PM Modi is attending the 19th G20 Summit scheduled for November 18 and 19, 2024, in Rio de Janeiro,Brazil.
- India is attending as a member of the G20 Troika, which includes India, Brazil, and South Africa.
G20 Troika System
- The G20 does not have a permanent charter or secretariat.
- Its presidency rotates annually and is supported by a Troika comprising the past, present, and future presidencies.
- This year, India forms the Troika with Brazil and South Africa.
- India hosted the G20 Summit in 2023.
- South Africa is set to host the G20 Summit in 2025.
|
Check Out UPSC Modules From PW Store
About G20
- Establishment: The G20 was founded in 1999 following the financial crisis of 1997-98 that impacted the Asian Tigers (East and Southeast Asian countries).
- Initially, it served as a forum for Finance Ministers and Central Bank Governors from major industrialized and developing economies.
- Elevation to Leader’s Level: In the aftermath of the 2008 global financial crisis, the G20 was upgraded to include Heads of State or Government.
- By 2009, it was designated as the “premier forum for international economic cooperation.“
- Membership: The G20 includes 19 countries and the European Union, recently joined by the African Union.
- Its members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkiye, the United Kingdom, and the United States.
- Structure of G20:
- Sherpa Track: Focuses on socio-economic issues like climate, health, agriculture, digital economy, and education. Sherpas coordinate negotiations and set the agenda for the summit.
- Finance Track: Led by Finance Ministers and Central Bank Governors, it addresses fiscal and monetary policy, typically meeting alongside World Bank and IMF conferences.
- Non-Binding Nature: The G20 operates as a consultative forum, meaning its decisions are not legally binding, and member countries are not obligated to implement them.
Significance of G20
- Focus on Global Issues: Through its various tracks, the G20 addresses critical global challenges, fostering international cooperation and economic stability.
- Economic Powerhouse: G20 Represents 85% of global GDP and drives 75% of global trade.
- Global Governance: Premier forum for international economic cooperation to global economic policies and regulations.
- Diverse Representation: Includes both developed and developing economies providing a platform for diverse perspectives and solutions.
November 19, 2024
