• 14 June 2024

G20 Summit In Delhi, Everything You Need To Know

Sep 8, 2023

The Group of Twenty, commonly referred to as the G20, is an international forum comprising 19 of the world’s largest economies and the European Union. This year India has given the responsibility for the organization of the G20 Summit in Delhi. Under the guidance of the Modi Government, “Bharat” is now ready to welcome delegates from all over the world for the summit. The G20 Summit 2023 is to take place in Bharat Mandapam New Delhi. More interesting information is available on this site. We thus suggest the readers can continue reading the article for more information related to the G20 Summit in Delhi.

G20 Summit 2023

G20 Summit In Delhi

Established in 1999, the G20 serves as a vital platform for addressing pressing global economic and financial issues. Its member nations collectively represent a substantial portion of the world’s economic output, trade, and population. The G20 Summit plays a pivotal role in fostering international economic cooperation, shaping global economic policies, and enhancing global governance.

In this introduction, we will delve deeper into the origins, objectives, and significance of the G20. We will shed light on its evolution from a financial crisis response mechanism to a prominent forum for global economic collaboration.

G20 Summit 2023: Key Highlights

  1. G-20 Summit:
    • Date: September 9-10, 2023.
    • Location: Bharat Mandapam, New Delhi, India.
    • Expected Attendance: More than 30 heads of state, top officials from the European Union, invited guest countries, and 14 heads of international organizations.
  2. Bilateral Meetings:
    • Prime Minister Narendra Modi’s bilateral meetings with:
      • U.S. President Joe Biden
      • Bangladesh PM Sheikh Hasina
      • Mauritius PM Pravind Jugnauth
    • Key Agenda Topics: Jointly manufacturing jet engines in India, purchase of MQ-9B armed drones, agreement on civil nuclear liability, and trade.
  3. Absent Foreign Leaders:
    • Spain’s caretaker Prime Minister, Pedro Sanchez, is not attending due to testing positive for COVID-19. Spain is represented by Economy Minister Nadia Calvino.
    • Russian President Vladimir Putin is not participating, consistent with his absence from recent international summits due to the Ukraine crisis.
    • Chinese President Xi Jinping is skipping the G-20 summit, for no stated reason.
  4. Security Measures:
    • Travel restrictions in the New Delhi district, designated as a “controlled zone,” from Thursday night to Sunday.
  5. Summit Highlights:
    • The African Union is joining the G-20, with negotiators clearing its membership.
    • The expectation of a joint statement at the end of the G-20 summit.

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G20 Summit About

Here in this section, the readers can find out about the establishment of G20. We have distributed this into certain headings. Enjoy the content further.

What is the G20 and what does it do?

  • The G20 comprises 19 countries and the European Union.
  • Represents around 85% of the global GDP, over 75% of global trade, and about two-thirds of the world population.
  • Serves as a forum for international economic cooperation and addresses major international economic issues.

When did the G20 come into being? Why?

  • The G20 was founded in late 1999 as an informal forum for Finance Ministers and Central Bank Governors.
  • Emerged due to the need for global governance reform after the end of the Cold War and the emergence of vibrant economies in the Global South.
  • G20’s earliest iteration, G22, was established in 1998 to address the Asian financial crisis.

When did the G20 Leaders’ Summit begin? Why?

  • The first G20 Leaders’ Summit took place in November 2008 in response to the global financial crisis.
  • The G20 became crucial for addressing the economic crisis as existing international organizations were insufficient to handle the scale of the crisis.

How does the G20 work?

  • The G20 operates informally and has no permanent secretariat.
  • The presidency rotates annually among members and is supported by the “troika” (previous, current, and incoming presidencies).
  • Decisions are made through discussions and pronouncements, with actual implementation carried out by member nations or international organizations.

How is the G20 presidency determined?

  • The G20 presidency rotates among member groups.
  • Each group within the G20 is eligible for the presidency when it’s their turn.
  • The eligible group’s countries negotiate among themselves to determine the presidency.

G20 presidency entail

  • The presidency sets the G20 agenda for the year, and hosts meetings, and the G20 Leaders’ Summit.
  • It provides resources and logistics for the forum’s operations for the year.
  • The president can also invite guest countries, international organizations, and regional organizations.

The working structure of the G20

  • The G20 works through three major tracks: Finance Track, Sherpa Track, and Engagement Groups.
  • The Finance Track focuses on fiscal and monetary policy issues.
  • The Sherpa Track addresses socio-economic issues.
  • Engagement Groups involve non-government participants and draft recommendations to G20 leaders.

Agenda of the G20 Summit and what has happened at the meetings so far?

  • G20 summits result in a joint communique outlining common positions on international conflicts, climate change commitments, and areas of future cooperation.
  • While no concrete agenda is mentioned at the outset, climate change and sustainability have been emphasized.
  • Issues related to Ukraine and China’s opposition to discussing them have been points of contention.

Invitations for G20 Summit 2023

  • Guest countries invited by India during its G20 presidency include Bangladesh, Egypt, Mauritius, the Netherlands, Nigeria, Oman, Singapore, Spain, and UAE.
    G20 Summit In Delhi
  • ROs and IOs include the International Solar Alliance (ISA), the Coalition of Disaster Resilient Infrastructure (CDRI), and the Asian Development Bank (ADB).

International and Regional Organisations invited – Reason

  • IOs and ROs play crucial roles in implementing G20 decisions and furthering international cooperation.
  • They help carry forward decisions made by the G20 and provide expertise in various areas.

Theme of the G20

Vasudhaiva Kutumbakam — One Earth, One Family, One Future,” highlighting the interconnectedness of all life on Earth and the importance of environmentally sustainable choices.

G20 2023 logo

  • The G20 logo for 2023 draws inspiration from India’s national flag and features the Earth and the lotus, India’s national flower, symbolizing growth amid challenges and a pro-planet approach to life.

Role of G20 Summit New Delhi

When the G20 summit was formed, around 85% of members of the global GDP represented about 75 % of the total global trade i.e. 2/3rd of the world population. It is essential in shaping and strengthening global architecture and governance on all major international economic issues.

G20 Summit In Delhi
G20 Summit in Delhi

G20 Summit Objectives

Like every other summit happening in the world, the G20 summit also has some key objectives. These objectives deal with the relations of the two countries in all aspects. Below are the pointers that explain the objectives of G20 Summit 2023 New Delhi.

  1. Policy Coordination: The G20 aims to facilitate policy coordination among its member countries. This coordination is designed to achieve global economic stability and sustainable growth.
  2. Financial Regulation: Another significant objective is to promote financial regulations that reduce risks in the international financial system. This includes enhancing transparency, improving risk management, and preventing future financial crises. The G20 seeks to establish regulatory frameworks that make the global financial system more resilient.
  3. International Financial Architecture: This involves redesigning international financial institutions and mechanisms. It helps in reflecting the change in the global economic landscape. It also ensures their inclusive and effective nature in addressing global economic challenges.

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