There is so much buzz about the G20 Summit worldwide as country heads gear themselves to fly to India this year. India, too, is busy making the best arrangement to welcome the world’s leaders for G20 Summit 2023 to discuss some pressing issues.

The question is:

• What exactly is the G20?
• Why are the leaders of the world flying to India?
• What can we expect?

Don’t worry. This blog will walk you through all you need to know about the G20 Summit – the nations, meeting, presidency, expectations, and more!

What Exactly Is G20?

The Group of Twenty, also abbreviated as G20, is the preeminent platform for global economic cooperation. It’s crucial in developing and improving worldwide architecture and governance on the world’s most pressing economic concerns.

Following the Asian financial crisis of 1998, the Finance Ministers and Central Bank Governors of the world’s major economies came together to form the Group of Twenty in 1999.

And it was only in 2008 that the G20 elevated to the level of Heads of State/Government. This was in response to 2007’s global economic and financial crisis.

What Are the Areas of Focus?

Originally devoted primarily to broad macroeconomic concerns, the G20 has subsequently broadened its emphasis to include the following:

• Trade
• Climate change
• Sustainable development
• Health
• Agriculture
• Energy
• Environment
• Anti-corruption

Who Are the 20 Members?

Nineteen nations and the European Union comprise the Group of Twenty. These 19 G20 nations include the following:

• Argentina
• Australia
• Brazil
• Canada
• China
• France
• Germany
• India
• Indonesia
• Italy
• Japan
• Republic of Korea
• Mexico
• Russia
• Saudi Arabia
• South Africa
• Turkey
• United Kingdom
• United States.

Roughly 85% of the global GDP, 75% of global commerce, and approximately two-thirds of the world’s population come from G20 nations.

Additionally, it also has 9 guest nations. These are – Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain, and UAE.

The G20 also invites international and regional organizations such as –

• United Nations (UN)
• World Health Organization (WHO)
• International Monetary Fund (IMF)
• World Bank ( WB)
• International Labor Organization (ILO)
• World Trade Organization (WTO)
• Financial Stability Board (FSB)
• Organization for Economic Co-operation and Development (OECD)
• African Union (AU)
• African Union Development Agency. (AUDA-NEPAD)
• Association of Southeast Asian Nations (ASEAN)

G20 Summit 2023: All You Need to Know!

The G20, as mentioned, follows a pattern of the rotational presidency. Each year, a new country takes over its presidency and is supported by the previous and incoming presidencies. The previous, current, and the incoming presidency together form the Troika.

Presidency

India assumed the role of G20 president from Indonesia (G20 presidency 2022) on December 1, 2022, in the G20 Summit 2022. It will continue its presidency until November 30, 2023. The next nation to assume the presidency is Brazil. It will take over India on December 1, 2023, for the G20 presidency 2024.

Thus, India’s Presidency will be supported by the Troika of Indonesia, India, and Brazil as the previous, current, and incoming presidencies.

In addition to the G20 Summit countries, India will be inviting the following as Guest International Organizations:

• International Solar Alliance (ISA)
• Coalition for Disaster Resilient Infrastructure (CDRI)
• Asian Development Bank (ADB)

Theme

India has taken the Sanskrit phrase “Vasudhaiva Kutumbakam,” or “One Earth, One Family, One Future,” as its theme for its G20 Presidency 2023.

The overarching message affirms human, animal, plant, and microbial life’s worth and interdependence on Earth and beyond.

The theme also highlights LiFE (Lifestyle for Environment) and the ecologically responsible decisions that may be made at the level of an individual’s life and national development to bring about internationally revolutionary measures that will lead to a ‘cleaner, greener, and bluer’ future.

When taken as a whole, the logo and theme of India’s G20 Presidency 2023 provide a strong statement about the need to work toward a more fair and equitable global growth for everyone in these uncertain times.

It is also emblematic of India’s Presidency’s emphasis on environmental sustainability and the Indian way of life.

Agenda

During the meeting, the G20 leaders will debate trade, finance, development, and climate change.

Sustainable economic growth, global health and safety, innovation and technology, digitalization, energy transition, global supply chains, and digital infrastructure are some of the possible summit themes.

Improving global trade deals, financial stability, and inequality will undoubtedly be discussed.

New Delhi Summit

India will play host to 200 G20 meetings during its presidency. On September 9 and 10, 2023, New Delhi will host the G20 Leaders’ Summit for heads of state and government.

The Summit will be the conclusion of the many meetings and discussions that ministers, high-ranking government officials, and representatives from civil society have had throughout the year.

At the end of the New Delhi Summit, the G20 Leaders will adopt a Declaration reiterating their commitment to the goals discussed and agreed upon throughout the ministerial and working group sessions.

How Will It Impact India?

India’s economic development since the previous G20 Summit in 2018 will also be highlighted during this year’s event. India has come a long way in its quest to become a technologically advanced and creative economy. Furthermore, many programs have been launched in recent years to improve the quality of life in the country’s cities, raise the country’s international standing, entice foreign direct investment, and improve the country’s infrastructure.

India will be able to show its dedication to international collaboration during the summit by taking part in initiatives like the G20 Action Plans and the G20 Compact for Sustainable Economic Growth.

These initiatives aim to boost global economic development by encouraging free trade and combating protectionism. As such, the 2023 G20 Summit will likely be a watershed moment in international economic policy development. India will have the opportunity to demonstrate its status as an economic growth pioneer and its dedication to international collaboration.

Wrapping Up

The G20 Summit holds power to resolve global issues and conflicts. It is India, says SL President, who is in the greatest position to act as a link between the G20 and the world’s most indebted developing nations.

Not to forget the “Green Development Pact,” India’s G20 priority, aiming to drive consensus among G20 leaders for powering green development worldwide over the next decade.

After reading this article, we hope you now have a clear idea of what G20 is, its member nations, member organizations, the foundation of G20 Summit 2023, and what you can expect from it.

Should you have any queries or need consultation, Schedule a Call today or write to us at info@gjmco.in.