All You Need to Know About G20 Summit

Are you also curious about what exactly is G20? What are it’s importance? The countries involved in the summit? Well, we have answers to all your questions. Read the article below to know everything about G20 Summit.

What is G20?

G20 stands for group of 20. It involves a group of 20 countries which is formed to discuss the major challenges faced by the world. Each year the G20 summit is held under the presidency of a country. The presidency is done in rotation, and this year it’s India’s turn. 

Members of G20 - 

The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the United Kingdom, the United States, and the European Union.

Past presidency- Indonesia 

Current Presidency - India (2023)

Future Presidency - Brazil

What exactly is the power of a presidential Country?

• The power of leadership

• To invite the guests which are not included in the list of G20

Why only these countries are involved in G20 Summit?

The reason behind a group of these specific counties is that the country's members represent - 

• 85% of the global GDP

• 75% of international trade and

• two-thirds of the world's population.

Which countries are invited by India for the G20 summit 2023?

India invited Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain and UAE.

G-20’s invited international organisations are the UN, IMF, World Bank, WHO, WTO, ILO, FSB, OECD, AU Chair, NEPAD Chair, ASEAN Chair, ADB, ISA and CDRI.

Why G20 takes place:

• To discuss the financial and economic stability of the countries and 

• To discuss some of the most crucial global problems

The theme of India’s G20 is : 

“Vasudhaiva Kutumbakam”

              OR

“One earth, one family and one future”

There are 2 tracks of the G20 Summit:

1. Finance Track- Where finance ministers of different countries discuss matters of Finances

2. Sherpa Track- The major discussions of this track is related to foreign trades.

What benefit will India get from inviting this country?

The benefit of inviting this country is very crucial as it will strengthen the relationship between the 2 countries. Thus, inviting this country will surely help India in times of need.

The global Challenges recognised in the G20 summit are - 

1. Reviving global growth

2. Food and energy security

3. Environment

4. Health

5. Digital transformation

PM Modi will participate in 3 Key areas, which are as follows:

1. food and energy security,

2. health and 

3. digital transformation.

The engagement groups of the G20 India are:

Let’s look at some of the problems solved or discussed by the previous G20 - 

• Issue related to Financial crisis 2008

• Iran’s Nuclear programme

• The civil war in Syria

Agenda of G20:

Why G20 is important for India-

Getting the presidency is not a big deal, as it is rotational. But how we use it is important. In the last few years, India’s drawback was highlighted globally, which resulted in the downfall of the image of the Country. Now, this is the chance we have to prove that we don’t only have a large market but also a competitive force.