the WTO Doha development round .

Many financial regulation issues remain tough nuts to crack at the domestic level (and hard to communicate to a lay-audience).

Within the G20 development agenda from the Seoul Summit, many initiatives have either proved controversial, or remain at the initiative stage and have not led to action or commitment of resources.

I would nominate the development of an Anti-Corruption Plan and political support and pressure to ratify the UN Convention Against Corruption by all G20 members as a success.

A new initiative also has potential for both the G20 and developing nations. Produced at the request of the G20 and introduced at the G20 Finance Ministers’ meeting in Moscow, OECD’s Action Plan on Base Erosion and Profit Shifting (BEPS) offers a global roadmap that will give governments the domestic and international instruments to prevent corporations from paying little or no taxes.

If all the G20 countries endorse this plan, we could move some way towards decreasing transnational corporate tax evasion, but more would need to be done .

Controversy around implementation is not limited to the development agenda. G20 experts often speak of “mixed” and “uneven” progress about the G20 as a whole.

So should the G20 do different things?

Most commentators would like the G20 agenda narrowed to core macroeconomic coordination, rather than encompassing issues added to a large agenda.

On some important issues the G20 has shown leadership, but then has not followed through. The G20 asked Bill Gates to consider innovative financing for development in 2011, and his report recommended members adopt a Financial Transactions Tax (or so called Robin Hood Tax), keeping it on the G20 agenda (but barely).

Mexico introduced the concept of a 'green growth’ agenda but generally the G20 has not adequately addressed climate and environmental sustainability issues, albeit with some attention given to fossil fuel subsidies. As the President of the World Bank Jim Yong Kim told the G20 in February 2013 :

“I would be remiss in not highlighting the serious consequences to the economic outlook of failing to tackle the serious challenges presented by climate change. These are not just risks. They represent real consequences. I also know that issues around climate change do not typically come before Finance Ministers and Central Bank Governors. This, I firmly believe, is a mistake.”

Part of the debate is where the G20 could add value to such issues and where it is more appropriate that bodies like the United Nations, with universal membership, should keep the lead role in issues like climate finance.

In my view, the G20 should at least do no harm to poor people living inside its own member state borders, nor people living in pockets of extreme poverty in non-member countries, nor Least Development Countries (LDCs).

Beyond that, it can provide political pressure and mobilise resources to end stalemates that affect progress to the provision of global public goods (like fairer trade rules) in other fora.

The G20 should analyse, forecast, share, model good behaviour and pressure, and support mandates given to institutions with universal membership, especially where its actions affect poor nations excluded from the conversation.

But we shouldn’t be too hard on the G20. As we navigate global shifts in economic power we need to keep talking. As Mike Callaghan has written :

“The G20 has shortcomings, but it is an active forum of international economic consultation at the highest level. In a highly integrated global economy, cooperation and dialogue are essential.”

Susan Harris Rimmer is attending the G20 Leaders Summit in St Petersburg and will be a media correspondent for The Conversation.

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G20 and its Significance – Explained, pointwise

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• 1 What is G-20?
• 2 Historical Background
• 3 Structure of G-20
• 4      Troika of G-20
• 5 What is the importance/significance of G-20?
• 6 Significance of G-20 presidency for India
• 7 What should be the way forward for G-20 group?

India is set to host the 18th G20 summit  in September 2023 at the Bharat Mandapam International Exhibition-Convention Centre (IECC) New Delhi. This is the first G20 summit  to be  held in India as well as in South Asia .

The 18th G20 Summit  in New Delhi will be a culmination  of all the G20 processes and   meetings held throughout the year among ministers, senior officials, and civil societies. These meetings were held in different cities of India to showcase India’s cultural and regional diversity at a global stage .

Read More-   From Magna Carta to Ashtadhyayi: artefacts to grace G-20 corridor

What is G-20?

The G20 or Group of 20 is an intergovernmental forum  comprising 19 countries  and the  European Union (EU).  It works to address major issues  related to the global economy, such as international financial stability, climate change mitigation and sustainable development.

Members of G-20- The Group of G20 (G20) comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, the United States and the European Union.

Countries in light blue are represented through the membership of the EU.

In addition to these member countries, the G20 each year invites guest countries and international organisations such as the United Nations, World Bank, IMF, OECD, ASEAN etc. to participate in its meetings.

  Features of G-20-

These members account for around 85% of the world GDP , 75% of the total international trade and two-thirds of the global population .

The G20 is composed of most of the world’s largest economies  including both industrialised and developing nations.

1999 Formation G-20 group was founded in 1997) as a forum for the  to 2008 Elevation to Leader’s Level After the  G-20 was from the Finance ministers and central bank governor’s level.   2009 Declaration of G-20 as the “ ” In 2009 G-20 was declared as the premier forum for forum for international economic cooperation. The G20 Leaders have met on a since then and the G20 has emerged as the  for .   Structure of G-20 G-20 does not have a charter or secretariat -The G-20 presidency is supported by the Troika , which includes the previous, current, and incoming presidencies . The G20 Presidency hosts the Summit and directs the agenda for a calendar year.       Troika of G-20 While the head of states meet once a year, G-20 agenda is pursued by  which conduct regular meetings throughout the year. The Sherpas of member countries are the  They , discuss the agenda for the Summit and coordinate the substantive work of G20. They    such as agriculture, anti-corruption, climate, digital economy, education, employment, energy, environment, health, tourism, trade and investment.   It is headed by the Finance Ministers and Central Bank Governors, who with two meetings being held on the sidelines of World Bank /International Monetary Fund meetings.   They  such as global economy, infrastructure, financial regulation, financial inclusion, international financial architecture, and international taxation. Objectives of G-20- Following are the objectives of G-20: (a) Policy coordination between its members in order to achieve global economic stability, sustainable growth (b) Promote financial regulations that reduce risks and prevent future financial crises (c) Create a new international financial architecture.    (d) Develop common vision to tackle challenges like climate change, environment sustainability, corruption and energy crisis. · Green Development, Climate Finance & Lifestyle for Environment (LiFE) · Accelerated, Inclusive & Resilient Growth · Accelerating progress on Sustainable Development Goals (SDGs) · Technological Transformation & Digital Public Infrastructure · Multilateral Institutions for the 21st century · Women-led development What is the importance/significance of G-20? Geopolitical significance. Greater representation to developing countries- It is a more representative  grouping in comparison to  groupings like G7  which comprised only industrialized economies and ignored the interests of the global south . Global balance of power- G20 promotes a more equitable distribution of power  among developed and developing countries than the earlier formed blocs such as G-7 and P-5 (UNSC) which helps to maintain a balance of power at the global level. Opportunity to undertake bilateral meetings- It offers an opportunity to undertake bilateral or trilateral meetings  with leaders of 20 countries on the sidelines of G20 summits. E.g., Indonesia G-20 provided meeting for India-China summit. Bringing adversaries on a common platform- The importance of the G20 lies in its ability to bring together countries with different ideologies, political systems, and economic interests  onto a common platform to discuss and address global economic issues. E.g.- India & China, US & Russia. Economic Significance More economic heft as a grouping- While the share of G7 countries in the global economy has been falling, G20’s share has been largely consistent . The group carries more economic heft and hence it’s discussions on financial and macro-economic policies influence the decisions of Bretton Woods institutions. Source: Council on Foreign Relations Tackling financial crises effecting global economy- G20 has played a critical role in responding to economic crises such as the 2008 global financial crisis ,  the Eurozone debt crisis , and the COVID-19 pandemic . Economic relief during recession induced due to COVID – G20 countries agreed to suspend debt payments owed to them by some of the world’s poorest countries providing billions of dollars in relief to countries during COVID-19. Social Significance Widening areas of cooperation: The agenda of the G20 has been expanding from a broad macroeconomic policy to more socio-environment area of cooperation. G20 summit in Hangzhou (China) 2016 Convergence of the US and China on the   G-20 summit in Argentina, 2018 Focused on G-20 summit in Germany, 2021 Issues regarding .   G20 summit in Bali (Indonesia), 2022 Focused on aid,Food security (Black Sea Grains Initiative) and Addressing climate change : G20 has recognised the threat of climate change and has taken some initiatives to address it in the field of energy efficiency and renewables; adoption of advanced and clean technologies; resilient infrastructure ; tackling environmental challenges like biodiversity loss; adoption of the Circular Carbon Economy  etc. Vaccination during COVID-19- G20 leaders pledged to help vaccinate 70% of the world’s population by mid-2022. : G20 presidency will provide a platform for India to engage with other major powers including the India has become the voice of the erstwhile sidelined Global South by holding the and . It will help India further strengthen its economic ties with other G20 members as India is the fastest growing economy of the world. As the world grapples with the challenge of climate change, India’s presidency can help set the tone for global cooperation on this issue.E.g. India’s presidency will focus on issues such as  which will have its spill over effect on Indian inclusive development.   What are the Challenges faced by G-20? Structural Challenges Informal structure of G20- G-20 has no permanent secretariat. The agenda changes every year according to the priorities of the presiding nation. According to critics G20 basically is an extension of the G7. Limited membership- The G20 only includes 19 countries and the European Union which means that other important economies like the African Union (AU) are not included. Expanding the membership could help to ensure that the group is more representative of the global economy. Non-binding decisions – Member countries are not legally bound to implement the decisions made at G20 meetings. For example, the G20 countries had agreed to a set of guidelines for preventing the financing of terrorism but there is  no mechanism to enforce compliance with these guidelines. G20 declarations are not legally binding. Geopolitical Challenges Rising Geopolitical Rifts – The world economy is struggling with  geopolitical rifts  such as the tensions between the US and China the two biggest economies in the world, the decline in trade between the UK and the euro area in the wake of the Brexit decision and sanctions on Russia. Russia-Ukraine Crisis – This is currently the biggest roadblock  impairing functioning as the U.S and its allies are not willing to sit on the same table with Russia and its allies. This may cause a severe stalemate  in the grouping’s functioning and impair its progress. Influences decision-making of smaller countries- The smaller countries  have to implement the declarations and commitments agreed by G20 nations for their growth. E.g., the G20 nations agreed to end international financing for coal power plants.  So, a small nation cannot get any finance from G20 nations for a new coal power plant and must use its own limited financial resources or phase out coal and look for other alternatives. Under representation of Africa-  None of the African nations is a member of the G20 except for South Africa. Economic Challenges Rising Protectionism:  G-20 is facing a credibility crisis due to deglobalisation and rising protectionism . Countries around the world are choosing to be ‘G-zero’  over the G7, G20, BRICS, P5 (UNSC Permanent Members) and others. Slowing down of Major Economies of G-20- China, one of the major engines for global growth, is witnessing a sharp slowdown as it struggles with a real estate crisis . US and UK are also facing recession. Rising Inflation- In response to high inflation central banks across countries have raised interest rates which in turn have dampened economic activity further. Read More- Multilateral reforms as a priority in the G-20 What should be the way forward for G-20 group? Formalization of G20 – The G20 must include objectives, vision and mission statements , a permanent secretariat and staff to oversee commitments and ensure continuity in the agenda. Make it more representative – G20 must make itself more representative by expanding membership. It must include African Union (AU). Tax rate rationalisation to avoid protectionism- Rationalizing the direct-indirect tax structure in member nations and ensuring a parity in credit requirements shall ensure a more competitive market structure with easier entry and exit of firms Bridging powers between the East and West- G-20 can act as bridging powers between the East and West. The global economic disruption caused by Western economic sanctions and the ongoing boycott of Russia in global economic forums need initiatives from the countries like India, Indonesia and South Africa in G-20. This will bridge out the differences. Focus more on domestic commitments- G20 Nations should phase out domestic coal consumption. This will create a significant impact as G20 nations represent more than 75%  of the world’s greenhouse gas emissions Global Financial Transaction Tax  which was a consideration by the G20 in 2011 needs to be revived which can be used to fund green technology projects in Least Developed Countries. Public health should be made a key agenda especially after the deadly impact of COVID-19. Read More- The G-20 can be the UN Security Council alternative Type your email… Search Articles Prelims 2024 current affairs. Art and Culture Indian Economy Science and Technology Environment  & Ecology International Relations Polity &  Nation Important Bills and Acts International Organizations Index, Reports and Summits Government Schemes and Programs Miscellaneous Species in news All India Open Test(Simulator X) Explained | What is G20, Why it Matters & How it Works: All About the Int'l Grouping and Its Origins Curated By : Majid Alam Last Updated: September 09, 2023, 09:00 IST New Delhi, India People stand infront of Nataraja, a statue of Hindu lord Shiva as the cosmic dancer, installed next to 'Bharat Mandapam', the main venue of the G20 Summit, in New Delhi. (Reuters) G20 was founded in 1999 to bring together financial ministers from 19 countries and the European Union to address issues related to the global economy Leaders and heads of state from the leading economies of the world arrived in New Delhi to attend the two-day G20 summit, beginning from Saturday. World leaders including US President Joe Biden, German Chancellor Olaf Scholz, French President Emmanuel Macron and others will meet at the Bharat Mandapam, situated in New Delhi’s Pragati Maidan over the weekend and discuss the economic and pressing challenges before the leading markets. Here is everything you need to know about the G20 – from its members to its origin and about the agenda and common communique. What is G20? The G20 or the Group of Twenty is an annual summit of the influential grouping of 20 countries, that represent around 85 percent of the global GDP, over 75 percent of the global trade, and about two-thirds of the world population. What are G20 Countries? The grouping comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union (EU). What is G20 Meeting? The G20 countries meet every year and the summit is the culmination of all the G20 processes and meetings held throughout the year among ministers, senior officials and civil society groups. The leaders of G20 countries adopt a ‘G20 Leaders’ Declaration’ at the conclusion of the summit stating their commitment towards the priorities discussed and agreed upon the conclusions arrived at the meetings. When and Why Was G20 Formed? G20 was founded in 1999 to bring together financial ministers from 19 countries and the European Union to address issues related to the global economy. Earlier, the group was designed to be a forum for finance minister and officials to discuss economic issues. However, after 2008 financial crisis, the first leaders’ summit was held in view of the financial turmoil to promote better international cooperation. Since then, the finance ministers meet every year under finance track while the heads of states meet under G20 Heads of State and Government Summit. What has the G20 achieved? The G20 has been a summit of the global powerhouses to meet and tackle challenges facing the global economy. During the financial crisis, the G20 leaders in 2008 and 2009 summits agreed on a host of measures to tackled economic challenges. In 2019 summit in Osaka, then US president Donald Trump and Chinese President Xi Jinping agreed to resume talks to settle a major trade dispute. What Happened at G20 Summit in Bali? In the last year’s Bali Summit, the deliberation of the world’s 20 biggest economies was hindered by differences over Russia’s invasion of Ukraine. However, Indonesian President Joko Widodo managed to produce a declaration at the eleventh hour after wrangling over the conflict for days. The Bali Leaders’ Declaration said “most members strongly condemned the war in Ukraine and stressed it is causing immense human suffering and exacerbating existing fragilities in the global economy." It also said that “there were other views and different assessments of the situation and sanctions." How does the G20 work? The G20, unlike other formal international bodies, is only an informal grouping. Therefore, unlike the United Nations (UN) or World Bank, it does not have a permanent secretariat or staff. The G20 works in three major tracks : Finance Track, Sherpa Track and Engagement Groups. While the first two are official, the engagement group is unofficial. The Finance Track is led by Finance Ministers and Central Bank Governors of the G20 countries, who meet four times a year. The Sherpa Track is headed by the representative, who are the personal emissaries of the heads of states of the G20 countries. India’s G20 Sherpa is former NITI Aayog CEO Amitabh Kant. What is the Agenda this Year? Under India’s presidency, the bloc has centred discussions around more loans to developing nations from multilateral institutions, reforming international debt architecture, regulations on cryptocurrency and the impact of geopolitical uncertainties on food and energy security. India also intends to focus on the following issues: Green Development, Climate Finance and LiFE (Low-carbon Technologies for Fighting Epidemics) Accelerated, Inclusive and Resilient Growth Accelerating Progress on Sustainable Development Goals Technological Transformation and Digital Public Infrastructure Multilateral Institutions for the 21st Century Women-led Development Fundamentals NEW Biographies Compare Countries World Atlas Group of 20 Related resources for this article. Primary Sources & E-Books The Group of 20, or G20, is an international body created in 1999 that promotes economic cooperation between industrialized and developing countries. The G20 began as a response to the economic crises of the late 1990s. It expanded on the work of the Group of Seven (G7), which is made up of the seven countries with the largest economies. G20 membership comprises 19 countries and the European Union (EU). The countries are Argentina , Australia , Brazil , Canada , China , France , Germany , India , Indonesia , Italy , Japan , Mexico , Russia , Saudi Arabia , South Africa , South Korea , Turkey , the United Kingdom , and the United States . Finance ministers and central bank governors represent the countries. The rotating presidents of the executive and political branches of the European Union represent that body. The World Bank and the International Monetary Fund also participate. In addition, the body invites several guest countries to join the meetings. G20 meetings are held annually, with different members hosting each summit. In addition, emergency summit meetings may be called. The body convened in November 2008 to address the dire market circumstances of that time. The November 2015 meeting was held immediately after the 2015 Paris, France, terrorist attacks. It was largely devoted to discussions of terrorism and the ongoing European refugee crisis. Other issues that the group has addressed include corruption, economic inequality, renewable energy, and sustainable development. Similar conferences with 22 and 33 participants were held in 1998–99. Their goal was making the global economy less vulnerable to crisis. The positive effects of these meetings drove the official development of the G20. The first G20 meeting was held on December 15–16, 1999. It’s here: the NEW Britannica Kids website! We’ve been busy, working hard to bring you new features and an updated design. We hope you and your family enjoy the NEW Britannica Kids. Take a minute to check out all the enhancements! The same safe and trusted content for explorers of all ages. 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Privacy Notice Terms of Use Get involved G20 Contribution to the 2030 Agenda October 11, 2019. As the world's premier forum for international economic co-operation, the G20 plays a critical role in helping to achieve the 2030 Agenda for Sustainable Development. Based on robust evidence and available data, this report examines how the G20's contributions to the global goals across key sectors are already making a difference, while also suggesting where it could go further in leading by example to support the global goals. Collectively, G20 members account for around 85% of global gross domestic product, 75% of world trade and 80% of global carbon dioxide emissions – to name just a few areas of the G20's influence. This report, commissioned by the Government of Japan in support of its 2019 G20 Presidency, takes stock of the G20's progress to date against its Action Plan on the 2030 Agenda for Sustainable Development. Document Type Related publications, publications, señales de cambio 2024. De cara a la Cumbre del Futuro de septiembre de 2024, la cuestión sobre qué tipo de mundo dejamos a nuestros descendientes nos concierne a todos. El documento “... Urban Content of NDCs: Local Climate Action Explored Thro... This report – jointly prepared by UNDP, UN-Habitat and the University of Southern Denmark, with support from C40 Cities – analyses urban content in 194 National... 2nd Global Progress Report on SDG 16 Indicators This report, the second dedicated to Goal 16, compiles contributions from all indicators in a single document providing the best regional and global data that t... AI Hub for Sustainable Development: Strengthening Local A... The G7 Leaders’ Summit in June 2024 welcomed the Italian Presidency’s decision to establish the AI Hub for Sustainable Development, in collaboration with UNDP. ... Connections that matter: how the quality of governance bo... The report offers aggregated empirical insight from across the globe about how inclusive, effective and accountable governance systems produces positive effects... 2023 Voluntary National Reviews through the Lens of Peace... This analytical report designed to respond to the pivotal questions on the uptake and integration of SDG 16 in national priorities. Skip to main content हिन्दी - Hindi অসমীয়া - Assamese বাংলা - Bengali ગુજરાતી - Gujarati ಕನ್ನಡ - Kannada മലയാളം - Malayalam मराठी - Marathi ଓଡ଼ିଆ - Odia ਪੰਜਾਬੀ - Punjabi தமிழ் - Tamil తెలుగు - Telugu G20 Essay Competition Selection criteria, points to remember, gratification, terms & conditions. To invite students to share their ideas and visions for India’s G20 Presidency To create awareness and enhance knowledge about India’s G20 Presidency To increase understanding about India’s G20 Presidency To encourage young Indians to relate to different parameters of G20. Originality of thought and depth of knowledge Quality of Content, Relevance to the topic. Structure, articulation and writing style The competition is open to only Indian Citizens. The Essay can be submitted in either Hindi or English languages in the following categories/ age groups: Category A 12 - 14 years of age Category B 14 -16 years of age The length of the Essay must not exceed 1500 words. The Essay must be typed in an A-4 size MS word document using Arial font for English and Mangal font for Hindi, having size 12 with 1.5” spacing and should be submitted in the form of PDF. The participants must be the same person who has written the essay. The Essay should reflect original thinking and presentation. Start Date 1st June 2023 End Date 31st July 2023 The Competition is open to only Indian Citizens. Category: 12 - 14 years of age Category: 14 -16 years of age All entries must be submitted through the MyGov.in portal only. Entries submitted through any other medium/mode will not be considered for evaluation. A participant can submit only once. In case it is found that any participant has submitted more than one entry, all his/her entries will be considered as invalid. The entry should be original. Copied entries or plagiarized entries will not be considered under the contest. Winning entries will also be suitably publicized by the G20 Secretariat/ Ministry of External Affairs. There are no charges/registration fee for participation in the competition. The Essay must be typed in an A-4 size MS word document using Arial font for English and Mangal font for Hindi, having size 12 with 1.5” spacing. The essay must be uploaded in the PDF format.  Please note that the Essay must be original and should not violate any provision of the Indian Copyright Act 1957. Anyone found infringing on others’ copyright would be disqualified from the competition. G20 Secretariat/Ministry of External Affairs does not bear any responsibility for copyright violations or infringements of intellectual property carried out by the participants.  Mention of the Author’s name /email etc., anywhere in the body of the essay will lead to disqualification.  G20 Secretariat/Ministry of External Affairs reserves the right to verify original documents such as proof of age etc., before awarding the prizes.  Participant is to make sure that their MyGov profile is accurate and updated since G20 Secretariat/Ministry of External Affairs would be using this for further communication. This includes details such as name, photo, complete postal address, email ID and phone number. Entries with incomplete profiles would not be considered.  The G20 Secretariat/Ministry of External Affairs reserve all the rights and any dispute, amendments or any issue related to this competition / guidelines / evaluation criteria etc., shall be decided by the G20 Secretariat/ Ministry of External Affairs which will be final and binding.  G20 Secretariat/Ministry of External Affairs reserves the right to cancel or amend all or any part of the competition/guidelines/evaluation criteria etc., at any time.   Any changes to the Terms and Conditions/ Technical Parameters/ Evaluation Criteria, or cancellation of the Contest, will be updated / posted on the MyGov platform. It would be the responsibility of the participants to keep themselves informed of any changes in the Term & Conditions/ Technical Parameters/ Evaluation Criteria stated for this Contest.  If any entry is found to violate the guidelines, it will be removed from the evaluation process without giving any intimation or explanation to the participant.  For Verification purposes original documents may be asked by G20 Secretariat/ MEA at any given point of time during the Competition process.  G20 Secretariat/Ministry of External Affairs shall have an exclusive, royalty-free, perpetual and irrevocable license to copy, store, edit, distribute, transmit and publish competition entries.  Decision of the Evaluation Committee will be final and binding on all participants.  Non- conformity to guidelines will lead to disqualification of the participants. IAS Preparation UPSC Preparation Strategy G20 - India' Presidency India assumed the presidency of the G20 grouping from Indonesia, on December 1, 2022, and held the post for a year. This gave India a unique opportunity to contribute to the global agenda on pressing issues of international importance. India’s presidency of the G20 ended in Dec 2023. Brazil took over the presidency from India and will hold the 2024 G20 summit at Rio de Janeiro in December. Explore the Ultimate Guide to IAS Exam Preparation Download The E-Book Now! Recently G20 summits started focusing 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 since globalization started progressing and various issues became more intricately intertwined. Those issues included overall 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. This is an important topic for the UPSC 2024 exam . Argentina Australia Brazil Canada China France Germany India Indonesia Italy Japan Mexico Republic of Korea Republic of South Africa Russia Saudi Arabia Turkey United Kingdom United States of America European Union (EU) G20 India Presidency India’s G20 logo juxtaposes planet Earth with the lotus, India’s national flower and the theme is ‘Vasudhaiva Kutumbakam’ or ‘One Earth-One Family-One Future’ The G20 Logo draws inspiration from the vibrant colours of India’s national flag – saffron, white and green, and blue. The Earth reflects India’s pro-planet approach to life, one in perfect harmony with nature. The theme also spotlights LiFE ( Lifestyle for Environment ), with its associated, environmentally sustainable and responsible choices, both at the level of individual lifestyles as well as national development, leading to globally transformative actions resulting in a cleaner, greener and bluer future. For India, the G20 Presidency also marks the beginning of “Amrit Kaal”, the 25-year period beginning from the 75th anniversary of its independence on 15 August 2022, leading up to the centenary of its independence, towards a futuristic, prosperous, inclusive and developed society, distinguished by a human-centric approach at its core. Image Source: pmindia.gov Significance of India’s G20 Presidency :  G20 is the premier forum for international economic cooperation representing around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population. The G20 Leaders’ Summit at the level of Heads of State/Government is scheduled to be held on September 9 and 10, 2023 in New Delhi. According to Prime Minister Modi, this term can be an opportunity for India to share its expertise with the world in areas of women empowerment, democracy and digital technologies. As a country with core democratic values, India can show the world that the scope of conflict can come to an end when democracy becomes a culture. This gains significance amidst the ongoing Russia-Ukraine conflict . India’s foreign policy is focusing on the ‘global common good’. Through its G20 leadership, India hopes to extend this principle towards finding sustainable solutions to some of the key global challenges emerging out of the interconnectedness of the world, such as climate change, new and emerging technologies, food and energy security, etc. This would be the first time when the Troika would consist of three developing countries and emerging economies. It is hoped that as a result there would be a shift in the balance of power within the G20 favouring emerging economies to have a greater share in decision-making at this grouping. The G-20 Presidency presents a great opportunity for India to correct the long-standing anomalies that go against developing countries, especially in the domain of agriculture and food subsidies. Read more on India’s G20 Presidency in the Sansad TV Perspective discussion . G20 Summit 2022 – Indonesian Presidency The G20 summit, the group’s first post-pandemic summit, recently took place in Bali, Indonesia , in the backdrop of the Russia-Ukraine crisis and a missile attack on Poland. The article gives a brief overview of the G20, highlights of the Bali summit and the significance of India’s G20 presidency. Key Takeaways From G20 Summit 2022 Leaders also reaffirmed their ongoing commitment to fostering a robust and long-lasting recovery that advances and maintains universal health care. They hailed the World Bank’s creation of the “Pandemic Fund,” a new financial intermediary fund for pandemic prevention, preparedness, and response. The World Health Organization (WHO), with assistance from other international organisations, has reaffirmed the commitment of world leaders to strengthen global health governance. Digital Transformation & Digital Literacy Leaders have acknowledged the significance of digital transformation in achieving sustainable development goals. They pushed for further global cooperation to boost digital literacy and skills in order to maximise the benefits of the digital transformation, particularly for women, girls and those who are vulnerable. Climate Change: G20 leaders decided to continue their efforts to keep the rise in global temperature to 1.5 degrees Celsius, reaffirming their commitment to the temperature goal in Paris 2015 agreement on climate change. Food Security: The leaders praised the Black Sea grains project and pledged to take coordinated action to solve problems concerning food security. Focus on the Global Economy: In a departure from last year’s focus on healing the wounds left by the Covid-19 outbreak, the G20 economies agreed in their declaration to pace interest rate rises cautiously to avoid spillovers and warned of “increasing volatility” in currency fluctuations. Member nations issued a statement condemning Russia’s aggression in Ukraine “in the strongest terms” and calling for an immediate and complete withdrawal.  They also acknowledged that although the majority of members had expressed their opposition to the war in Ukraine, “there were different opinions and differing assessments of the situation and sanctions.” A summit of this size will be held for the first time in the nation in New Delhi on September 9 and 10, 2023. According to the Indian Prime Minister, India’s G20 chairmanship theme of “One Earth, One Family, One Future” will be reflected in its inclusive, ambitious, definite, and action-oriented presidency. Challenges For G20 Countries Rising Geopolitical Rifts: The global economy is having trouble coping with rising geopolitical rifts like the conflict between the world’s two largest economies, the US and China, or the drop in trade between the UK and the euro area following the Brexit vote. Slow Down Of Major Economies: China, one of the main drivers of global economy, is currently experiencing a severe slowdown as a result of its ongoing real estate crisis. Expected Recession: While some of the world’s largest economies, including the US and the UK, are expected to experience a recession, others, like countries in the euro area, are more likely to experience a slowdown or even a standstill. Persistent High Inflation: Consistently rising inflation, which is reaching historic highs in a number of countries, has reduced purchasing power globally, slowing down economic growth. Impact of Russia’s Invasion of Ukraine: In addition to greatly increasing geopolitical ambiguity, Russia’s invasion of Ukraine has also significantly increased worldwide inflation. The associated Western sanctions have made the situation worse. Read in detail about the Russia-Ukraine Conflict in the linked article. Impact of Rising Inflation: Central banks around the world have hiked interest rates in response to the high inflation, which has further slowed down economic activity . Indian Presidency in 2023 The G20 Presidency for 2023 will pass to India. India will take over the G20 Presidency on December 1st, 2022.  India will host nearly 200 meetings in 32 different sectors at various places all over the nation while it holds the G20 presidency.  G20 Theme : “Vasudhaiva Kutumba-Kam,” or “One Earth, One Family, One Future,” is the focus of India’s G20 Presidency. India will work to ensure that there is “just one world,” not a “first world or third world.” The G20 Theme embodies India’s efforts to realise its vision of uniting the entire world in pursuit of a common goal and a better future. The importance of India holding the 2023 Summit is given below: India’s G20 Presidency is a special opportunity for India to contribute to the global agenda on urgent issues of global significance. The first step toward a new world order for the post-Covid age was to build an international agreement on reforming multilateral organisations like the UN. It is an opportunity to take on the role of Global South leader. The increasing importance of G20 in a world where issues like global warming, the COVID-19 pandemic and the conflict in Ukraine are pressing issues. The purpose of establishing G20 is to create an atmosphere that supports equitable global growth and development. They bring together the most powerful economies in the world, both developed and emerging, to talk about global financial and economic stability. However, the way forward to tackle the present situation is: Governments must find measures to assist the vulnerable without necessarily increasing debt levels. The need to closely monitor external risks would be a major issue in this regard. The G20 leaders must advocate for “more open, stable, and transparent rules-based commerce” in order to alleviate the world’s supply shortages. Increasing the global value chains’ resilience would assist safeguard against upcoming shocks. Keeping the blazing inflation under control is the G-20’s top priority. A strong, sustained, balanced, and inclusive recovery necessitates G-20 cooperation, and this cooperation necessitates not only maintaining peace in Ukraine but also “helping prevent future division”. The topic has a very high chance of being asked as a UPSC Prelims International Relations Question or as a Current Affairs Question as it has been in the news recently. G20 Summit 2021 – Italian Presidency The Italian Presidency – Italy held the Presidency of the G20 Summit 2021 since December 1st 2020. The Summit was held in Rome on October 30th and 31st 2021.  The last G20 Summit was held on 21 and 22 November 2020 virtually (due to COVID -19 pandemic) under the presidency of Saudi Arabia. India in the g20 summit called for a ‘New Global Index’ that will be based on the following our pillars; Technology, Talent, Transparency, and Trusteeship towards the planet. The agenda of the Italian Presidency (G20 Summit 2021) rests upon three main pillars: People, Planet, Prosperity.  Eradicating poverty, as mandated by the first Sustainable Development Goal (SDG) of the United Nations . Read more on Sustainable Development Goals on the linked page. Tackling inequality, which has been rising over the past decades and even more during COVID times. Building a more inclusive global society that means protecting the most vulnerable such as young people, precarious workers, small and medium enterprises; promoting women’s empowerment; ensuring universal access to education; redistributing opportunities within countries, and decreasing disparities between regions. Aspirants can go through the following links for detailed information – A firm commitment to address key issues such as climate change, land degradation, biodiversity loss and the achievement of the Sustainable Development Goals enshrined in Agenda 2030. A transition towards renewable energies and a green recovery, with a focus on modern, “smart” cities, is essential and is among the main priorities promoted by the Italian Presidency. The G20 will also pave the way towards the 26th Conference of the Parties of the UNFCCC (COP26), a key milestone in the global fight against climate change, which will be co-hosted by Italy and the United Kingdom. Read in detail on the United Nations Framework Convention on Climate Change – UNFCCC on the linked page. Check out the following links for further details – reducing the digital divide, promoting infrastructural developments able to guarantee universal internet access, and achieving adequate and widespread digital literacy. Read about the Digital Divide in India on the linked page. exploiting the full potential of the technological revolution to concretely improve the living conditions of citizens all over the world making health services more effective; facilitate data sharing to strengthen global pandemic preparedness and response, enhance the reach of educational activities, agile and flexible working models, a better work-life balance for both men and women; improve the efficiency of energy distribution networks, etc. Read the information provided on the following links to prepare even better – History of G20 When the Asian Financial Crisis of 1997-1998 ended, it was acknowledged that the participation of major emerging market countries was necessary for a discussion on the international financial system. Hence, the G7 Finance ministers agree to establish the G20 Finance Ministers and Central Bank Governors meeting in 1999. The meeting of G20 Finance ministers and the Central Bank Governors was centred on major economic and monetary policy issues amongst major countries in the global financial system. Their aim was to promote cooperation towards achieving stable and sustainable global economic growth for the benefit of all countries. They upgraded to the head of the state level, as a forum for leaders from major developed and emerging market countries. In September 2009, the third summit was held in Pittsburgh where the leaders designated the G20 as the “premier forum for international economic cooperation.” The summit meetings were, henceforth held semiannually until 2010 and annually from 2011 onwards. What is G20+? The G20 developing nations, also called G21/G23/G20+ is a bloc of developing nations which was established on August 20, 2003. It is distinct from the G20 major economies. The G20+ originated in September 2003 at the 5th ministerial conference of the WTO held at Cancun, Mexico. Its origins can be traced to the Brasilia Declaration signed by the foreign ministers of India, Brazil and South Africa on 6th June 2003. The declaration stated that the major economies were still practising protectionist policies especially in sectors they were less competitive in and that it was important to see to it that the trade negotiations that took place provided for the reversal of those policies. The G20+ is responsible for 60% of the world population, 26% of the world’s agricultural exports and 70% of its farmers. What did India do in the G20 2019 Summit? Japanese PM Shinzo Abe Defence, digital economy, infrastructure, space, and startups. Click here to know more about . American President Donald Trump The situation with Iran, trade tariffs, defence, and 5G communication network & data storage. to know more about Indo- American relations President Joko Widodo of Indonesia Ways to deepen India-Indonesia cooperation in a host of sectors Brazilian President Jair M. Bolsonaro Means to improve business linkages and overcome climate change. President Recep Tayyip Erdogan of Turkey Building a strong development partnership between the two nations. Australian Prime Minister Scott Morrison Ways to expand cooperation in a range of sectors. Crown Prince Mohammed bin Salman of Saudi Arabia To strengthen bilateral ties between the two nations and discussing energy security. South Korean President Moon Jae-in to enhance trade, economic, and people-to-people relations. German Chancellor Angela Merkel means to diversify and deepen Indo-German ties in areas like cybersecurity and AI. The World Bank, UNSG, Thailand, Vietnam, France, Italy, Singapore, and Chile. Japan – America – India (JAI) Issues related to Indo-Pacific region, connectivity and infrastructure development, peace & security. Russia – India – China (RIC) Promotion of counter-terrorism, reformed multilateralism, climate change, and international hot-spot issues. nations – Brazil, Russia, India, China, & South Africa A series of global issues and concerns. PM Modi interacted with the Indians living in Japan. Upcoming G20 summits 2023 India 2024 Brazil 2025 South Africa Also, Read| India’s relations with France and its significance for UPSC Exam Related Links: FAQ about G20 What is the purpose of g20, what are g20 countries, what distinguishes the g7 from the g20, where did the 17th g20 summit take place. IAS General Studies Notes Links Leave a Comment Cancel reply Your Mobile number and Email id will not be published. Required fields are marked * Request OTP on Voice Call Post My Comment IAS 2024 - Your dream can come true! Download the ultimate guide to upsc cse preparation, register with byju's & download free pdfs, register with byju's & watch live videos. G20 agrees to tackle taxation of the super-rich, but forum not yet decided Medium Text Sign up here. Reporting by Bernardo Caram, Marcela Ayres, David Lawder and Jan Strupczewski in Rio de Janeiro Editing by Brad Haynes and Diane Craft Our Standards: The Thomson Reuters Trust Principles. , opens new tab Thomson Reuters Reports on the macro beat, covering economic policy in Brasilia. Bernardo studied journalism at the Pontifical Catholic University of Minas Gerais before completing a specialization in Economics at Fundação Getulio Vargas (FGV) and an MBA in Economic-Financial Information and Capital Markets at Fundação Instituto de Administração (FIA) in Sao Paulo. He previously worked in Brasilia for Folha de S.Paulo, Agencia Estado and the Globo’s G1 website. European shares gain on earnings boost; Novo Nordisk slips European shares opened higher on Wednesday, as a slew of upbeat corporate earnings lifted sentiment, although gains were capped after heavyweight Novo Nordisk missed estimates for its second-quarter operating profit. 287 COMMENTS Essay on G20 Summit in English: 100, 200 and 500 Words 200 Words Essay on G20 Summit Importance of G20 For India. The G20 is important for India for several reasons: Representation: India is one of the countries represented in the G20, giving it a voice in the international forum for discussing policy issues related to the global economy. This provides India with an opportunity to share its perspectives and opinions on key economic issues and to ... Essay on G20 Summit in English (1000 Words) Essay on G20 Summit-The G20 Summit is an annual gathering of leaders from the world's largest economies and the European Union.It serves as a critical forum for international economic cooperation and development. Established in 1999, the G20 Summit plays a significant role in shaping the global economic landscape and addressing pressing global challenges. Essay on G20 for Students Students are often asked to write an essay on G20 in their schools and colleges. And if you're also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic. ... 500 Words Essay on G20 Introduction to G20. The Group of Twenty, popularly known as G20, is an international forum for governments and central bank ... What is the G20? The G20 is a forum of the twenty largest economies in the world that meets regularly to discuss the most pressing issues facing the global economy. Together, the G20 accounts for more than 80% of world GDP, 75% of global trade and 60% of the population of the planet. The current members are Argentina, Australia, Brazil, Canada, China, France ... Essay on G20 Summit 2023 in English for School Students Essay on G20 Summit 2023: The G20 Summit is an annual gathering of leaders from 19 of the world's largest economies and the European Union. The Group of Twenty (G20) was established in 1999 and ... Essay on G20 Summit- 100, 200, and 500 words The G20 group was introduced in the year 1999. Essay on G20 Summit- 100, 200, and 500 words 4. Connect with us on WhatsApp. In 2023, India was the presidential candidate of the G20, which was held in September. The next edition of G20 will be held in Rio De Janeiro, Brazil. The other critical details about the G20 we have shared are in essay ... G20 Summit and Global Economic Governance Research Paper One of the most important factors this essay will study is G20, like many of the other summits before it, has yet again accomplished very little as compared to the time and money spent on the event. The G20 summit cost Canadian taxpayers a billion dollars. What was the billion dollars spent on lingered in the minds of most Canadians. What Does the G20 Do? Summary. The G20, formed in 1999, is a group of twenty of the world's largest economies that meets regularly to coordinate global policy on trade, health, climate, and other issues. Previous ... G20 and It's Importance in Today's World G20 plays a critical role in creating an enabling environment for inclusive global growth and development. Its work on ensuring financial stability, promoting growth and avoiding and managing crises is critical in supporting the opportunities. In turn, the increasing integration of developing countries into the global economy contributes to the ... What does the G20 actually do? The G20 should analyse, forecast, share, model good behaviour and pressure, and support mandates given to institutions with universal membership, especially where its actions affect poor nations ... G20 and its Significance Structure of G-20-While the head of states meet once a year, G-20 agenda is pursued by two parallel tracks which conduct regular meetings throughout the year.Sherpa Track: The Sherpas of member countries are the personal emissaries of the Leaders. They oversee all the negotiations over the year, discuss the agenda for the Summit and coordinate the substantive work of G20. Explained The G20 countries meet every year and the summit is the culmination of all the G20 processes and meetings held throughout the year among ministers, senior officials and civil society groups. The leaders of G20 countries adopt a 'G20 Leaders' Declaration' at the conclusion of the summit stating their commitment towards the priorities ... Group of 20 Group of 20. The Group of 20, or G20, is an international body created in 1999 that promotes economic cooperation between industrialized and developing countries. The G20 began as a response to the economic crises of the late 1990s. It expanded on the work of the Group of Seven (G7), which is made up of the seven countries with the largest ... PDF The Sustainable Development Agenda: Evaluating the G20 as a Stage for Tanu M. Goyal is a Consultant and Prateek Kukreja. is a Research Associate at the Indian Council for Research on International Economic Relations (ICRIER). The authors can be contacted [email protected] and [email protected], respectively. Views expressed are personal. Policy Priorities for the G20: One Earth, One Family, One Future First, one family means solidarity and protecting the vulnerable. The reality is that growth is still subpar and price pressures are still too high. And, after three years of shocks, too many economies and people are still hurting badly. 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G20 agrees to tackle taxation of the super-rich, but forum not yet The first-ever joint declaration by G20 finance leaders vowing to cooperate on effectively taxing the world's largest fortunes on Friday papered over deeper disagreement about the right forum to ... assignment essay homework phd report resume review speech thesis