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Mahesh

14/09/22 05:55 AM IST

G-20 COUNTRIES

In News 
  • The 17th G20 Heads of State and Government Summit will happen in November in Bali, Indonesia. After Indonesia, India will assume the presidency of G20 from December 2022.
G20 Presidency 
  • India will have the opportunity to assume centre stage in proposing and setting the global agenda and discourse.
  • Global economic growth: The G20 holds a strategic role in securing global economic growth and prosperity as it represents more than 80% of the world’s GDP.
  • Leadership potential: The country’s leadership potential and diplomatic foresight in organizing such a big event and in arriving at meaningful outcomes will be tested.
Lessons needs to be taken from Indonesia 
  • Indonesia has focused on three key pillars- 
  • Global health architecture
  • Sustainable energy transition
  • Digital transformation.
  • India can find a common ground for setting its G20 agenda by addressing issues of global concern.
  • Domestic and regional issues: It needs to promote its specific priorities related to domestic and regional issues such as economic recovery, trade and investment etc
  • Greater cooperation with many G20 members: such as the European Union, the U.K., and Canada, thereby accelerating their coordination on realizing free trade agreements.
  • Invite and engage countries from Africa and South America: To ensure better and more balanced representation at the G20.
G20 
  • The G20 was formed in 1999 in the backdrop of the financial crisis of the late 1990s that hit East Asia and Southeast Asia in particular.
  • Its aim was to secure global financial stability by involving middle-income countries.
  • The first G20 Summit took place in 2008 in Washington DC, US.
  • Its prominent members are: Australia, Brazil, China, France, Germany, India, Japan, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the EU. Spain is invited as a permanent guest.
  • Together, the G20 countries include 60 per cent of the world’s population, 80 per cent of global GDP, and 75 per cent of global trade.
Source- Indian Express 

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