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The G20 is a multilateral platform that connects the world’s major developed and developing economies. The G20 aims to secure the future of the member states by discussing solutions of major issues like climate change and international financial stability and sustainable development.
This forum started in 1999 as a summit or meeting for the finance ministers and central banks. Later, it evolved into an annual summit involving the head of the states and the governments. The focus of the G20 summit is policy coordination between its member countries and achieving economic stability and sustainable growth and development.
Members of G20
The G20 is an international forum or assembly which aims to achieve international sustainable development. This organisation has brought the world’s leading, advanced, developed and developing economies together to gain international financial stability.
The G20 member countries are:
Argentina
Australia
Brazil
China
Canada
European Union
France
Germany
India
Indonesia
Italy
Japan
Mexico
Russia
Saudi Arabia
South Africa
South Korea
Turkey
United Kingdom
The United States of America
All these countries together represent around 90% of the global GDP, 80% of the global trade, and have two-thirds of the world’s population.
The G20 was founded on 26 September 1999 by the Group of 7 Organisation (G7). The current chairman of G20 is Joko Widodo, President of Indonesia.
Objectives of G20
The major objectives of the G20 are as follows:
The G20 aims to coordinate among its member countries to achieve global economic stability and sustainable growth.
It aims to promote financial regulations to reduce risk and prevent further economic and financial crises.
To innovate and create a new, advanced and updated international financial architecture.
Formation of G20
This assembly was held in response to the major financial crises and some growth recognition in the 1990s to discuss the key issues of global economic instability.
The first meeting was held in December 1990 in which the Finance Ministers and the Governors of the Central Bank of advanced and evolving countries were invited. This meeting was held in Berlin, Germany. Since then, the finance ministers of all the member countries and their central banks’ governors meet annually to discuss the global economic issues.
Structure of G20
The G20 carries out its operations and tasks without a permanent staff or secretariat. It has a system of chair rotation yearly among its member countries and is selected from a different regional grouping of countries. The current chair of the G20 is Mexico, whereas the next chair will be Russia. The G20 has two tracks: the Sherpa track and the Finance track. The Sherpa track looks after non-economic and financial issues, whereas the Finance track focuses on economic and financial issues.
Focus of G20 Summits
The G20 summit is about focusing on creating jobs and trade, and the assembly is working along with important organisations from all over the world to achieve its aims. Recent editions under the G20 summit are focused on global issues to bring attention to the macroeconomy, climate change, health issues, migration, terrorism and water crises.
Key Takeaways from the Summit
The 15th G20 summit held in November 2020 focuses on the following three major issues:
Empowering People: Creating appropriate conditions under which the youth, especially women, can work and live safely and with satisfaction.
Safeguarding the Planet: Promoting collective efforts to protect the earth from various future threats.
Shaping New Frontiers: Adopting long-term plans and strategies to share the benefits of innovation and technological advancement.
Points to Remember about G20 Summit
The G20 is an international forum for 20 member countries and their central bank governors. The major point to remember about the G20 summit is the discussion of critical issues such as terrorism, human trafficking, global warming and international financial conditions.
Major Issues G20 Will Work On
Agriculture and Food security: The G20 will now work on further security for agriculture and food security. It aims to improve global food security and sustain the food systems.
Digitalisation and Innovation: After Covid -19, the world has realised the importance of the digital platform, and people have observed major growth in the digital sector. The G20 has been supporting the role of digital platforms in innovation and growth.
Anti-corruption: The G20 has observed the negative impact of corruption on economic growth, trade and development.
Finance Markets and International Architecture: One of the major issues to work on is stabilising and strengthening the global financial system by contributing its expertise in capital flow, corporate governance, financial inclusion, consumer protection and financial education.
2030 Agenda and Development: The definition of the G20 development concepts are based on growth and resilience, and accelerating the low-income economy to participate in the G20 development working group.
Trade and Investment: The G20 has aimed to promote open markets, global value chains and the link between trade and investment.
Infrastructure Investment: One of the major agendas of the summit is to develop infrastructure as an asset for higher productivity, growth, facilities, connectivity and economic inclusion.
Climate and Energy: The G20 aims to put its best efforts to boost green energy, climate sustainability and low-emission economy.
Conclusion
The G20 is an important platform established with the aim to contribute to making the earth a better place to live in. This could be achieved by focusing on major issues of the world, like economic instability, climate change, corruption, updating the international financial architecture and many more. The summit aims to unite all the world leaders to face and bring a change in the world’s economic, health, and political issues to save and secure humanity.
