2. The G20 is a forum of the twenty largest economies in the world
that meets regularly to discuss the most pressing issues facing the
global economy.
Together, the G20 accounts for more than 80% of world GDP, 75%
of global trade and 60% of the population of the planet. The
current members are Argentina, Australia, Brazil, Canada, China,
France, Germany, India, Indonesia, Italy, Japan, South Korea,
Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United
Kingdom and the United States, plus the European Union.
What is G20?
3. Participants:
The G20 or Group of 20 is an
intergovernmental forum
comprising 19 countries and the
European Union (EU)The G20 is
composed of most of the world's
largest economies' finance
ministries, including both
industrialised and developing
nations; it accounts for around
80% of gross world product
(GWP), 75% of international
trade, two-thirds of the global
population, and 60% of the
world's land area..
Goals:
It works to address
major issues related to
the global economy,
such as international
financial stability,
climate change
mitigation, and
sustainable
development.
G20 Summit
History:
The G20 was founded
in 1999 in response to
several world economic
crises. Since 2008, it
has convened at least
once a year, with
summits involving each
member's head of
government or state,
finance minister or
foreign minister, and
other high-ranking
officials.
4. India's role as host of the 2023 G20 Summit is an opportunity for the
country to showcase its economic and technological progress. It is also
an opportunity for India to play a leading role in shaping the global
agenda on issues such as climate change, sustainable development, and
trade.
Some of the key issues that are likely to be discussed at the G20 Summit
include:
• The global economic recovery from the COVID-19 pandemic.
• Climate change and sustainable development.
• Trade and investment.
• Digital transformation.
• Global health security.
India's presidency of the G20 Summit is an opportunity for the country
to make a significant contribution to addressing these global challenges.
Relevance to the G20 Summit
5. Key Agenda Of G20
2023
• Climate Change
• Trade
• Global Health
• Infrastructure
6. • Set ambitious emissions reduction targets: The G20 countries should
commit to ambitious emissions reduction targets that are aligned with
the Paris Agreement goal of limiting global warming to well below 2
degrees Celsius.
• Invest in renewable energy: The G20 countries should invest heavily in
renewable energy sources such as solar and wind power. This will help
to reduce greenhouse gas emissions and create jobs.
• Phase out fossil fuels: The G20 countries should develop a plan to phase
out fossil fuels over time. This will help to reduce greenhouse gas
emissions and improve air quality.
• Provide financial assistance to developing countries: The G20 countries
should provide financial assistance to developing countries to help them
transition to a low-carbon economy. This will help to reduce global
greenhouse gas emissions and promote sustainable development.
Climate Change
7. • Digital trade: Digital trade is growing rapidly, but there is no clear
international framework for regulating it. G20 leaders may discuss ways
to develop such a framework to ensure that digital trade is fair and
open.
• Trade and climate change: G20 leaders discussed ways to promote trade
in goods and services that can help to address climate change. For
example, they may discuss ways to reduce tariffs on renewable energy
products and to promote the trade in green technologies.
• Trade and development: G20 leaders discussed ways to use trade to
promote development in poorer countries. For example, they may
discuss ways to increase access to markets for developing country
exports and to provide technical assistance to help developing countries
benefit from trade.
Trade
8. • Health emergencies prevention, preparedness and response with a focus
on anti-microbial resistance and One Health framework: The G20 will
work to strengthen global capacity to prevent, prepare for, and respond
to health emergencies, including by addressing antimicrobial resistance
and promoting the One Health approach.
• Strengthening cooperation in the pharmaceutical sector with a focus on
access and availability to safe, effective, quality and affordable medical
countermeasures (Vaccines, Therapeutics and Diagnostics): The G20 will
work to strengthen cooperation in the pharmaceutical sector to improve
access and availability to safe, effective, quality, and affordable medical
countermeasures, such as vaccines, therapeutics, and diagnostics.
• Digital Health innovations and solutions to aid universal health coverage
and improve healthcare service delivery: The G20 will work to promote
the use of digital health innovations and solutions to advance universal
health coverage and improve healthcare service delivery.
Global Health
9. Infrastructure
• Financing infrastructure: Infrastructure development requires
significant investment. The G20 countries discussed ways to
mobilize public and private investment for infrastructure projects.
• Sustainable infrastructure: The G20 countries discussed ways to
develop sustainable infrastructure that is resilient to climate
change.
• Digital infrastructure: Digital infrastructure is essential for
economic growth and development. The G20 countries discussed
ways to promote the development and deployment of digital
infrastructure.
• Urban infrastructure: The world is becoming increasingly
urbanized. The G20 countries discussed ways to develop
sustainable and inclusive urban infrastructure.
10. African Union accepted as part of the G20: Prior to this, the
only African member of the G20 was South Africa
Key Outcomes of summit
India – Middle East – Europe Economic Corridor (IMEC):
During the G20 Summit in New Delhi, a Memorandum of
Understanding (MoU) was signed among the governments of
India, the U.S., Saudi Arabia, the European Union, the UAE,
France, Germany, and Italy to establish the India – Middle
East – Europe Economic Corridor. IMEC is envisioned as a
network of transportation routes encompassing railways
and sea lanes. Its primary objective is to promote economic
development by fostering integration between Asia, the
Arabian Gulf, and Europe.