An unforgettable presidency
The G20 is a powerful forum for international cooperation. The G20 leaders have taken a number of important initiatives to promote global economic growth and stability. These initiatives include the following:
- The G20 Financial Stability Board (FSB), which was created in 2009 to oversee the global financial system and prevent another financial crisis.
- The G20 Framework for Strong, Sustainable, and Balanced Growth, which was adopted in 2010 to promote economic growth and development.
- The G20 Green Growth Action Plan, which was adopted in 2014 to promote sustainable economic growth
The G20 is divided into five regions:
- Americas: Argentina, Brazil, Canada, Mexico, and the United States.
- Asia: China, India, Indonesia, Japan, Republic of Korea, Saudi Arabia, South Africa, and Turkey.
- Europe: France, Germany, Italy, Russia, and the United Kingdom.
- Oceania: Australia.
- The European Union is also a member of the G20
| Region | Countries |
|---|---|
| Americas | Argentina, Brazil, Canada, Mexico, United States |
| Asia | China, India, Indonesia, Japan, Republic of Korea, Saudi Arabia, South Africa, Turkey |
| Europe | France, Germany, Italy, Russia, United Kingdom |
| Oceania | Australia |
| European Union | European Union |
The recent developments under G20 include:
- The G20 leaders' summit in New Delhi, India, on September 9-10, 2023. The summit was hosted by Indian Prime Minister Narendra Modi and focused on economic reforms. The leaders agreed to a number of initiatives, including:
- A commitment to promote strong, sustainable, balanced, and inclusive growth.
- An acceleration of progress on the Sustainable Development Goals (SDGs).
- The launch of the Global Biofuel Alliance (GBA).
- The creation of a working group on women's empowerment.
- The G20 finance ministers and central bank governors' meeting in Bali, Indonesia, on October 12-13, 2023. The meeting was hosted by Indonesian Finance Minister Sri Mulyani Indrawati and focused on the global economic outlook and financial stability. The ministers and governors discussed the risks posed by the war in Ukraine, rising inflation, and the ongoing COVID-19 pandemic.
- The G20 Trade Ministers' meeting in Riyadh, Saudi Arabia, on November 7-8, 2023. The meeting was hosted by Saudi Arabian Minister of Commerce Majid bin Abdullah Al-Qasabi and focused on the global trade outlook. The ministers discussed the need to promote free trade and investment, and to address the challenges posed by protectionism and digitalization.
India held the presidency of the G20 in 2023. Serving as the G20 presidency offers several potential benefits for the host country, including:
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Diplomatic Influence: Hosting the G20 provides a country with an opportunity to exercise diplomatic leadership on critical global issues. It allows the host nation to set the agenda and shape discussions on topics that are important to them.
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Economic Benefits: The presence of G20 meetings in a host country can boost its economy through increased tourism, hospitality, and related industries. It can also attract foreign investments and partnerships.
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Global Visibility: Hosting the G20 summit puts the host country in the global spotlight. It offers a chance to showcase its culture, economy, and achievements to the world.
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Policy Influence: The G20 presidency allows the host country to influence global economic policies. It can promote its policy priorities and push for collective action on issues like climate change, trade, and economic growth.
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Networking Opportunities: Leaders and policymakers from the G20 member countries gather for various meetings and discussions during the presidency. This provides the host nation with valuable networking opportunities and the chance to build relationships with other world leaders.
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Knowledge Sharing: The presidency allows the host country to share its experiences, best practices, and innovations with other G20 members, contributing to global knowledge sharing and cooperation.
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Policy Coordination: The G20 presidency enables the host country to foster dialogue and coordination among the world's major economies, helping to address common challenges more effectively.
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Impact on Global Issues: As a G20 host, India had the opportunity to prioritize and advance its key issues and concerns on the global stage, including issues related to sustainable development, climate change, and digital governance.
- The big takeaway is the New Delhi Declaration that forged a consensus between the G-20 nations, bitterly divided between the G7-EU and Russia-China, on the issue of Ukraine.
- The final language is a shift from the ‘Bali Paragraphs’, with language critical of Russia erased, on a firm proposal from G-20 hosts of past and future years Indonesia, India, Brazil, and South Africa.
- The final 83-paragraph declaration, with eight paragraphs on “geopolitical issues”, on which consensus was reached included language on everything from climate action, financing, and fossil fuel phaseout, to debt restructuring, the biofuel alliance, health, digital infrastructure, regulating cryptocurrency, and other issues
- The African Union (AU) is a continental organization consisting of 55 member states in Africa. It was officially launched on July 26, 2001, in Durban, South Africa, and it replaced the Organization of African Unity (OAU), which had been established in 1963.
- The AU was formed with the aim of promoting unity, cooperation, and development among African nations and addressing various socio-economic and political challenges on the continent
- The AU's mission is to "achieve greater unity and solidarity between African countries and their people, defend the sovereignty, territorial integrity and independence of its Member States, accelerate the political and socio-economic integration of the continent, promote and protect human and peoples' rights, eradicate poverty, promote sustainable development, and encourage the peaceful settlement of disputes."
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Practice Questions
Previous Year Questions
1.The long sustained image of India as a leader of the oppressed and marginalized nations has disappeared on account of its new found role in the emerging global order.’ Elaborate(UPSC CSE Mains 2019) (200 WORDS, 10 MARKS)
International Relations (GS Paper-II): Discuss the significance of the G20 in the context of global governance. How has India's participation in the G20 benefited its foreign policy objectives? Economics (GS Paper-III): Explain the role of the G20 in addressing global economic challenges. Discuss the major initiatives and agreements that have emerged from G20 meetings in recent years. Governance (GS Paper-IV): Analyze the role of the G20 in promoting good governance and transparency in global financial systems. How can G20 countries collaborate to combat issues like tax evasion and money laundering? International Organizations (GS Paper-II): Compare and contrast the G20 with other international organizations such as the United Nations and the World Trade Organization in terms of their objectives, structure, and effectiveness in addressing global issues. Economic Development (GS Paper-III): Discuss the G20's role in advancing sustainable development goals. How can G20 countries contribute to reducing income inequality and promoting inclusive economic growth on a global scale? Current Affairs (GS Paper-II): Critically examine the key outcomes and challenges of the most recent G20 summit. How do the decisions made at the summit impact India's economic and diplomatic interests? |
