FLAT 20% OFF and 3-Months ADDED Validity on All Courses Absolutely FREE! Enroll Now Use Code: INDIA20
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More


What Is G20 Summit

The G20 is the most recent of a long line of post-World War II initiatives aimed at worldwide economic policy coordination, including the "Bretton Woods twins," the International Monetary Fund and the World Bank, as well as what is now the World Trade Organization. The G20 was announced at the G7 summit in Cologne in June 1999, and it was legally constituted at the G7 Finance Ministers' conference on September 26, 1999, with an inaugural meeting on December 15-16, 1999 in Berlin. The first chairman was Canadian Finance Minister Paul Martin, and the inaugural meeting was hosted by German Finance Minister Hans Eichel.According to a 2004 Brookings Institution analysis by Colin I. Bradford and Johannes F. Linn, the group was created primarily at the initiative of Eichel, the G7's concurrent chair.  However, Bradford later named then-Finance Minister of Canada (and future Prime Minister of Canada) Paul Martin as "the primary architect of the G-20 at the finance minister level,suggested that the G-20 countries proceed to leaders level summits."  According to Canadian academic and journalistic sources, Martin and his American counterpart, then-Treasury Secretary Larry Summers, founded the G20. All agree, however, that Germany and the United States played critical roles in making their vision a reality.Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, South Korea, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union are among the group's 20 members as of 2022. Among those invited as guests are Spain, the United Nations, the World Bank, the African Union, and ASEAN.In addition to these 20 members, the chief executives of various additional international forums and organisations attend G20 meetings. These include the International Monetary Fund's managing director and Chairman, the World Bank President, the International Monetary and Financial Committee, and the Chairman of the Development Assistance Committee.

G20 PRESIDENCY 

The 2019 summit was hosted by Japan. The 2020 summit was supposed to be conducted in Saudi Arabia, but because to the COVID-19 epidemic, it was held virtually on November 21-22, 2020, under Saudi Arabia's leadership. The 2021 G20 Rome summit was place on October 30-31, 2021, in Rome, Italy's capital city.Indonesia will preside over the G20 from 1 December 2021 to 30 November 2022. During its presidency, Indonesia has focused on the worldwide COVID-19 pandemic and how to solve the issues associated with it jointly. Indonesia's G20 presidency has three priorities: global health architecture, digital changes, and sustainable energy transitions.The G20 does not have a permanent secretariat, and each year, one member assumes the presidency to manage the grouping's agenda, which is divided into two tracks, one led by finance ministers and the other by representatives of member leaders.Following India, Brazil will assume the G20 chairmanship, followed by South Africa in 2025.During its tenure, India will convene over 200 meetings in 50 places involving ministers, officials, and civil society, culminating in a major summit in the capital of New Delhi in September 2023.Around 30 leaders of state and government from G20 members and invited countries will attend the conference.

INDIA HOSTING THE G20 SUMMIT

On December 1, the government kicked off its G-20 presidency with a bang, lighting up 100 monuments from Kashmir to Kanyakumari with India's G-20 logo, symbolising the theme "Vasudhaiva Kutumbakam," or "one earth, one family, one future." Prime Minister Narendra Modi pledged in an editorial article that India's year as chairman will be focused on "healing our 'One Earth,' creating harmony within our 'One Family,' and delivering hope for our 'One Future." Around 200 G-20 meetings are planned across India.The preparatory and ministerial discussions will culminate in huge plans for a G-20 Summit in New Delhi next September, which will include leaders from the 'P-5' countries and others. India has taken over the baton from Indonesia, which struggled to schedule sessions and ensure full participation due to disagreements over the Ukraine war. There was even uncertainty to the very end about whether all major leaders would come; whether they would agree to a collective photo opportunity, and whether a joint statement would be issued — which was eventually created. Mr. Modi, like Indonesian President Joko Widodo, will need to travel internationally to ensure that all G-20 leaders and invitees participate at the highest level.The government faces a difficult task in conducting serious negotiations to put up a complete G-20 agenda, where officials have stated that they will focus on counter-terrorism, supply chain disruptions, and global unity. The first G-20 summit-level gathering in the United States took place in 2008, during a period of crisis for the world's financial systems. The task for Mr. Modi and his team in 2022 will be equally critical, given the long-term consequences of Russia's war in Ukraine, Western energy sanctions that will be tightened this month, economic downturns, pandemic fears, and climate change concerns that are putting the foundations of globalisation and an interconnected global economy to the test.Mr. Modi wrote in his editorial that India will develop its G-20 agenda through its heritage of "collective decision-making," which, like India's national consensus, would be achieved "... by mixing millions of free voices into one harmonious symphony." At a time when India is experiencing economic suffering as well as social and sectarian tensions, the government should be prepared to face more scrutiny for preserving such objectives. After emphasising India's global significance as G-20 President and its ability to control the global narrative, the government may discover that with great power comes great responsibility, as well as a greater focus on its ability to translate its global dreams into the home environment.

CONCLUSION

India has one year to address these and other pressing concerns. The G20 can be a very powerful group. Its members account for over 80% of global GDP, nearly the same proportion of global trade, and roughly 60% of global population. What this group chooses sends a strong signal to the rest of the world. It is up to India to make sure that the following year is productive.
 


"Loved reading this piece by Abizer Merchant?
Join LAWyersClubIndia's network for daily News Updates, Judgment Summaries, Articles, Forum Threads, Online Law Courses, and MUCH MORE!!"






Tags :


Category Others, Other Articles by - Abizer Merchant 



Comments





update
Post a Suggestion for LCI Team
Post a Legal Query