What Is G20 Or Group Of Twenty Countries?

Zaheer Hussain
April 13, 2022
9164

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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