The G20 is a group of twenty countries that represent 60% of the world’s population, 75% of trade, and 85% of the world’s GDP.It works to address major issues related to the world economy, such as global financial strength, global warming, trade relations, terrorism, and all the other global challenges. The 2023 G20 summit was held in New Delhi at the Bharat Mandapam International Exhibition-Convention Centre (IECC).It is the eighteenth meeting of the countries that are members of the G20.This is the first time India will host the G20 Summit in 2023 with the “Theme” of Vasudhaiva Kutumbakam, or “One Earth, One Family, One Future, which means the world is one family.
Its Members Are
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 of America. Along with the European Union. Spain is the permanent guest of the G20.
G20 OR G21
With the joining of the new country “African Union ” in the G20, it became the G21 in 2023, held in India (New Delhi) and hosted by Prime Minister Narendra Modi.
Origin of G20
It originated from the meetings of the finance ministers of the United States, France, Germany, and the United Kingdom in the 1970s due to the oil crisis in the White House. In 1973, they invited Italy and Japan, and in 1976, Canada joined the group of seven nations, which are the developed countries and advanced economies of that time and believe in liberal ideology. That’s why these seven countries joined to address the economic policies and are known as the G7. After 22 years of the G7, they invited Russia and formed the G8. When Russia attacked Crimea, it was removed from the G8 in 2014 and again became the G7. Due to the Asian financial crisis of 1976, the G7 nations invited the world’s largest countries, which share the largest economy, population, or military in their region, to form the G20 in 1999.So basically, the G20 is a group of 20 developed and developing countries that works for the betterment of economic policies. After the 2008 financial crisis, they realized their was a need for work on every aspect that evolved in the 21st century, known as the G20 Summit, where heads of state also started participating. They expand their agenda from economic policies to climate change, counterterrorism, and all the important global challenges.
The G20 summit was hosted by India for the first time in 2023 by Prime Minister Narendra Modi. India’s presidency begins on December 1, 2022, and ends on November 30, 2023.The country holding the presidency has a “troika” system. Which means the previous, present, and upcoming holders of the G20 summit. 2023’s “troika” is Indonesia,Bharat,and Brazil.
G20 is an informal group of 20 nations so it has no permanent secretariat.Each country in the group 20 hosts the presidency on a rotational basis after the 2008 financial crisis.First G20 summit held in Washington D.C. (USA) in 2008.
Why 2023 G20 Is Important for India?
As we all know that each country in the G20 hosts the presidency on a rotation basis so it’s not a big deal to become the holder of G20 but it is important how we use that presidency. G20 2023 is very crucial for india because it is the first time in 2023 when india has the presidency of G20 summit which gives india a chance to show our culture and development to the people of the other countries.It is chance to show the world who we are,what our culture is.
India addresses the most important themes in the 2023 G20 summit such as Climate change,Education, Agriculture, Women Empowerment,sustainable development,Trade relations and all the other global challenges and invites other countries as guests such as Bangladesh,UAE,Nigeria, Egypt, and Mauritius for the betterment of the relations with these countries.