This year India has the presidency of G20. That means India will host all the summits and forums among the top 20 countries of the world. The main summit will be held on 9 and 10 September at Pragati Maidan in New Delhi. Which heads of state i.e. Presidents and Prime Ministers from all over the world will be included.India has formally assumed the presidency of the G20. India is preparing itself for this mega event.
What was the objective behind forming G20?
The real purpose behind the G20 was to deal with the financial crisis. Before G20 there was G7. The oil crisis began when Arab countries imposed an oil embargo in 1973. They stopped selling oil to countries that were supporting Israel. Arab countries stopped all oil shipments to the United States. They need to sit together and make economic policies to get the economy back on track. Some informal meetings were held at the White House between the finance ministers of these countries, the United States, France, Britain, Italy, Japan, Canada, and West Germany
These seven countries were among the most developed countries of their time. In 1998, Russia was also included in this group. G7 became G8. But in 2014, when Russia invaded Crimea, Russia was thrown out of this group.
In Hong Kong, Laos, Malaysia, Philippines China, Japan, Singapore, Taiwan, and Vietnam, the value of currency started falling rapidly, unemployment started increasing and riots were also seen. Therefore, during the meeting of G7 Finance Ministers on 26 September 1999, the G20 group was established.
Why do these countries meet at different places every year?
If we want to bring economic stability to the world and prevent a massive recession, we have to sit down with the emerging economies of the world and make action plans. Today, the G20 consists of 19 countries and the European Union. Not only finance ministers but also presidents and prime ministers needed to meet. These countries had collectively decided to reduce trade barriers among themselves. Increase spending, totaling $4 trillion, to revive all economies Overall, the G20 countries collectively contribute 85% of global economic output. More than 75% of global trade takes place in these countries. And more than 2/3 of the world’s population lives in these countries. Since 2008, the G20 summit has been held every year. And it happens in a different country every year. Three countries work together under the Troika system. The current G20 President, the previous year’s G20 President, and the upcoming year’s G20 President. Last year the G-20 summit was held in Indonesia. This year it will happen in India. And in 2024 it will be held in Brazil. So, Indonesia, India, and Brazil are the current troika countries.
If not this year, then some other year, The G20 Summit was bound to take place in India, this is the 18th G20 Summit. Mexico in 2012, Russia in 2013, then Australia, Turkey, China, Germany, Argentina, Japan, Saudi Arabia, Italy, Indonesia, and India in 2023. There are only two G20 members left and no G20 summit has been held yet. Brazil and South Africa and that is why next year it will be Brazil in 2024, South Africa in 2025.
India has invited 9 more countries. Mauritius, Netherlands, Nigeria, Singapore, Spain, UAE, Bangladesh, Egypt and Oman. China and Saudi Arabia had boycotted the G20 tourism meeting held in Srinagar a few months ago. Apart from this, Russian President Vladimir Putin will also not attend the main meeting to be held in Delhi because an arrest warrant was issued against him after Russia attacked Ukraine.
Which subjects has India given importance to?
In this year’s G20, India has kept the theme of ‘Vasudev Kutumbakam‘ and has given importance to topics like green development and sustainable development goals. Along with this, the focus has also been on digital public infrastructure and women-led development. Apart from this many other summits are also held in G20 such as ministerial summits.
The Finance Ministers of these 20 countries meet together or the Health Ministers or Agriculture Ministers meet together. In this graphic, you can see that a meeting of energy ministers was held on 22 July. A meeting of Labor and Employment Ministers was held on 21 July. A meeting of culture ministers was held on 26 August. And the places of all these meetings are also different. The meeting of culture ministers was held in Varanasi. The meeting of Energy Ministers was in Goa and the meeting of Labor and Employment Ministers was in Indore and in addition to ministers.
the G20 also has separate engagement groups. Like B20, for business group meetings. C20 for civil society meetings W20 for women. Also for Y20, Youth20 meetings and T20. For the think tank meeting. Think tanks from these 20 countries meet. Apart from this, the Sherpa meeting was held between 3rd to September 6. This means that for each country there will be one person to act as the main point of contact. They will become the voice of their country. So before the main meeting, there is a meeting of these Sherpas.