G20: An Intergovernmental Forum
The G20, also known as the Group of Twenty, serves as a key platform for international economic collaboration. It includes 19 countries along with the European Union and tackles pressing global economic and financial challenges. This group represents a substantial share of the world’s GDP, trade, and population.
• Purpose: The G20 is all about tackling global economic and financial challenges through collaboration and open dialogue among its member nations.
• Membership: The G20 consists of 19 countries plus the European Union, showcasing a mix of both developed and developing economies.
• Countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States.
• Representation: Together, the G20 nations represent around 85% of the world’s GDP, 75% of global trade, and about two-thirds of the global population.
• History: The G20 was formed in 1999 as a forum for Finance Ministers and Central Bank Governors to address international economic and financial matters, especially in the wake of the Asian financial crisis.
- Focus Areas:
The G20 addresses a wide range of global economic and financial issues, including:
- Economic growth and development
- Financial stability
- Trade and investment
- Sustainable development
- Climate change
- Structure:
The G20 does not have a permanent secretariat, and its agenda and activities are determined by the rotating Presidencies, with the support of a “Troika” (the current, previous, and incoming Presidencies) to ensure continuity.
- Engagement:
The G20 engages with guest countries and international organizations to ensure a broad representation of international opinion.
- Key Outcomes:
The G20 has played a crucial role in addressing major global economic crises, such as the 2008 financial crisis and the COVID-19 pandemic, and has committed to achieving global net-zero greenhouse gas emissions by around the middle of the century.
- India’s G20 Presidency:
India held the G20 presidency in 2023, focusing on issues facing the Global South, including rising debt levels, inflation, food insecurity, and climate change.