In a significant international event set to take place from September 9-10, leaders from the world’s most influential nations will gather in New Delhi for the annual G20 Heads of State and Government Summit.
The global gathering marks the culmination of India’s year-long presidency of the G20 and will conclude with the adoption of a G20 Leaders’ Declaration, outlining the participating leaders’ commitment to the discussed priorities from various ministerial and working group meetings.
As the national capital gears up to host the leading luminaries, we bring a comprehensive overview of the G20 – its origin, purpose, and what to expect from the upcoming New Delhi summit.
What is the G20, and What Does It Represent?
The G20, also known as the Group of Twenty, consists of 19 members (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, and the United States) and the European Union. These nations collectively represent a substantial portion of the global economy, international trade, and the world’s population. This forum plays a vital role in shaping international economic policies and addressing major global economic challenges.
Key objectives of the G20 include
- Coordinating policies among member countries to ensure global economic stability and sustainable growth.
- Promoting financial regulations to reduce risks and prevent future financial crises.
- Establishing a new international financial framework.
When and Why Was the G20 Established?
The G20 was established as a response to the changing global landscape following the end of the Cold War and the emergence of robust economies in countries like Brazil, China, and India. Traditional international forums like the G7 and institutions like the World Bank were deemed insufficient to address crises in this new global order.
The G20’s earliest iteration, known as the G22, was formed in 1998 in response to the Asian financial crisis. It later evolved into the G20, with its first Leaders’ Summit in 2008, which was prompted by the global financial crisis.
How Does the G20 Operate?
The G20 is an informal group with no fixed secretariat or employees. The presidency is rotated among member countries on an annual basis, with the incumbent president in charge of organizing and convening summits.
G20 decisions are not automatically implemented; rather, they serve as signals of purpose, which are then carried out by relevant governments or international organizations.
Who Attends the G20 Summit?
In addition to member countries, the G20 president invites guest countries to attend G20 sessions and the Summit each year. During its G20 presidency this year, India has invited Bangladesh, Egypt, Mauritius, the Netherlands, Nigeria, Oman, Singapore, Spain, and the UAE as guest countries.
Certain international organisations (IOs) are also invited by the president. In addition to the regular G20 IOs (who participate every year), India has invited the International Solar Alliance (ISA), the Coalition of Disaster Resilient Infrastructure (CDRI), and the Asian Development Bank (ADB) as guest IOs. The UN, the International Monetary Fund (IMF), the World Bank (WB), the World Health Organisation (WHO), the World Trade Organisation (WTO), the International Labour Organisation (ILO), the Financial Stability Board (FSB), and the Organisation for Economic Cooperation
The African Union (AU), the African Union Development Agency-New Partnership for Africa’s Development (AUDA-NEPAD), and the Association of Southeast Asian Nations (ASEAN) have also been invited by India.
How is the G20 presidency chosen?
The G20 presidency is cycled among its members, who are grouped into five groups (excluding the EU).
|Group 1||Group 2||Group 3||Group 4||Group 5|
|Saudi Arabia||South Africa||Mexico||Italy||Japan|
What’s currently featured on the agenda of the G20 summit, and what transpired in previous meetings?
India, positioning itself as a representative of the Global South, faces the intricate task of balancing its interests regarding the Western nations and Russia, particularly concerning a unified statement on the Ukraine War.
The absence of Russian President Vladimir Putin and Chinese President Xi Jinping at the summit adds complexity to the situation. However, these nations will be represented by high-ranking officials: Russia’s Foreign Minister Sergey Lavrov and China’s Premier Li Qiang.
As of last month, Amitabh Kant, India’s G20 Sherpa, reported that 185 meetings had taken place, including 13 at the ministerial level. These meetings encompassed a range of topics, from Finance and Health to Tourism, Agriculture, and Climate.
What’s the Theme and Logo of the 2023 G20?
The theme for this year’s G20 Summit is “Vasudhaiva Kutumbakam – One Earth, One Family, One Future,” emphasizing the interconnectedness of all life on Earth and promoting environmentally sustainable choices.
The G20 logo, inspired by India’s national flag colors and the lotus, signifies hope and growth amid challenges. The seven petals of the lotus represent the seven continents and symbolize the idea of Vasudhaiva Kutumbakam, highlighting the Earth as one global family.
As leaders prepare to convene in New Delhi, the world awaits significant discussions and decisions on pressing global issues. Stay tuned for updates from this pivotal event on the international stage.