G-20
Context: Recently, G-20 countries Foreign Minister’s met in Bali to set the stage for upcoming G-20 Head of the State meeting in November 2022.
About G-20
- The G20 is a strategic multilateral platform connecting the world’s major developed and emerging economies.
- 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.
- The G20 is composed of most of the world’s largest economies, including both industrialized and developing nations, and accounts for around 60% of the World’s Population, 80% of the global GDP and 75% of global exports.
- It was founded in 1999 in 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.
- The first G20 Summit took place in 2008 in Washington DC, US.
- Since 2008, it has convened at least once a year, with summits involving each member’s head of government or state, or finance minister, or foreign minister, and other high-ranking officials.
- At its 2009 summit, the G20 declared itself the primary venue for international economic and financial cooperation.
- Member Countries are- Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, South Korea, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
- Permanent guest invitees are- African Union (AU), ASEAN (Association of Southeast Asian Nations), Financial Stability Board (FSB), FAO(Food and Agriculture Organization), International Labour Organization (ILO), International Monetary Fund (IMF), Spain, New Partnership for Africa’s Development (AUDA-NEPAD), Organisation for Economic Co-operation and Development (OECD), United Nations (UN), World Bank Group (WBG), World Health Organization (WHO) & World Trade Organization (WTO)
G-20
Table- List of G-20 Summits
| S.No. | Year | Country |
| 1St | 2008 | USA (Washington D.C) |
| 2nd | 2009 | UK (London) |
| 3rd | 2009 | USA (Pittsburgh) |
| 4th | 2010 | Canada (Toronto) |
| 5th | 2010 | South Korea (Seol) |
| 6th | 2011 | France (Cannes) |
| 7th | 2012 | Mexico (San José del Cabo, Los Cabos) |
| 8th | 2013 | Russia (Saint Petersburg) |
| 9th | 2014 | Australia (Brisbane) |
| 10th | 2015 | Turkey (Serik, Antalya) |
| 11th | 2016 | China (Hangzhou) |
| 12th | 2017 | Germany (Hamburg) |
| 13th | 2018 | Argentina (Buenos Aires) |
| 14th | 2019 | Japan (Osaka) |
| 15th | 2020 | Saudi Arabia (Riyadh) |
| 16th | 2021 | Italy (Rome) |
| 17th | 2022 | Indonesia (Nusa Dua, Bali) |
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The presidency of the G20 rotates every year among members, and the country holding the presidency, together with the previous and next presidency-holder, forms the ‘Troika’ to ensure continuity of the G20 agenda. Italy, Indonesia, and India are the Troika countries right now.
G-20
How does G-20 Work?
- The G20 has no permanent secretariat. The agenda and work are coordinated by representatives of the G20 countries, known as ‘Sherpas’, who work together with the finance ministers and governors of the central banks.
- NITI Aayog’s Ex-CEO Amitabh Kant would be the G20 Sherpa after Piyush Goyal.
- On the advice of the G7 Finance Ministers, the G20 Finance Ministers and Central Bank Governors began holding meetings to discuss the response to the global financial crisis that occurred.
- Since 1999, an annual meeting of finance ministers is taking place.
- Each year, the presidency invites guest countries.
- Each year, a different G20 member country assumes the presidency starting from 1 December until 30 November. This system has been in place since 2010. SEE HER
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