- The Group of 20 is a global platform for economic cooperation among governments.
- Its need arose from a series of economic crises in the late 1990s, in Mexico, Asia, Russia, and in the US.
- Economically powerful G-7 countries realised that to stabilize the world against economic problems, they needed to cooperate with the middle income countries or emerging economies.
- G-20 was founded in 1999 as a forum where Finance Ministers and Central Bank Governors discussed global economic and financial issues.
- G-20 later turned into a “premier forum for international economic cooperation” where heads of state and government would meet.
- G-20 agenda has expanded from macroeconomic issues to matters of trade, sustainable development, health, agriculture, energy, environment, climate change, anti-corruption, anti-terror financing, etc.
- 19 countries and the European Union as an entity are members of the G-20. The countries that comprise G-20 are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, UK, the US and the European Union.
- G-20 countries comprise more than 80% of the world GDP, 75% of global trade, and 60% of the global population.
- It’s only since 2011 that the G-20 Summit is being held annually.
- G-20 has a rotating presidency, which rotates annually. Before India it was Indonesia and after India it will be Brazil as G-20 President. These three countries together form the current G-20 Troika.
- The G-20 does not have a permanent secretariat or staff.
- Preparations for the G-20 Summit are made through the Sherpa and Finance Tracks.
- The Sherpa Track focuses on non-economic issues, such as development, anti-corruption, food security, procedural rules of the G-20 process. The Sherpas carry out important planning, negotiation and implementation tasks continuously.
- The Finance Track focuses on economic and financial issues.
- Both the Sherpa and Finance tracks rely on work done by a series of expert working groups.
- The thematic agenda is developed through the organization of several Ministerial Meetings.
- The country that heads the G-20 for a year, selects the theme for the summit.
- The theme that India has chosen is Vasudhaiva Kutumbakam. The World is One Family. The G-20 logo describes it as “One Earth, One Family, One Future”.
- India’s G-20 presidency will focus on food and energy security, health, women’s empowerment, digital infrastructure, agriculture, education, culture, tourism, climate, fight against economic crime, multilateral reforms, etc.