G-20 summit 2023

G-20 summit 2023: The G-20 is an international forum where 19 different sovereign nations, the Northern and African Union come together to address major issues related to the global economy, such as international financial stability, poverty rates, climate change, etc. As the world goes through various difficulties and challenges, the G-20 comes together to address pressing global issues, promote sustainable development, and advance economic stability throughout the whole world. The outcomes and decisions made in this summit decide the final move towards the issue from all nations.

In this article, we will read about the G-20 Summit 2023, countries, the India Presidency, Challenges, etc.

About G-20 Summit

The G-20 Summit location and presidency rotate annually among member countries. The country holding the presidency sets the agenda and hosts the summit.

These are the agendas which are discussed in the G-20 Summit:

• Global Economic Stability: Discussions usually focus on measures to ensure global economic stability and growth, especially in the wake of any ongoing economic challenges.
• Climate Change and Sustainability: Addressing climate change and promoting sustainable development are likely to be key agenda items.
• Healthcare and Pandemic Response: Post-COVID-19, there may be continued emphasis on global health security, pandemic preparedness, and vaccine distribution.
• Digital Economy and Technology: The summit might address issues related to the digital economy, cybersecurity, and the role of technology in economic development.
• Trade and Investment: Discussions on promoting free trade, addressing trade barriers, and fostering global investment are typical.

G20 India Presidency

For the first time, in India on September 10th-11th, 2023 G20 Leaders’ Summit was conducted after getting the presidency from Indonesia. It took place at the Bharat Mandapam International Exhibition- Convention Centre, New Delhi.

The central idea for India’s presidency in G20 was translated into “Vasudhaiva Kutumbkam” meaning “One earth. One Family. One Future.” which shows our plans on working as a joint effort with global communities. India also took climate change into major focus alongside integrating youth, developing skills and working on some top-priority issues within its G20 Presidency.

G20 Leaders’ Summit 2023

The key highlights and outcomes of this G20 Leaders’ Summit 2023 are:

1. Admittance of the African Union: G20 is now G21. G20 leaders agreed to admit the AU as a permanent member of the G20, which is a big step towards the representation of growing countries on a worldwide stage.
2. Global Biofuels Alliance (GBA): This initiative aimed to increase the use of biofuels and form partnerships between governments, industries, and organizations is led by India.
3. India-Middle East-Europe Economic Corridor (IMEC): To start IMEC, India’s government signed a MoU with the US, Italy, Germany, France and more. It is a big chain of systems whose aim is to provide linkage between various states and countries seeing which there are two modes; railways and sea route.

Key Takeaways From the G20 Summit 2022

Indonesia hosted the G20 Summit 2022 in Bali. Some of the key takeaways from G20 Summit of 2022 includes:

• Criticism of Russian Aggression: The member countries have decided to make a public announcement criticizing the aggression by Russia and demanded an immediate withdrawal from Ukraine.
• Focus on Global Economy: The G20 economies agreed in their declaration to pace interest rates rises and carefully to avoid spillovers.
• Digital Transformation: Members encouraged international collaboration to further develop digital skills and digital literacy to harness the positive impacts of digital transformation.

Challenges for G20 Countries

There are certain challenges for G20 countries, including the African Union, and some of them include:

• Impact of Russia-Ukraine War: Impact of Russia-Ukraine War has not only created geopolitical upheaval but also spiked global inflation. This has reduced the purchasing power of the countries and is hence downgrading the development.
• Impact of Rising Inflation: In response to high inflation, central banks across countries have raised interest rates which has dampened economic activity further.
• Slowdown of Major Economies: Many of the major engines for global growth like China are having a sharp slowdown in regard to its struggle in the real estate crisis.
• Rising Geopolitical Rifts: The increased conflicts between the US and China are leading to significant disturbances. The reduction of trading activities between European countries and the UK is due to the Brexit decision.

Indian Presidency in 2023

The Indian Presidency in 2023 is held by Smt. Droupadi Murmu who is the 15th and current President of India. She is the first tribal woman to hold the office and second female president after Pratibha Patil. She is also the youngest person to occupy the post and the first president born in an Independent India. She has also represented India in various international events and conferences such as the G20 Leaders’ Summit hosted by India in September.

History of the G20

G20 is a platform established in the early 1990s to discuss the economical crisis of that time. Gradually, the G20 has transformed into a platform that debates and talks about economic-related decisions.

G20’s primary focus has been the governance of global economies. The themes of these summits have varied from year to year. These themes can be a result of an ongoing crisis or a major recent event of global importance.

Number of Countries in G20+

The G20 brings together the world’s major and systemically important economies. The members of the G20 are:

1. Argentina

2. Australia

3. Brazil

4. Canada

5. China

6. France

7. Germany

8. India

9. Indonesia

10. Italy

11. Japan

12. Mexico

13. Russia

14. Saudi Arabia

15. South Africa

16. South Korea

17. Türkiye

18. United Kingdom

19. United States of America

List of G-20 Summits from 2008 to 2023

The Forum meets every year as it was established in the year 1999. Also, there is a combined meeting of the leaders since 2008. Some of the past summits include:

2008: Washington, D.C. (United States)

2009: London (United Kingdom)

2010: Pittsburgh (United States)

2011: Toronto (Canada)

2012: Los Cabos (Mexico)

2013: Saint Petersburg (Russia)

2014: Brisbane (Australia)

2015: Antalya (Turkey)

2016: Hangzhou (China)

2017: Hamburg (Germany)

2018: Buenos Aires (Argentina)

2019: Osaka (Japan)

2020: Riyadh (Saudi Arabia) (held virtually due to COVID-19)

2021: Rome (Italy)

2022: Bali (Indonesia)

2023: New Delhi (India)

The G20 summits bring together heads of state or government from member nations to discuss key issues, such as global health, climate, and other pressing global issues.

What is the G20+?

G20+ refers to the G20 group of countries plus some other countries or regions who are invited to participate in the G20 Summit. This can vary on the agendas of the summits or the preferences of the host countries. The G20 goals are to enhance the inclusivity and representation of the G20 forum. It additionally lets diverse views and inputs from stakeholders at the important problems that require international considerations.

The G20 isn’t a proper or permanent corporation, but as a substitute a casual and flexible association that can alternate from year to year. It is mainly driven by the host country’s agenda and priorities, as well as the consensus of the G20 contcontributors. G20+ is also influenced by the engagement groups, which bring together civil societies, parliamentarians, think tanks, women, youth, labor, businesses, and researchers of the G20.

What did India do at the G20 2023 Summit?

India chaired the G20 Leaders’ Summit on Sep 9, 2023, in New Delhi for the first time. Members of the Global Biofuels Alliance will focus the power of policies, partners and innovation to expand and everything relevant therein.

India, in addition to the caretaking responsibilities, took some important decisions in favour of its own interest. This included laying the IMEC corridor and adopting a document about improved financial increased African union’s inclusion within; meetings held during the day. The IMEC Corridor is a crucial delivery network that targets to increase economic improvement via encouraging financial connectivity and integration among member countries.

Conclusion – G-20 summit 2023

In conclusion, the G20 Summit focuses on dealing with global challenges, promoting sustainable development, and adopting economic stability globally. This event eventually focuses on shaping the future of the world. The G20 Leaders’ Summit that was held on September 9, 2023, was an important event that brought together the heads of state and government of the world’s 20 major economies to discuss and formulate policies on issues that needed global deliberation.

FAQs on G-20 summit 2023

1. What is the purpose of the G20?

The primary purpose of G20 summit is to collectively tackle the common issues in the whole world such as sustainability development, climate change, etc.

2. What are the G20 countries?

The latest G20 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; the United States; and the European Union.

3. What distinguishes the G7 from the G20?

There are various factors on which G7 and G20 can be differentiated but one of the primary difference is that G7 completely focuses over political concerns in the whole world like wars, climate change, natural disasters, etc. whereas G20 give its concern on economic and financial policies.

4. Are the G20 conferences not too expensive?

While it’s true that the G20 conferences and summits cost some funds, the results gotten so far display that the political and monetary gains outstrip the initial expense.

5. Does the G20 put economically weaker countries at a disadvantage?

The G20 discussion board is focused towards solving international challenges that can only be handled by countries taking joint action. These demanding situations additionally affect different countries in addition to the G20 participants. The initiatives, and many more, are precisely in the interests of non-G20 contributors. In addition, representatives of non-G20 countries, which sometimes include economically weaker countries, additionally participate in G20 meetings as visitors.

6. What is the Sherpa Track?

The G20 summits are prepared by “sherpas,” who’re typically senior members of the staff of the heads of state and government. The summits for the heads of state and government were integrated into the G20 technique in 2008 as a response to the financial disaster.