G20: What is it?
The Group of Twenty (G20) is an international organization with 19 individual members, plus the EU and AU. Global challenges include international financial stability, climate change mitigation, and sustainable development, all actively addressed.
As a result of the realization that financial crises could no longer be confined inside national boundaries and required improved international economic cooperation
And then, the world’s 20 most powerful economies created an alliance in the wake of the Asian financial crisis in 1999. After the 2008 financial crisis, it was decided that all member states’ presidents would convene annually for a leaders’ summit.
The bloc produces and trades 80-eighty percent of global GDP and 70-seventy-five percent of international commerce at present
Its members include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, and Saudi Arabia. Furthermore, South Africa, Turkey, the United Kingdom, the United States, the European Union, and the African Union make it the G20+.
What are the Agenda Priorities of the 18th Summit?
The Group of Twenty (G20) met in New Delhi for the eighteen time in 2023. The event took place on September 9–10, 2023, at the Bharat Mandapam International Exhibition-Convention Centre in Pragati Maidan, New Delhi. The G20 met for the first time in India.
“One Earth, One Family, One Future” will be the rallying cry of the summit.
The G20 leaders anticipate the COVID-19 pandemic, the global economy, climate change, food security, and other pressing concerns.
For the 2023 G20 meeting, India has proposed six points for discussion.
- Green Growth, Climate Change Funding, and Everyday Life
- Growth that is rapid, diverse, and robust
- Speeding up the attainment of the SDGs
- Changes in Technology and the Digitalization of Government Services
- Multilateral Organisations in the Twenty-First Century
- Women drive development
During an interview on August 26, 2023, Prime Minister Modi expressed optimism about the G20 countries’ evolving agenda under India’s presidency.
Moreover, he said, they were moving towards a human-centric development approach that aligned with the concerns of the Global South.
This included tackling climate change, restructuring debt through the G20’s Common Framework for Debt, and developing a strategy for regulating global cryptocurrencies.
How about the summit’s big takeaways?
As India’s G20 presidency draws to a close, it may reflect on its time in the role with some pride. In a time of heightened geopolitical tensions among major powers and widespread pessimism about the future of multilateral institutions.
India not only made the G20 a more dynamic platform but also, perhaps, restored faith in the efficacy of multilateral processes and structures by shifting the focus of global governance beyond hyperpolarized discourse.
The so-called Global South is now front and center in discussions about international policymaking, thanks to this shift.
Results from the G20 in India include:
- The African Union is now a full, voting member of the Group of Twenty.
- The GBA was formed to advance the use of renewable fuels and to establish criteria for their documentation and widespread distribution.
- There was unanimity in supporting the New Delhi Leaders Declaration.
- The India-Middle East-Europe Economic Corridor will connect India with the Middle East and Europe via a network of railroads and ports.
- Furthermore, India, Saudi Arabia, the United Arab Emirates, Jordan, Israel, and the European Union are all members of this coalition.