What is G20?
G20 is an international forum for government and central bank governors. The full form of G20 is GROUP OF 20 in which 19 countries are the members of this forum along with European union as its 20th member. The G20 is an annual meeting of leaders from the countries with the largest and fastest-growing economies. Its members account for 85% of the world’s GDP, and two-thirds of its population.
The G20 Summit is formally known as the “Summit on Financial Markets and the World Economy”.
After the Asian Financial Crisis in 1997-1998, it was acknowledged that the participation of major emerging market countries is needed on discussions on the international financial system, and G7 finance ministers agreed to establish the G20 Finance Ministers and Central Bank Governors meeting in 1999.
It was founded in 1997 for the purpose of financial and related issues but later on, it includes several other factors like health, climate change, infrastructure, investments, defense and so on.
Who attends these meetings?
At first, the G20 was mostly attended by finance ministers and central bank governors.
That changed after the global financial crisis in 2008. With banks collapsing, unemployment rising and wages stagnating, the organization turned into an emergency council for presidents and prime ministers.
Full membership of the G20: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States, and the European Union.
WHERE THIS MEETING HELD?
In 1997, it was held in Berlin where G20 formed. 1ST G20 Summit held in Washington DC in 2008. Later on several submits will occur, recently G20 held in OSAKA in Japan. This is the 14th meeting and the 13th meeting was held in Argentina. The 15th meeting will be held in Saudi Arab in Riyadh. 17th meeting of G20 will be organized in INDIA ( New Delhi).
WHY IT IS SO IMPORTANT ?
It is the only global platform where developed and developing countries engaged with each other on common ground. There has been a lot of issues raised regarding the welfare of the countries. Recently some important issues were discussed
- Regarding the Global Economy
- Trade and Investments
- Environment and Energy
- Women Empowerment and Development
Moreover, there are so many Bilateral and Trilateral meetings would take place. It will formulate a good relationship with other countries. The G20 has sought to realize an inclusive and sustainable world through contributions towards resolving these global issues.
FIVE POINT APPROACH by PM Narendra Modi on how BRICS countries can lead the way in addressing GLOBAL CHALLENGES
- Reformed multilateralism by improving international financial and business institutions.
- Energy security and access to energy.
- India’s initiative for a coalition for disaster resilient infrastructure.
- Ease of movement for skilled workers.
- Hosting a global conference on countering terrorism.
A Sherpa is a personal representative of the leader of a member country at an international Summit meeting such as the G8, G20 or the Nuclear Security Summit and are responsible for thrashing out the details before the meeting of the leaders.