Ananya Gupta
September 13, 2023 10:30
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What is G20 Summit: The G20, or Group of Twenty, is an international forum comprising 19 major economies and the European Union. Established in 26 September 1999, it serves as a platform for annual discussions on global economic and financial cooperation.
The G20 (Group of Twenty), is a coalition of twenty major economies that convene to engage in discussions and coordinate international economic policies. This assembly was established in 1999 in the aftermath of the Asian financial crisis, with the primary objective of fostering dialogue and cooperation among its member states. The G20 comprises a diverse mix of both developed and developing nations, representing a cross-section of the global economic landscape.
The G20’s member nations include 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.
1. Economic Policy Coordination:
The G20 serves as a critical platform for member countries to engage in discussions and harmonize economic policies. This coordination helps prevent destabilizing actions like currency wars and trade protectionism.
During the global financial crisis of 2008, the G20 played a pivotal role in facilitating the coordination of stimulus packages and financial sector reforms to stabilize the global economy.
2. Financial Stability:
The G20 plays a pivotal role in promoting global financial stability by addressing issues such as banking regulations, cross-border financial flows, and the supervision of financial institutions.
It established the Financial Stability Board (FSB), tasked with monitoring and offering recommendations on the stability of the global financial system.
3. Trade and Investment:
Trade and investment are central pillars of the G20’s agenda. Member nations collaborate to promote the principles of free and fair trade, reduce trade barriers, and facilitate investment.
G20 summits provide leaders with a platform to address trade disputes and advance multilateral trade negotiations.
4. Development and Inclusivity:
The G20 acknowledges the significance of development and inclusivity in its agenda. It addresses issues such as poverty reduction, sustainable development, and universal access to education and healthcare.
Initiatives like the Compact with Africa seek to enhance the investment climate and stimulate economic development in African nations.
Through these key functions, the G20 plays a pivotal role in shaping international economic policy, fostering global financial stability, advancing trade and investment initiatives, and promoting development and inclusivity on the world stage.
The G20 functions through a structured series of meetings, each serving distinct purposes and contributing to the organization’s overall mission. Here’s a breakdown of how the G20 operates:
1. Leaders’ Summit:
The pinnacle of G20 activities is the annual G20 Leaders’ Summit, during which heads of state and government from member nations convene.
These high-profile gatherings provide a platform for formal and informal discussions among leaders, resulting in the issuance of joint communiqués.
Leaders set the agenda for the G20’s work, addressing major global issues and making key decisions.
2. Finance Ministers and Central Bank Governors:
Finance ministers and central bank governors hold regular meetings to deliberate on economic and financial matters of global significance.
Their primary role is to prepare policy recommendations for presentation at the leaders’ summit.
Topics covered in these meetings include fiscal policy, monetary policy, and international financial stability.
3. Working Groups:
The G20 operates through a network of specialized working groups, each dedicated to addressing specific issues or thematic areas.
These working groups bring together experts and officials from member countries who collaborate on policy development and recommendations.
Working groups can cover a wide range of topics, such as agriculture, energy, climate change, and more.
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The G20 Summit in 2023 represents a significant moment for India to make meaningful contributions to global discussions on pressing worldwide issues. The overarching theme, “One Earth, One Family, One Future,” encapsulates India’s vision of fostering unity and equality, transcending the traditional distinctions between developed and developing nations.
As the host of the G20 Presidency, India is set to host nearly 200 meetings spread across 32 locations throughout the country. This widespread engagement underscores India’s commitment to facilitating comprehensive and inclusive discussions on critical global matters.
Under the banner of “One Earth, One Family, One Future” or “Vasudhaiva Kutumba-Kam,” India will actively pursue international agreements and advocate for reforms within multilateral organizations such as the United Nations. These efforts are geared towards shaping a new global order better suited to the post-Covid era.
India’s role as the host nation also provides a unique opportunity to represent the interests of the Global South on the global stage. It empowers India to act as a leader and advocate for the priorities and concerns of countries in the developing world.
Given the urgency of issues such as global warming, the ongoing COVID-19 pandemic, and conflicts like the one in Ukraine, the G20 Summit has gained increasing significance as a vital platform for addressing these pressing challenges. India’s leadership during this summit can contribute to fostering international cooperation and finding solutions to these urgent global issues.
The full form of G20 is Group of Twenty. G20, or Group of Twenty, is an international forum composed of 19 individual countries and the European Union. It was established to facilitate discussions and cooperation on global economic and financial issues. The G20 member countries represent a significant portion of the world’s population, landmass, and economic activity, making it a crucial platform for addressing various international challenges.
The primary objectives of the G20 include promoting global economic stability, sustainable development, and inclusive growth. Member nations meet annually to discuss a wide range of issues, including monetary policy, trade, climate change, energy, and efforts to combat global poverty.
The G20 is known for its summit meetings, which bring together heads of state and government, finance ministers, central bank governors, and other high-level officials. These meetings serve as a platform for leaders to engage in dialogue, coordinate policies, and work towards consensus on pressing global matters.
Over the years, the G20 has played a significant role in responding to international economic crises, such as the 2008 financial crisis, by coordinating economic policies and providing a forum for leaders to collaborate on solutions.
In addition to its economic focus, the G20 has expanded its agenda to include discussions on a wide range of global challenges, from health emergencies like the COVID-19 pandemic to security issues and environmental concerns.
Overall, the G20 is a critical forum for international cooperation and decision-making, with the goal of addressing complex global issues and promoting stability and prosperity worldwide.
| G20 Full Form | |
|---|---|
| G20 Full Form | Group of Twenty |
| Countries | 19 countries + European Union |
| Established | 26 September 1999 |
| Purpose | Global economic and financial coordination and cooperation |
| Focus Area | Economic stability, financial regulation, trade, development, climate change, and more |
| Theme of G20 Summit 2023 | ‘Vasudhaiva Kutumbakam — One Earth, One Family, One Future |
India is gearing up to host the highly anticipated G20 Summit in the vibrant city of New Delhi from September 9th to 10th. This prestigious gathering of global leaders will take place at the state-of-the-art Bharat Mandapam Convention Centre, located within the sprawling Pragati Maidan Complex in the heart of New Delhi.
The summit promises to be a momentous occasion, as influential leaders from around the world are set to converge in Delhi for three days of intensive discussions. The agenda will encompass a wide range of critical topics, including economic policies, environmental sustainability, infrastructure development, and sustainable growth, among others.
In anticipation of this significant event, local authorities have implemented various measures to ensure the smooth flow of traffic in the city. To minimize disruptions and facilitate the movement of summit attendees, schools, colleges, and offices in the city will remain closed for the duration of the summit.
Delhi is adorned with a striking display of artistry, featuring murals, statues, fountains, and lush greenery along the routes that world leaders will traverse. This artistic transformation serves as a fitting backdrop to welcome and honor the distinguished guests, enhancing the city’s aesthetic appeal during this momentous occasion.
Delhi, India, is buzzing with anticipation as leaders from the world’s top economies prepare to arrive for the upcoming G20 summit scheduled for September 9-10. The national capital is dressed in its finest to extend a warm welcome to the distinguished delegates who will converge for this momentous event.
The main venue, Bharat Mandapam at Pragati Maidan, has been transformed into a radiant spectacle, adorned with an array of plants, flowers, and festive decorations. A majestic 28-foot-tall Nataraja statue graces the venue, illuminating the night with its gleam.
India has embraced an optimistic slogan, “One Earth, One Family, One Future,” for the G20 Summit 2023, symbolizing the country’s commitment to global unity and cooperation. The G20 comprises 19 countries along with the European Union, collectively representing approximately 85% of the global GDP and two-thirds of the world’s population.
To ensure the smooth conduct of the event, the India Meteorological Department has installed an additional automatic weather station near Pragati Maidan, the summit’s venue. This station will provide specialized and real-time weather forecasts tailored for the high-level gathering.
The India Meteorological Department’s dedicated webpage, accessible at mausam.imd.gov.in/g20, will offer real-time data from the newly deployed automatic weather station (AWS) near the G20 Summit venue. This invaluable resource will provide precise information on air temperature, humidity, wind speed and direction, and rainfall, enhancing the summit’s logistical planning.
In the realm of security, Uttar Pradesh has deployed a formidable force of a thousand police personnel to safeguard the arriving delegates at the Hindon Airport. Personnel will also be stationed on the rooftops of nearby high-rise buildings, and residents have been kindly requested to refrain from using terraces during the movement of delegates.
As the countdown to the G20 Summit begins, Delhi stands ready to host this prestigious gathering of global leaders, fostering dialogue and cooperation for a brighter collective future.
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The G20 is important for India for several reasons:
Global Influence: As one of the world’s largest economies, India’s participation in the G20 allows it to have a say in shaping global economic policies and governance. It provides India with a platform to advocate for its interests and priorities on the world stage.
Economic Growth: The G20 discussions often focus on economic stability, growth, and development. India can use its position in the G20 to promote policies that support its economic growth and development agenda.
Global Challenges: The G20 addresses a wide range of global challenges, including climate change, sustainable development, and health crises like the COVID-19 pandemic. India’s involvement in these discussions is crucial as it faces many of these challenges on a large scale.
Bilateral Relations: The G20 provides an opportunity for India to engage in bilateral discussions and negotiations with other major economies. It can use these meetings to strengthen its diplomatic and economic ties.
Reforms: India can advocate for reforms in international financial institutions like the IMF and World Bank, which can benefit both India and other developing nations.
Trade and Investment: The G20 discussions on trade and investment can have a significant impact on India’s trade policies and economic partnerships with other countries.
Global Cooperation: In a rapidly changing global landscape, cooperation among major economies is essential. The G20 serves as a platform for coordinating responses to global crises and challenges.
Leadership Role: As the host of the G20 Presidency, India has the opportunity to assume a leadership role representing the interests of not only itself but also the Global South. This can help shape the global agenda in a more inclusive manner.
Overall, India’s participation in the G20 is crucial for advancing its economic and diplomatic interests on the global stage and addressing pressing global challenges.
The origins of the Group of Twenty (G20) can be traced back to the Asian financial crisis of 1997-1998, which had a profound impact on the economies of East and Southeast Asia. It was in response to this crisis that the G20 was established in 1999. Initially, it functioned as a platform for discussions among Central Bank Governors and Finance Ministers from both major industrialized nations and developing economies. Their primary focus was on addressing issues related to global economic and financial stability.
The G20’s role and significance evolved significantly over time. After the global financial crisis of 2008, it became evident that effective coordination to manage and mitigate such crises would require involvement at the highest political level. As a result, the G20 was elevated to the level of Heads of State or Government, reflecting its increasing importance in the realm of international economic cooperation.
In 2009, the G20 was officially recognized as the “premier forum for international economic cooperation.” Since then, G20 Leaders have convened regularly, and the G20 has emerged as the foremost platform for fostering global economic collaboration. This transformation underscores the G20’s critical role in addressing pressing global challenges and shaping international economic policies to promote stability and prosperity worldwide.
The Group of Twenty, commonly known as the G20, is an international forum comprised of 19 individual countries and the European Union. These member countries are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, United States and European Union (EU) is also a member of the G20, represented by the European Commission and the European Central Bank.
These G20 member countries, along with the EU, come together to discuss and collaborate on various global economic and financial issues, as well as other important international challenges. The G20 serves as a platform for high-level dialogue and cooperation among some of the world’s largest and most influential economies.
The G20 (Group of Twenty) does not have a permanent headquarters like some international organizations. Instead, the G20 operates through a rotating presidency system. Each year, one member country takes on the role of the G20 presidency and hosts the annual G20 Leaders’ Summit, which is the most significant event within the G20 framework.
The G20 presidency is responsible for organizing and hosting various meetings, conferences, and discussions throughout the year, culminating in the Leaders’ Summit. These events can take place in various locations within the host country, and the presidency sets the agenda for the year. The presidency rotates among the member countries, ensuring that each member has an opportunity to lead the group.
The host country for the G20 presidency provides the necessary logistical support and facilities for the summit and associated meetings. The specific location of these events may vary from year to year.
The primary mission of the G20 is to foster collaborative efforts aimed at ensuring financial stability, as well as fostering economic growth and development, particularly in both developing and industrialized regions. This international forum brings together finance ministers and central bank governors from some of the world’s most influential economies.
One of the key focuses of the G20 is to assess macroeconomic policies that have a significant impact on the global economy. Also, there is a concerted commitment to address critical environmental issues, such as the reduction of harmful methane emissions and the mitigation of global warming.
In response to the COVID-19 pandemic, G20 leaders made a collective pledge to vaccinate 70% of the global population against the virus by mid-2022. During the height of the pandemic, major economies within the G20 group decided to provide relief to the world’s poorest countries by suspending debt payments, offering much-needed financial support to developing nations.
The 16th G20 meeting held in Rome in 2021 saw the signing of an agreement among 140 countries to comprehensively review the international corporate taxation process, reflecting the G20’s commitment to addressing global economic challenges.
The G20 Summit in Argentina in 2018 played a pivotal role in expanding the G20’s agenda to encompass fair and sustainable development as a central theme, emphasizing the importance of equitable progress.
Notably, the 2016 G20 Summit in China had a significant focus on the adoption of the Paris Agreement on Climate Change, demonstrating the G20’s dedication to addressing pressing environmental concerns and fostering global cooperation in combating climate change.
India’s G20 Presidency marks a significant chapter in its journey toward a sustainable and inclusive future. With a resolute focus on the theme of “One Earth-One Family-One Future,” India is dedicated to fostering global cooperation and promoting environmentally responsible choices to pave the way for a cleaner and greener world.
The emblem of India’s G20 Presidency beautifully combines the lotus, the nation’s revered flower, with the Earth itself, symbolizing a profound harmony with nature and a resolute commitment to a pro-planet way of life. The colors featured in the logo draw inspiration from India’s national flag, representing the values of saffron, white, green, and blue.
Central to the G20 Presidency’s theme is the concept of LiFE (Lifestyle for Environment), advocating for environmentally sustainable choices both in individual lifestyles and national development. This forward-looking approach seeks to initiate transformative global actions that contribute to a future characterized by enhanced cleanliness, environmental responsibility, and a deep-blue planet.
The timing of India’s G20 Presidency aligns with the commencement of “Amrit Kaal, ” a 25-year period extending from India’s 75th independence anniversary to its centenary. During this transformative era, India aspires to build a futuristic, inclusive, and prosperous society. The approach is firmly centered around the well-being and development of people, championing a people-centric approach that prioritizes human flourishing.
India’s G20 Presidency is not only a momentous occasion for the nation but also a testament to its commitment to fostering a more sustainable, inclusive, and environmentally conscious world for all.
The 18th G20 Summit is marked by the theme of “Vasudhaiva Kutumbakam”, a Sanskrit phrase that translates to “One Earth, One Family, One Future”. This phrase find the spirit of togetherness and unity, and is believed to have first been expressed in the ancient Sanskrit literature of the Maha Upanishad. Its message of peace, harmony and a collective responsibility for our planet is one that transcends time and culture, and it serves as a reminder that we should strive towards creating a better future for all life on Earth.
G20 in Delhi- G20 (or Group of Twenty) is an international forum for governments and central bank governors from 20 major economies. The G20 was founded in 1999 with the aim to promote global financial stability and discuss/address matters related to international economic cooperation. The members of the G20 include 19 countries plus the European Union, representing 85% of global gross domestic product, two thirds of world population, and over 75% of international trade.
The 2023 G20 summit will be held in Delhi, India on 9 September 2023 to10 September, 2023. This important event will provide a platform for leaders from around the globe to come together and discuss topics surrounding global economic development, corruption control, climate change adaptation strategies, and health policies among other things. At the summit policy makers will also have an opportunity to share best practices towards achieving sustainable development goals while fostering inclusive growth across all sectors globally.
The G20 functions through a well-defined structure of meetings and tracks, with the aim of facilitating global economic cooperation and addressing critical issues. Here’s a breakdown of its structure and functioning:
The G20 meetings and tracks refer to the various gatherings and channels through which the Group of Twenty (G20) conducts its discussions, negotiations, and collaborations. The G20 operates through two primary tracks: the Finance Track and the Sherpa Track.
Finance Track: The G20’s Finance Track is a crucial component that operates through annual meetings of Finance Ministers and Central Bank Governors. These high-level financial officials from member countries meet four times a year, with two meetings taking place on the sidelines of World Bank and International Monetary Fund (IMF) gatherings. The Finance Track focuses on fiscal and monetary policy matters, including discussions related to the global economy, infrastructure, financial regulation, financial inclusion, international financial architecture, and international taxation.
Sherpa Track: The Sherpa Track is another pivotal aspect of the G20’s functioning. Each member country appoints a Sherpa, who serves as a personal emissary of their country’s leader. Sherpas concentrate on a wide range of socio-economic issues, encompassing areas such as agriculture, anti-corruption, climate change, the digital economy, education, employment, energy, environment, health, tourism, trade, and investment. They oversee negotiations throughout the year, discuss the Summit’s agenda, and coordinate the substantive work of the G20, including preparations and follow-ups on issues and commitments adopted at the Leaders’ Summit.
Troika: The G20 operates without a formal charter or secretariat. Instead, it relies on the Troika, consisting of the previous, current, and incoming presidencies. The Troika supports the G20 Presidency by providing continuity and assistance in hosting the Summit and directing the agenda for an entire calendar year.
Non-Binding Forum: Decisions made within the G20 framework are not legally binding on member countries. While they represent a consensus among participants, member countries are not obligated to implement them.
Working with International Organizations: G20 member countries collaborate closely with international organizations such as the International Monetary Fund (IMF), the World Bank, and the World Trade Organization (WTO). This collaboration enhances the G20’s capacity to address global economic challenges effectively and aligns its efforts with those of major international bodies.
The G20’s structured approach to meetings and tracks, along with the Troika’s support, enables the forum to foster dialogue, coordination, and consensus among major economies on key global issues, despite being a non-binding platform.
The G20 Summit in 2023 holds significant global importance due to its potential impact on various critical issues and its role in shaping international policies. While I don’t have access to real-time information about the specific agenda and outcomes of the 2023 summit, I can highlight some potential areas of significance:
1. Global Economic Recovery: The aftermath of the COVID-19 pandemic continues to affect economies worldwide. The G20 can play a crucial role in coordinating efforts to support economic recovery, stabilize financial markets, and address challenges related to trade, investment, and supply chains.
2. Climate Change and Sustainability: Climate change remains one of the most pressing global challenges. The G20 can use its platform to discuss climate action, set targets for emissions reduction, and promote sustainable development practices. With the theme of “One Earth, One Family, One Future,” the 2023 summit may emphasize environmental responsibility.
3. Health Security: The ongoing COVID-19 pandemic underscores the need for global health security and pandemic preparedness. The G20 can discuss strategies for preventing and responding to future health crises, including vaccine distribution, healthcare infrastructure, and international cooperation on health research.
4. Trade and Geopolitical Tensions: The G20 can address trade tensions and promote a rules-based international trading system. Discussions on resolving trade disputes and promoting fair trade practices are crucial for global economic stability.
5. Digital Economy and Technology: The digital economy and technological advancements are transforming industries and societies. The G20 can explore policies related to digital governance, data privacy, cybersecurity, and digital inclusion.
6. Social and Economic Inclusion: The G20 may focus on inclusive economic growth, addressing inequality, and promoting opportunities for all. This can include discussions on education, employment, social protection, and financial inclusion.
7. Geopolitical Cooperation: The G20 provides a platform for major powers to engage in diplomatic dialogue and collaboration. The summit can be an opportunity for leaders to discuss geopolitical tensions, conflict resolution, and regional stability.
8. Humanitarian and Development Initiatives: The G20 can support global efforts to alleviate poverty, promote sustainable development, and address humanitarian crises. Initiatives related to food security, clean water, and education may be on the agenda.
9. Global Governance and Reforms: Discussions on international governance structures, including the United Nations and international financial institutions, can be part of the G20’s focus. Member countries may explore ways to enhance the effectiveness and inclusivity of these organizations.
10. Bridging North-South Divides: The G20 provides a platform for dialogue between developed and developing countries. It can be an opportunity for the Global South to voice its concerns and for the Global North to address issues related to development assistance and debt relief.
India assumed the presidency of the G20 on December 1, 2023, following the previous summit held in Bali, Indonesia. As the host country, India is preparing to welcome delegates from 20 nations who will participate in the G20 meeting scheduled for September 9 and 10, 2023, at Pragati Maidan. This summit is a significant event that brings together leaders from major economies to discuss pressing global issues.
While the G20 has undoubtedly played a crucial role in shaping global economic policies, it grapples with several challenges and limitations that can affect its effectiveness:
1. Difficulty in Reaching Consensus: The G20 consists of countries with diverse economic and political systems, making it challenging to achieve consensus on crucial issues. For instance, during the 2008 global financial crisis, the G20 faced significant struggles in developing a coordinated response due to varying national interests and priorities. Similarly, issues like climate change and geopolitical tensions, such as the Russia-Ukraine crisis, have sparked internal friction within the group, impacting its ability to reach a unified stance. This has been observable during the Bali G20 summit and the current India’s G20 presidency.
2. Absence of a Permanent Secretariat: The G20 lacks a permanent secretariat or administrative body to oversee and facilitate its activities. This absence can lead to inefficiencies in monitoring and coordination as discussions expand, which may hinder the timely implementation of decisions and initiatives.
3. Non-Binding Decisions: One of the fundamental limitations of the G20 is that the decisions made during its meetings are non-binding. While member countries voluntarily commit to various agreements and initiatives, there is no mechanism in place to enforce compliance. For example, even though the G20 countries agreed to guidelines for preventing the financing of terrorism, there is no means to ensure that these guidelines are consistently adhered to.
4. Limited Membership: The G20’s membership includes only 19 countries and the European Union. This limited representation means that other significant economies are not part of the group. Expanding the membership could help ensure that the G20 is more representative of the global economy, which would enhance its legitimacy and capacity to address a broader range of global issues.
India’s approach to the G20 Summit in 2023 encompasses a comprehensive set of priorities and initiatives aimed at addressing critical global challenges:
1. Green Development, Climate Finance, and LiFE (Lifestyle for Environment): India places a strong emphasis on combating climate change through the promotion of climate technology and finance. Additionally, India is committed to ensuring equitable energy transitions, particularly for developing nations. The Lifestyle for Environment (LiFE) initiative underscores the importance of sustainable choices in individual lifestyles to promote environmental responsibility.
2. Accelerated, Inclusive & Resilient Growth: India’s agenda includes initiatives designed to drive structural change in the global economy. This involves supporting small and medium-sized businesses in international trade, advancing labor rights and welfare, addressing the global skills gap, and fostering the development of inclusive agricultural value chains and food systems.
3. Accelerating Progress on SDGs: India reaffirms its commitment to achieving the Sustainable Development Goals (SDGs) outlined in the 2030 Agenda. The emphasis is on addressing the far-reaching effects of the COVID-19 pandemic and accelerating progress toward these vital goals.
4. Technological Transformation and Digital Public Infrastructure: India advocates for a human-centric approach to technology and knowledge exchange. The focus extends to areas such as financial inclusion, the development of robust digital public infrastructure, and leveraging technology for advancements in sectors like agriculture and education.
5. Multilateral Institutions for the 21st Century: India is dedicated to reforming multilateralism to create a more accountable, inclusive, and representative global order. This reformed framework aims to address the multifaceted challenges of the twenty-first century effectively.
6. Women-led Development: India underscores the importance of inclusive growth and development with a particular focus on women’s empowerment and representation. Promoting socio-economic development and achieving the SDGs are central aspects of this initiative.
The G20 Summit in 2022, known as the Bali Summit, took place on November 15, 2022, with Indonesia at the helm. This summit centered on addressing critical global issues with a focus on the following key priorities:
1. Global Health Architecture: The G20 in 2022 recognized the significance of strengthening global health systems and architecture, particularly in the wake of the COVID-19 pandemic. Discussions and initiatives were aimed at enhancing international collaboration to prevent and respond to health crises effectively.
2. Digital Transformation: Acknowledging the transformative impact of digital technologies on societies and economies, the summit emphasized the need for responsible and inclusive digital transformation. This included discussions on digital governance, cybersecurity, and leveraging technology for sustainable development.
3. Sustainable Energy Transition: The G20 leaders recognized the urgency of transitioning to sustainable energy sources to combat climate change. The summit deliberated on strategies and policies to accelerate the shift to renewable and clean energy, reduce greenhouse gas emissions, and promote environmental sustainability.
Every year, the G20 Summit brings together leaders of the twenty member countries for a series of important discussions on economic policies and matters of shared interests. In 2021, under the presidency of Italy, the G20 Summit was held with its theme “People, Planet, Prosperity” and concluded with the adoption of the Rome Declaration. This declaration not only served as a commitment to preserve global security but also declared support to the Global Partnership for Financial Inclusion in monitoring National Remittances Plans.
The G20 Summit is an important gathering that allows countries to exchange ideas and come up with innovative solutions to address global economic issues. Its objectives are to promote financial stability and sustainable economic growth by encouraging cooperation among its members in areas such as taxation, trade, climate change, development and labour markets. Through such gatherings, countries are able to find common ground and pave ways for mutual prosperity.
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