G-20 is an international group in which 19 countries and the European Union (EU) are included. It is made up to solve major issues related to the global economy, such as international financial stability, climate change, and sustainable development.G20 was founded in 1999 by Martin and Summers.G-20 does not have a permanent headquarters. Its summit will be held in different countries in 2023 it held in India. African Union becomes the new permanent member of G-20 which was announced by PM Narender Modi and he said that it will be the ‘voice of global south’.
G-20 Summit 2023 India ---
G-20 Summit 2023 is hosted by India. Its holding date is 9 and 10 September 2023.
The location of the summit is Pragati Maidan (New Delhi). The Chairman of Summit is Narendra Modi the Prime Minister of India. The motto of the summit is Vasudhaiva Kutumbakam(Sanskrit) in English it means One Earth, One Family, and One Future. All the member of the G-20 was invited by the Indian Government for the Summit. Its venue is Bharat Mandapam, an International exhibition-cum convention center.
Here Are Some Key Points About The G-20:
Purpose: The G-20 was established in 1999 in response to the financial crises of the late 1990s. Its primary purpose is to promote international financial stability and sustainable economic growth. It provides a platform for member countries to discuss and coordinate policies on a wide range of global economic issues.
Member Countries: The G-20 consists of 19 individual countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States. The European Union is also represented.
Meetings: G-20 leaders meet annually at the G-20 Summit to discuss and address global economic challenges. Finance ministers and central bank governors from member countries also meet regularly throughout the year.
Agenda: The G-20 agenda typically includes discussions on a wide range of issues, including international trade, financial regulation, climate change, development, and more. The agenda may evolve based on current global challenges.
Outcomes: The G-20 does not have legislative power, but its meetings often result in communiques and agreements that guide policy actions among member countries. These agreements can have significant impacts on global economic policy.
Inclusivity: The G-20 is considered more inclusive than other international forums like the G7, as it represents a broader range of economies, including both advanced and emerging economies.
Criticism: The G-20 has faced criticism for its effectiveness and for not always achieving concrete outcomes. Critics argue that it can be challenging to coordinate policies among member countries with diverse interests.
Engagement with Civil Society: In addition to government-level discussions, the G-20 engages with civil society organizations, including business groups, labor unions, and non-governmental organizations, to gather input and foster transparency.
Key Highlights from Recent G-20 Meetings:-
Economic Recovery Post-COVID-19: G-20 members have been focusing on strategies to facilitate a robust economic recovery after the COVID-19 pandemic. This includes vaccination distribution, fiscal stimulus, and support for small businesses.
Climate Change and Sustainability: Climate change is a top agenda item. G-20 nations are working together to set ambitious climate goals, transition to renewable energy sources, and promote sustainable practices.
Digital Economy and Innovation: The digital economy is a driving force in the modern world. Discussions in the G-20 often center around issues like digital taxation, cybersecurity, and fostering innovation.
Trade and Tariffs: Trade tensions and tariffs have been a recurring theme in G-20 discussions. The group seeks to address trade imbalances and promote fair trade practices.