The Group of Twenty (G20) is the premier forum for international economic cooperation.
It is an intergovernmental forum comprising 19 sovereign countries, the European Union (EU), and the African Union (AU).
It plays an important role in shaping and strengthening global architecture and governance on all major international economic issues.
It works to address major issues related to the global economy, such as international financial stability, climate change mitigation and sustainable development.
Inception of G20
The G20 was founded in 1999 after the Asian financial crisis as a forum for the Finance Ministers and Central Bank Governors to discuss global economic and financial issues.
The G20 was upgraded to the level of Heads of State/Government in the wake of the global economic and financial crisis of 2007, and, in 2009, was designated the “premier forum for international economic cooperation”.
G20 Summit
The G20 Summit is held annually, under the leadership of a rotating Presidency.
G20 agenda
The G20 initially focused largely on broad macroeconomic issues, but it has since expanded its agenda to inter-alia include trade, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption.
G20 Members
The Group of Twenty (G20) comprises 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom and United States) and two regional bodies: the European Union and the African Union (as of 2023).
The G20 members represent around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population.
Working of G20
The G20 Presidency steers the G20 agenda for one year and hosts the Summit.
The G20 consists of two parallel tracks: the Finance Track and the Sherpa Track.
Finance Ministers and Central Bank Governors lead the Finance Track while Sherpas lead the Sherpa Track after Finance Track.
The G20 process from the Sherpa side is coordinated by the Sherpas of member countries, who are personal emissaries of the Leaders.
In addition, there are Engagement Groups which bring together civil societies, parliamentarians, think tanks, women, youth, labour, businesses and researchers of the G20 countries.
Secretariat of G20
The Group does not have a permanent secretariat.
PRACTICE QUESTIONS
QUES . Consider the following statements about G20: UPSC 2023
1 . The G-20 group was originally established as a platform for the Finance Ministers and Central Bank
Governors to discuss the international economic and financial issues.
2 . Digital public infrastructure is one of India’s G-20 priorities.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans (c) Digital Public Infrastructure is one of the key priorities during India’s G20 Presidency. It is a cross-cutting theme across various Working Groups including Digital Economy, Health, Education and Global Partnership for Financial inclusion.
