G20 Foreign Ministers Meeting

Context:

Recently, the External Affairs Minister of India met with the US Secretary of State and Russian Foreign Minister and other counter parts in Bali (Indonesia) on the sidelines of the G20 Foreign Ministers Meeting.

The meeting was held under the theme of “Building a more peaceful, stable, and prosperous world together.”

Relevance

GS-II: International Relations (Important International Groupings and Agreements, Foreign Policies affecting India’s Interests)

Dimensions of the Article:

1. Highlights of  recent G20 Meeting
2. About G20
3. Structure and functioning of G20

Highlights of  recent G20 Meeting

India and China:

• The Indian Minister of External Affairs met with the Chinese State Councilor and Foreign Minister.
• India urged that the unresolved problems along the LAC in Eastern Ladakh be resolved quickly.
• India emphasised the need to maintain the momentum to complete disengagement from all remaining regions in order to restore peace and tranquillity in the border areas, recalling the disengagement accomplished in several friction areas.
• Both sides agreed that military and diplomatic representatives from the two countries should continue to communicate regularly and expressed enthusiasm for the next Senior Commanders meeting.
• China expressed appreciation to India for its assistance during this year’s BRICS Chairmanship and provided a guarantee of support for India’s upcoming G20 and SCO Presidency.

Other topics of conversation

• At the meetings, Russia accused the US of pressuring Europe and the rest of the globe into giving up inexpensive energy sources, while the US accused Russia of causing “global food insecurity.” These accusations highlighted the G20 group’s growing divisions.
• The G20, which consists of the 20 largest economic powers in the world, is mandated to debate issues of international trade, but western members criticism of Russia predominated the Bali Foreign Ministers Meeting.
• The conflict in Ukraine and its economic ramifications suggest a rift within the international community, with the US, EU, Japan, Canada, Australia, and France forming a single anti-Russian bloc while other nations take a cautious approach and call for a peaceful end to the conflict.

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.
• India will hold the Presidency of the G20 from 1 December 2022 to 30 November 2023, culminating with the G20 Summit in India in 2023.

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.

-Source: The Hindu