[Answered] Considering the present circumstances, discuss the significance of the Bali G-20 summit.

Introduction: Contextual introduction.
Body: Explain significance of the Bali G-20 summit.Conclusion: Write a way forward.

G20 members currently account for nearly 80% of world GDP, 75% of global trade, and 60% of the global population.  The Presidency, aided by the countries holding the Presidency before and after it (Troika), is responsible for setting the agenda of each year’s Summit.  Next year the “Troika” of G-20 will be made up of emerging economies for the first time with India, Indonesia and Brazil. The motto for the Bali G-20 summit is Recover Together, Recover Stronger.

Significance of the Bali G-20 summit:

  • While the focus will be on post-pandemic recovery and dealing with energy and food security impacted by the Russian war in Ukraine, much interest will be around which leaders choose to hold bilateral summits on the sidelines.
  • The leaders will engage in discussions over three sessions: on Food and Energy security, Health Partnership for Global Infrastructure and Investment, and Digital Transformation.
  • India will focus on the Global South and the problems it is facing due to geopolitical tensions, food and fuel shortages.
  • Efforts will be made to build global consensus over issues that have clearly divided the world.
  • A range of bilateral talkswill take place against the backdrop of ongoing tensions around the world, including those caused by the invasion of Ukraine and the ensuing economic and environmental consequences, the climate crisis, North Korea’s simmering nuclear programme, and China’s expanding global aspirations.
  • Extensive discussions will be held on a number of contemporary burning topics, including the state of the world economy, issues pertaining energy, environment, agriculture, health, and digital transformation.

G20 has to include objectives, vision and mission statements, a permanent secretariat, and staff to oversee commitments and ensure continuity in the agenda. The G20, instead of international commitments, can focus on domestic commitments and start implementing them.

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