The G20 or Group of Twenty 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.
Establishment Of G20:
- Post-WWII: Requirement Was Felt Of World Class Institutions & initiatives aimed at international coordination of economic policy, which include institutions such as the “Bretton Woods twins”, i.e., IMF & WB. G20 Is Latest in Such Pursuit.
- 1999: G7 Cologne Summit Amid Global Financial Crisis, Paved The Way For Formal Establishment Of G20. Canadian Finance Minister Paul Martin Was Chosen As The First Chairman Of The Inaugural Session.
- 2008: Amid Global Financial Crisis the world saw the need for a new consensus-building at the highest political level. It was decided that the G20 leaders would meet annually. To help prepare these summits, the G20 finance ministers and central bank governors continue to meet on their own twice a year.
Members Of G20:
Permanent Guest Invitees Of G20:
Why G20 Is Crucial:
- The G20 Holds A Strategic Role In Securing Future Global Economic Growth And Prosperity. Together, The G20 Members Represent More Than 80 Percent Of World GDP, 75 Percent Of International Trade, And 60 Percent Of The World Population.
How The G20 Works:
- The Presidency Of The G20 Rotates Every Year Among Its Members, With The Country That Holds The Presidency Working Together With Its Predecessor And Successor, Also Known As Troika, To Ensure The Continuity Of The Agenda. Currently, Italy, Indonesia, And India Are The Troika Countries.
- The G20 Has No Permanent Secretariat. Agenda And The Work Coordination Is Completed By G20 Leaders’ Personal Representatives, Known As Sherpas Together With Finance Ministers And Central Bank Governors.
Selection Of Presidency:
- The 19 Countries Are Divided Into 5 Groups, Each Having No More Than 4 Countries. The Presidency Rotates Between Each Group. Every Year The G20 Selects A Country From Another Group To Be President.
G20 Summits:
G20 Ministerial-level Meetings:
- 1999 – Finance Ministers And Central Bank Governors
- 2010 – Labor And Employment Ministers
- 2017 – Foreign Ministers
- 2012 – Trade Ministers
G20 Engagement Groups:
Significance Of G20:
- Strengthening Financial Regulation
- Coordinated Fiscal And Monetary Stimulus
- Flexible & Inclusive
- Increase In Lending
- Reforms In International Financial Institutions
- Trade Facilitation Agreements
- Too Big To Fail
Issues Addressed By G20:
- Financial markets
- Tax and fiscal policy
- Trade
- Agriculture
- Employment
- Energy
- Corruption
- Women Empowerment
- Agenda 2030
- Climate Change
- Global Health
- Anti-terrorism
India To Host G20 2023 – Priority Areas:
- Issues Of Tax Evasion
- Fight Against Corruption
- Terror Funding & State Sponsor Terrorism
- Cutting The Cost Of Remittances
- Market Access For Key Drugs
- Reforms In The International Institutions
- Real Action On Climate Change
Challenges:
- No Enforcement Mechanism
- Not Legally Binding
- Securing Global Health
- Fueling Economic Recovery
- Digital Revolution
- Climate Change Risk
- Global Framework For Tax Reform
Way Forward:
- Till Now Going On a Right Track
- study of the changing demand for skills
- Focus technological innovation
- Policies For Innovation In Industry
- Redefining the Arenas Of Cooperation
- Less Talk More Action
REVIEW QUESTIONS
- G20 Was Established In
- 1973
- 1999
- 2002
- 2008
ANSWER: B
- G20 Was Established By Initiative Of
- G6
- G7
- G8
- G10
ANSWER: B
- The First G20 Summit Was Hosted By
- USA
- UK
- France
- Germany
ANSWER: A
- Who Is The Host For G20 Summit 2022
- Thailand
- Indonesia
- Malaysia
- Vietnam
ANSWER: B
- When Will India Host G20 Summit
- 2023
- 2024
- 2025
- 2026
ANSWER: A
- Till Now How Many G20 Summit Have Taken Place
- 15
- 16
- 17
- 18
ANSWER: B
- G20 Nations Together Represent
- 80% Of World GDP
- 75% Of International Trade
- 60% Of World Population
- All The Above
ANSWER: D
- For Presidency, Member Countries Are Divided Into
- 3 Groups
- 4 Groups
- 5 Groups
- 6 Groups
ANSWER: C
- India Belongs To Which Group Among G20 Groupings
- Group 1
- Group 2
- Group 3
- Group 4
ANSWER: B
- Only Country To Attend As Permanent Guest Invitees
- Japan
- Spain
- Czech
- Ukraine
ANSWER: B
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