Context: Recently, India participated in the 15th G20 Summit convened by Saudi Arabia in virtual format.
More on the news:
- The agenda of the G20 summit focused on building an inclusive, sustainable and resilient future by safeguarding the planet.
- The summit under the Saudi presidency centred on the theme 'Realizing Opportunities of 21st Century for All'.
- G20 Leaders’ Declaration: Issued after the summit which called for coordinated global action, solidarity, and multilateral cooperation to overcome the current challenges and realize opportunities of the 21st century for all by empowering people, safeguarding the planet, and shaping new frontiers.
- At the summit it was decided that the G20 Presidency will be held by Indonesia in 2022 (after Italy in 2021), India in 2023 and Brazil in 2024.
India at the Summit underscored:
- Effective global governance: For inclusive, resilient and sustainable recovery in a Post COVID world, effective global governance and reformed multilateralism is required.
- This can be achieved by improving the character, governance and processes of multilateral institutions.
- At a global level, India took the initiative of establishing institutions such as the International Solar Alliance and the Coalition for Disaster Resilient Infrastructure.
- Leaving no one behind: The 2030 Agenda for Sustainable Development Goals aimed at the principle of the ‘Reform-Perform-Transform’ strategy.
- This will enable moving forward towards inclusive development efforts that are participative.
- Self Reliant India: Following this vision, based on its competence and dependability, India will become an important and reliable pillar of World Economy and Global Supply Chains.
- Safeguarding the planet: Highlights the need to fight Climate Change in an integrated, comprehensive and holistic manner.
- India is not only meeting Paris Agreement targets, but will be exceeding them.
- India is aiming towards meeting 175 gigawatts of renewable energy target well before 2022 and taking a big step ahead by seeking to achieve 450 gigawatts by 2030
- A new global index based on talent, technology, transparency and trusteeship towards the planet in the post-corona world is the need of the hour.
Image Source: NY Times About G-20
- Formally the Summit on Financial Markets and the World Economy the G20 meeting is an annual gathering of finance ministers and heads of state representing the members.
- Initially attendance at G20 summits was limited to the finance ministers and central bank governors of members when it was established 17 years ago.
- Much of the important business takes place on the sidelines and in informal meetings.
- After the Asian Financial Crisis in 1997-1998, it was acknowledged that the participation of major emerging market countries is needed in discussions on the international financial system, and G7 finance ministers agreed to establish the G20 Finance Ministers and Central Bank Governors meeting in 1999.
- The first G20 summit occurred in Berlin, in December 1999, and was hosted by the German and Canadian finance ministers.
About Membership and Leadership of the Group of 20 (G-20)
- Members: The G20 is made up of the EU and 19 countries.
- Along with the members of the G-7, 12 other nations currently comprise the G-20: Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea, and Turkey.
- Special invitees: In addition Spain is invited permanently as is the current chair of the Association of Southeast Asian Nations (ASEAN); two African countries (the chair of the African Union and a representative of the New Partnership for Africa's Development) and at least one country invited by the presidency, usually from its own region.
- International organizations such as the IMF, the World Bank, the United Nations, the Financial Stability Board and the World Trade Organization also attend the summits.
- Chairmanship: The chairmanship of the G-20 leaders' summit rotates among four groups of countries.
- The host country of the G20 summit leads the group over the course of one year from December through the following November as the G20 presidency.
- Sherpas, who are representatives of leaders of G20 member countries, coordinate on the agenda of a summit. Former Union Minister Suresh Prabhu was India's Sherpa at the Osaka G20 summit.
- There are two tracks in G-20 - Finance Track and Development Track.
- Finance Track is managed by the secretary (economic affairs) as India’s Deputy to G-20 and
- The Development Track is coordinated by the Sherpa.