We are sure you must have seen hoardings about G20 everywhere and wondering what the hullabaloo is about. So, join us and discover G20 like never before and stay updated with all the key topics and issues that are being addressed at the G20 Summit 2023. 

What is G20 Summit?

The G20 was formed in 1999 against the backdrop of the financial crisis of the late 1990s that hit East Asia and Southeast Asia in particular. Its aim was to secure global financial stability by involving middle-income countries and unite world leaders around shared economic, political and health challenges.

G20 members include 19 countries which are Argentina, Australia, Brazil, Canada, China, European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, and the United Kingdom and the European Union.

The G20 Summit is held annually, usually hosted by one of the member countries in rotation. The summit provides a platform for leaders to exchange views on the most pressing economic and financial issues facing the world and to coordinate policy responses. The summit’s communiqué outlines the common stance and initiatives agreed upon by the participating countries.

Some of the key topics discussed at recent G20 Summits include global economic growth and trade, financial regulation, tax avoidance by multinational corporations, investment in infrastructure, and measures to address the refugee crisis and climate change. The G20 Summit is an important event for promoting international cooperation on economic and financial issues and for shaping the future direction of the global economy.

How G20 Works?

The G20 operates through a series of meetings, working groups, and committees in which representatives from member countries work together to address specific issues and coordinate policy responses. The main decision-making body of the G20 is the summit of leaders, which is held annually and attended by the heads of state or government of the member countries.

The G20 also has several other key components, including:

Finance Ministers and Central Bank Governors Meetings: These meetings are held semi-annually to discuss financial and economic issues and to prepare for the G20 Summit.

Sherpa Track: This track involves senior officials from each member country who work together to coordinate and prepare for the G20 Summit, and to follow up on the implementation of summit commitments.

Working Groups: The G20 has several working groups that focus on specific policy areas, such as development, trade, and energy. These groups meet regularly to discuss and coordinate policy issues.

Engagement Groups: The G20 also includes engagement groups, which are comprised of representatives from international organizations, civil society, and the private sector. These groups provide input and advice on key policy issues.

The G20 operates through a consensus-based approach, in which decisions are made based on agreement among all member countries. This approach helps to ensure that the G20’s policy responses are well-coordinated and reflect the views of a broad range of countries. The G20 works to promote international economic cooperation and stability and to address the key economic and financial challenges facing the world.

G20 2023 Summit – India

It's a major global moment of pride as India holds the Presidency of the G20 Summit 2023 from December 1, 2022 to November 30, 2023. This is a significant milestone for India, as it is the first time that an Indian nation has held the presidency of this important global forum. The G20 Presidency provides an opportunity for India to showcase its leadership on various global issues and strengthen its role in international affairs.

The theme of G20 Summit 2023 under India’s presidency is “Vasudhaiva Kutumbakam” or “One Earth · One Family · One Future” which closely ties with LiFE (Lifestyle for Environment). The theme reflects India's commitment to creating a more inclusive and sustainable world, where all countries can work together to achieve shared goals.

During the year-long G20 Summit 2023 event, 43 Heads of Delegations- the largest ever in G20-will be participating in the final New Delhi Summit in September next year. Over 200 meetings in over 50 cities across 32 different work streams will be hosted. The G20 delegates and guests will also get a glimpse of India's rich cultural heritage and Indian traditional experience. India’s special invitee guest countries are Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain and UAE.

A new working group on Disaster Risk Reduction will be established under India's Presidency to encourage collective work by the G20, undertake multi-disciplinary research and exchange best practices on disaster risk reduction.

What are India's G20 Priorities?

India's G20 priorities are focused on green development, climate finance and LiFE (Leveraging Investment for the Future of Everyone). India is committed to accelerating progress on the Sustainable Development Goals (SDGs) and promoting inclusive and resilient growth. It also seeks to promote technological transformation and digitalization through its G20 2023 agenda. India is committed to tackling climate change, supporting global economic recovery, advancing financial inclusion, leveraging investments for future generations, promoting sustainable infrastructure investments and enhancing international cooperation. India's G20 priorities also include strengthening global health systems, ensuring food security and nutrition, promoting gender equality and women's empowerment as well as advancing a secure digital economy.

For India, the G20 Presidency also marks the beginning of “Amritkaal”, the 25-year period beginning from the 75th anniversary of its independence on 15 August 2022. The period aims at bettering the lives of Indians and bridging the development gap between villages and cities.

Key Takeaways

The G20 plays a crucial role in shaping global economic policies and fostering international cooperation on economic growth, trade, investment, and development. It aims to improve economic stability, promote sustainable growth, and enhance international economic cooperation. The G20 also serves as a mechanism for addressing global challenges, such as the COVID-19 pandemic, climate change, and the digital transformation of the global economy.

By bringing together leading economies from different regions and different systems of government, the G20 provides a unique platform for multilateral dialogue and cooperation, and its decisions and actions have the potential to shape the course of the global economy for years to come.

India has a lot to gain from a successful summit as it is an excellent opportunity to showcase its economic might and show its importance on the global stage. With such high expectations, it's important that India prepares well and delivers a memorable summit experience.

References

- https://www.g20.org/en/

- https://www.livemint.com/topic/g20-summit

- https://www.ndtv.com/topic/g20-summit

- https://www.ndtv.com/india-news/opportunity-for-india-to-set-global-narrative-g20-top-official-harsh-vardhan-shringla-to-ndtv-3772473