India will host the G20 leaders’ summit next year on September 9-10. It will assume the presidency for one year — from December 1, 2022 to November 30, 2023.
The Ministry of External Affairs (MEA) announced that G20 Leaders’ Summit will be held in New Delhi on September 9 and 10 in 2023.
What is G20?
- G-20, a group of finance ministers and central bank governors from 19 individual countries and European Union, was established in 1999.
- G20 was elevated to a forum of Heads of State/Government in 2008 to effectively respond to the global financial crisis of 2008.
- G-20 is a forum, not a legislative body, its agreements and decisions have no legal impact, but they do influence countries’ policies and global cooperation.
Significance of G20 –
- Carries significant weight —
- G20 members represent around 85% of global GDP, over 75% of global trade, and two-thirds of the world’s population.
- G20 members contribute 79% of the world carbon emissions and hence this platform assumes significance in shaping the discussion on climate change.
- Promotes Multilateralism —
- Since 2011, the G20 summit has been held annually, under a rotating presidency.
- The practice of rotating the chair gives all the members a chance to shape the global agenda.
- A number of overarching themes —
- Initially, the G20 focused on broad macroeconomic policy, but has since expanded its ambit to include trade, climate change, sustainable development, energy, environment, climate change, anti-corruption etc.
- Eg., 2021 summit decided to stop funding coal-fired power plants in poor countries by the end of 2021.
- It also committed to seek carbon neutrality “by or around mid-century”.
- 2021 summit endorsed the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy.
- United Fight against COVID-19 Pandemic —
- In March 2020, G20 leaders pledged to inject $5 trillion into the global economy to reduce the economic impact of the coronavirus pandemic.
- In addition to this, they also agreed to contribute to WHO’s COVID-19 Solidarity Response Fund on voluntary basis.
Key highlights –
- Multiple meetings will be held to select diverse topics for the discussion —
- India will hold over 200 G20-related meetings across the country during its presidency of the grouping.
- Guest countries during India’s presidency —
- Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain and the UAE will be the guest countries at the event.
- Troika of G20 —
- India is currently part of the G20 Troika [current, previous and incoming G20 Presidencies] comprising Indonesia, Italy and India.
- During India’s Presidency, India, Indonesia and Brazil would form the troika.
- This would be the first time when the troika would consist of three developing countries and emerging economies.