The G20 Summit, planned for September 9-10, 2023 will be making history as it will be the first G20 Summit to be hosted by India. This summit, extending for two days, will observe the participation of both the member nations and guest nations. The central focus of this summit is to revolve around discussions regarding various economic reform measures.
What does G20 refer to?
G20 (the Group of Twenty), established in 1999, is an association of twenty of the world’s largest economies. The primary objective behind the establishment was to create a platform where major industrialized and emerging economies could gather to engage in conversations about global economic and financial stability.
The G20 members collectively represent roughly 85% of the World’s Gross Domestic Product (GDP), more than 75% of the global trade, and about two-thirds of the world’s population.
Which countries are a part of G20?
The G20 is a prominent international assembly comprising 19 individual nations (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, and the united states) along with the European Union.
How does G20 work?
As per the central government website on the G20 Summit, the G20 was upgraded to the level of heads of state and government following the global economic and financial crisis of 2007. In 2009, it was officially recognized as the “premier forum for international economic conception.
The responsibility of overseeing the agenda of G20 rotates on a yearly basis. In 2022, Indonesia assumed the role of G20 presidency and following that, Brazil is scheduled to take on the presidency for the upcoming year.
Within the G20, there exists two parallel racks: the Finance Track, and the Sherpa Track. The Finance Track is led by Finance Ministers and the Central Bank Governors, whereas the Sherpa Track is guided by Sherpas who closely follow the Finance Track.
The G20 process from the Sherpa side is coordinated by the Sherpas of member countries, who act as a personal representative of the Leaders. The Finance Track, on the other hand, is directed by the Finance Ministers and Central Bank Governors of the member countries.
Which venue is decided for the G20 Summit 2023?
The G20 Summit is scheduled to take place on September 9 and 10 at the ‘Bharat Mandappam’ within the ITPO Convention Centre located at the Pragati Maidan in New Delhi. In addition to the primary summit location, foreign delegates are also expected to visit the key venues in the national capital including Rajghat, IARI Pusa, and NGMA (Jaipur House).
Full Schedule of G20
Sept 3-6- 4th Sherpa Meeting
Sept 5-6- Finance Deputies Meeting
Sept 6- Joint meeting of Sherpas and Finance Deputies
Sept 9-10- Meeting of Ministers at the G20 Summit
Sept 13-14- 4th Sustainable Finance Working Group Meeting in Varanasi
Sept 14-16- 4th Meeting for the Global Partnership for Financial Inclusion in Mumbai
Sept 18-19- 4th Framework Working Group Meeting in Raipur
Theme of G20 Summit 2023
The theme of this international summit is “Vasudhaiva Kutumbakam” or “One Earth. One Family. One Future.” which is derived from the famous ancient Sanskrit Text, Maha Upanishad. This theme, conveying the idea of worldwide unity, serves as a perfect slogan for the international assembly.