About the 18th G20 summit
The G20, or Group of Twenty, is an intergovernmental forum for governments and central bank governors from 19 countries and the European Union.
India is hosting the 18th G20 Summit, with over 30 heads of state and other top officials from the European Union attending. The G20, or Group of Twenty, is an intergovernmental forum for governments and central bank governors from 19 countries and the European Union. To discuss and collaborate on numerous global economic and financial concerns such as international financial stability, climate change mitigation and sustainable development, it was founded in 1999 to bring together the largest advanced and emerging economies. The countries represent a significant portion of the world’s GDP and population. The represents two-thirds of the world’s population, 60% of its land area, and around 80% of the gross world product (GWP), which includes both industrialized and developing nations. The G20 is made up of the finance ministries of the majority of the world’s leading economies. To address global concerns and support economic growth, the seeks to advance global cooperation and policy coordination.
How it works
The G20 does not have a charter or a secretariat. The Presidency, aided by the countries holding the Presidency before and after it (Troika), is responsible for setting the agenda of each year’s Summit. Heads of state and government from member countries meet annually at Leaders Summit to discuss issues of international Importance. Joint declarations outlining agreed-upon intentions and actions are the result of these events. The process is run by the Sherpas of the participating nations, who serve as the Leaders’ envoys. The Sherpas coordinate the G20’s substantive work and oversee negotiations during the year, discussing Summit agenda items. The Finance Track and the Sherpa Track are the two areas of focus for the G20. They have a focused working group within the two tracks, in which participants come from the relevant ministries of the members as well as from invited/guest countries and numerous international organizations. With a rotating presidency structure, each member nation assumes leadership for a year, directing the G20’s agenda and negotiating consensus-based global economic policy. The holds a multi-year mandate to ensure institutional continuity.
Importance of G20
The G20 is essential in creating the conditions for inclusive global growth and development. The G20’s responsibility for maintaining world economic stability is among its most important responsibilities. It helps in solving the big global problems. For instance, the group participated in the fight against the 2008–2009 and 2010 Eurozone crises. With a USD 10 trillion rescue package aimed at resolving the economic and health difficulties, it was also at the forefront of the fight against the COVID-19 pandemic.
Its role over the last two decades has evolved, They also discuss how to solve big issues like climate change, poverty, a health crises. The is a potent venue for global leadership and cooperation since decisions made there can shape policies and efforts at the international level. The aims to promote international cooperation and policy coordination to address global challenges and promote economic growth.
The G20 serves as a reminder of the benefits of working together to tackle common challenges.
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