Context:
Recently, leaders of the G-20 nations will gather at Bali’s Nusa Dua resort for the 17th summit of the world’s most advanced economies.
- At the end of the meeting, India, represented by Prime Minister, will assume charge of the G20 presidency. The 18th summit will be held in India next year.
Relevance:
GS II: International Relations
Dimensions of the Article:
- Agenda for the 2022 summit
- About G20
Agenda for the 2022 summit
The motto for this G-20 is Recover Together, Recover Stronger
The Bali summit will have three key priorities.
- Global Health Architecture: This involves deliberations towards strengthening global health resilience and making the global health system more inclusive, equitable, and responsive to crises.
- Digital Transformation: Deliberations here have centred on achieving the full potential of rapid digitalisation of the global economy by creating a new landscape of cooperation among nations.
- Sustainable Energy Transition: Under this rubric, the discussions have focussed on ways to accelerate the transition towards cleaner energy sources. In particular, since any such transition requires substantial investments, the efforts have been focussed on finding a platform for such investments.
About G20
- The G20 is an informal group of 19 countries and the European Union, with representatives of the International Monetary Fund and the World Bank.
- The G20 membership comprises a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85% of global gross domestic product, 80% of global investment, over 75% of global trade and roughly half the world’s land area.
- The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
- Spain as a permanent, non-member invitee, also attends leader summits.
Structure and functioning of G20
- The G20 Presidency rotates annually according to a system that ensures a regional balance over time.
- For the selection of presidency, the 19 countries are divided into 5 groups, each having no more than 4 countries. The presidency rotates between each group.
- Every year the G20 selects a country from another group to be president.
- India is in Group 2 which also has Russia, South Africa and Turkey.
- The G20 does not have a permanent secretariat or Headquarters.
- The work of G20 is divided into two tracks:
- The Finance track comprises all meetings with G20 finance ministers and central bank governors and their deputies. Meeting several times throughout the year they focus on monetary and fiscal issues, financial regulations, etc.
- The Sherpa track focuses on broader issues such as political engagement, anti-corruption, development, energy, etc.
- Since 2008, the group convenes at least once a year, with the summits involving each member’s head of government.
