In recent times, you’ve likely come across a frequently mentioned term – G20. Some of you might even associate it with a type of bird. While a few individuals possess in-depth knowledge about it, for others, it might merely register as a grouping of 20 countries. However, G20 encompasses more than just its numerical significance. Annually, it hosts a gathering attended by leaders and envoys from across the globe. Presently, India holds the prestigious role of chairing this assembly. Despite a year-long series of events related to this occasion being held throughout the nation, the focal point remains the upcoming main summit in the heart of the country’s capital, Delhi, on September 9 and 10. Comprehensive preparations have been finalized for the impending conference. This article aims to delve into the essence of G-20, exploring its origins, objectives, and the circumstances that led to its formation.
When was G20 established?
The inception of the G20 dates back to 1999, emerging in response to the aftermath of the Asian financial crisis. Its original purpose was to provide a platform for the discussion of global economic and financial matters among finance ministers and central bank governors from various nations. This initial framework operated effectively, but the stability was once again shaken by the onset of a worldwide economic downturn in 2007. Consequently, the scope of the group broadened, incorporating heads of state into its ranks during the same year. The pivotal turning point occurred in 2009, as it was formally designated as the primary arena for fostering international economic collaboration. The inaugural G20 meeting convened in Berlin in 1999, with recognition attributed to the member states of the G7 for spearheading its establishment with autonomous initiative. It’s important to note that the G20 doesn’t maintain a permanent headquarters or office.
Which countries are the enduring participants within the G-20 consortium?
The G-20 assembly comprises a coalition of Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States, with the United States being part of this roster. Collectively, these nations constitute a significant 85 percent of the global Gross Domestic Product (GDP). Moreover, their combined contribution to international trade stands at a substantial 80 percent, and these countries collectively host two-thirds of the global population.
Who is participating in the upcoming conference?
In addition to the core membership, this year’s meeting welcomes the presence of several additional nations. The guest roster for this summit comprises Bangladesh, Egypt, Mauritius, the Netherlands, Nigeria, Oman, Singapore, Spain, and the United Arab Emirates (UAE). Furthermore, numerous international organizations from across the globe have also received invitations to partake in this assembly. These include the International Solar Alliance (ISA), the Coalition for Disaster Resilient Infrastructure (CDRI), and the Asian Development Bank (ADB) as guest organizations, representing India’s role as the chair of the G20. In addition, distinguished figures from organizations such as the United Nations (UN), the International Monetary Fund (IMF), the World Bank (WB), the World Health Organization (WHO), the World Trade Organization (WTO), the International Labour Organization (ILO), the Financial Stability Board (FSB), and the Organisation for Economic Co-operation and Development (OECD) have been invited. Likewise, regional bodies such as the African Union (AU), the African Union Development Agency-NEPAD (AUDA-NEPAD), and the Association of Southeast Asian Nations (ASEAN) will also be present as esteemed invitees.
What distinguishes this occasion?
During the tenure of the G-20 summit’s presidency, a notable development awaits. India, Indonesia, and Brazil are set to establish a troika, marking a significant departure from convention. For the very first time, this Troika will comprise three burgeoning economies and developing nations, consequently positioning them with a distinct advantage amid the world’s leading powers. In this context, “Troika” refers to the paramount grouping within the G20, encompassing the present, preceding, and upcoming presidencies. Indonesia, India, and Brazil will consecutively hold these roles, exemplifying a novel configuration within the G20 framework.
Government of India wraps up preparations.
The Indian government has wrapped up comprehensive arrangements for the impending summit scheduled to take place in Delhi, the nation’s capital. Numerous upscale hotels in Delhi have been reserved to provide lodging for international delegates. Concurrently, exhaustive security measures have been implemented in collaboration with various law enforcement agencies, including the Delhi Police, to ensure an impenetrable security apparatus. In alignment with these efforts, the Delhi administration has issued a directive to temporarily close multiple sections of the city from September 8 to 10. Moreover, as part of this precautionary approach, all educational institutions, encompassing schools and colleges, will observe a three-day closure during this period.