List of Contents
Source– The post is based on the article “What will India offer during its presidency of the G20?” published in The Hindu on 9th December 2022.
Syllabus: GS2- Global groupings
Relevance– G20 grouping and its working
News– The article explains the details of the G20 forum. It also explains the case of the India presidency of the grouping.
What is the history of the G20 forum?
The G20 forum was established in 1999 by the Finance Ministers and central bank governors of seven countries after a meeting in Washington DC. These countries are Canada, France, Germany, Italy, Japan, the U.K., and the U.S. after a meeting in Washington DC.
The uniting factor was the 1997-98 financial crisis and its aftermath.
The first meeting of G20 leaders took place in 1999. It was elevated to the level of heads of state in 2008. In 2009, G20 was designated the “premier forum for international economic cooperation”.
The forum initially dealt with matters related to macroeconomics. Over the years, its agenda has expanded to cover issues relating to trade, climate change, sustainable development, health, agriculture, energy, and environment.
What does India’s presidency mean?
As the President-nation, India will host the 18th G20 Heads of State and Government Summit in December 2023 in New Delhi.
The group does not have a permanent secretariat, and the presidency is supported by the previous, current, and future holders of the post, together called the troika.
Apart from hosting the summit and setting the theme, the G20 presidency does not come with any formal powers. However, India plans on showcasing its philosophies of “Vasudhaiva Kutumbakam”, and LiFE through the theme and the logo of the event. As G20 President, India’s will strive for just and equitable growth for all in the world, in a sustainable, holistic, responsible, and inclusive manner.
India’s presidency also comes as many countries witness inflation and recession trends. It is further compounded by the Russia-Ukraine war and the standoff between the European Union and Russia.
India’s own problems with China pose a potential issue for the effective functioning of the forum.
How does the G20 forum work?
The processes under G20 are divided into two parallel tracks — the finance track and the sherpa track. The finance track is led by Finance Ministers and central bank governors of member nations. They meet throughout the year.
Sherpas are personal emissaries of leaders. They oversee negotiations all through the year, discussing agenda items for the summit and coordinating the substantive work of the G20.
Working groups designed around specific themes operate within both tracks.
Various international organisations such as the UN, IMF, and the OECD also participate in working groups.