Role at G20 Summit

The G20 or The Group of Twenty is not a legislative body but a forum. It means that its decisions impact policies of countries and global cooperation. It was established in 1999 by 20 countries with the world’s largest economies. The purpose of the G20 is to deal with and discuss significant issues relating to financial stability, international and digital economy, or promoting economic growth globally. The economies of each G20 summit are identifiable as important drivers. The countries of the G20 collectively represent more than 80% of GWP (gross world product), world trade of 75% and a world population of 60%. Among the economies of G20 countries, Turkey recorded the highest nominal GDP in 2021 at 11.0%.

Members of G20 Summit          

The member nations with the world’s largest economies represent 85% of the nominal GDP, of the total population. The members that formed the Group of Twenty in 1999 are as follows:

• Argentina 
• Australia
• Brazil
• Canada
• China
• European union
• France
• Germany
• India
• Indonesia
• Italy
• Japan
• Mexico
• Russia
• Saudi Arabia
• South Africa
• South Korea
• Turkey
• United Kingdom
• United States

Aim of G20 Summit

The G20 summit, earlier referred to as the “Summits of Financial Markets and the World Economy” is formed by rotating presidencies for its aims and activities in cooperation with the association. It is a platform where developing countries support countries with low incomes in executing the MDGs (Millennium Development Goals) and nationally driven plans required to fulfil developmental goals.

The Organisation for Cooperation and Development (OECD) acts as a strategic advisor and active partner to the G20 summit. It participates in all the meetings of the G20 and assists in defining the aim by developing narratives, analysing on an evidence basis to provide policy options, and working with the IMF for sustainable, strong and balanced development, etc. 

The discussions in the G20 meetings focus on topics like controlling financial markets, global economic growth and international trade. In the recent summit on 30 October 2021, topics discussed were SMEs (supporting small and medium-sized enterprises), sustainable development, women-owned business, etc., which play a crucial role in forming an environment for worldwide development and growth.

Role of India at G20 Summit

The G20 Osaka was the 14th G20 Summit held on 28th and 29th June 2019 in Osaka, Japan. It was the sixth time, our honourable Prime Minister, Mr Narendra Modi, attended the summit and represented India’s interest. 

‘Human-centred future society’ was the theme for the year. The focus on crucial issues which India discussed were climate change, economic growth, trade and WTO reforms, terrorism, defence, black money and corruption, data security concerns and 5G, etc. India showed clarity in its aim and appeared as a main player at the G20 Osaka. Leaders of different nations contributed to 85% of the world’s nominal GDP. India presented its worry over issues that are faced by most of the developing countries and was quite involved in various bi, tri and plurilateral talks with other member nations.

G20 Summit Meetings

The G20 is a summit of associated economies of countries brought together on the international financial forum to discuss various issues. The G20 presidency is hosted by a country for one year – from December to November. The main objective of each meeting is based on current events. The summit provides opportunities to raise a specific issue in the meeting for the leaders of individual countries. Some of the G20 Summits are as follows:

• Washington, hosted by the United States, 2008
• London, hosted by the United Kingdom, 2009
• Pittsburgh, hosted by the United States, 2009
• Toronto, hosted by Canada, 2010
• Seoul, hosted by South Korea, 2010
• Cannes, hosted by France, 2011
• San Jose del Cabo, Los Cabos, hosted by Mexico, 2012
• Saint Petersburg, hosted by Russia, 2013
• Brisbane, hosted by Australia, 2014
• Serik, Antalya hosted by Turkey, 2015
• Hangzhou, hosted by China, 2016
• Hamburg, hosted by Germany, 2017 
• Buenos Aires, hosted by Argentina, 2018
• Osaka, hosted by Japan, 2019
• Riyadh, hosted by Saudi Arabia, 2020
• Rome, hosted by Italy, 2021

Conclusion

The G20 or the Group of Twenty is an international forum founded after several economic crises by the economies of twenty countries. It was a response to the G7 (Group of Seven), which was criticised for being old-time and restrictive. G20 has temporary staff without any headquarters. G20 summits take place annually and the meeting on trade and digital economy took place in Japan to promote its agendas regarding significant issues such as trade, health, climate, etc. The G20 aims at promoting financial regulations, sustainable growth for everyone and coordination between the member nations to achieve economic stability.