The Group of Twenty (G20), a forum for the governments and central bank governors of the 20 major economies in the world, will hold its 18th summit in 2023. The summit will take place from September 22–23, 2023, in New Delhi, India. “One Earth, One Family, One Future” is the theme of the G20 summit in 2023. This topic represents India’s dedication to multilateralism and its conviction that cooperation is the only way to find solutions to the world’s issues. The presidents of the G20 nations as well as guests from other nations and international organizations will be present at the meeting. A wide range of topics, such as the global economy, climate change, and sustainable development, will be covered by the leaders. India has a significant opportunity to demonstrate its political and economic leadership at the G20 Summit. India has the chance to collaborate with other nations to address the problems the world is now facing.
WHAT IS THE G20?
The Group of Twenty (G20), a grouping of twenty of the major economies in the world that was established in 1999, was intended to serve as a forum for discussion of global economic and financial stability by bringing together the most significant industrialized and emerging economies. Its yearly summit, a meeting of the G20 leaders that began in 2008, has developed into a significant forum for talking about economics as well as other crucial global concerns. On occasion, significant international accords have resulted from bilateral discussions held outside of the summit. However, the group’s coherence has since deteriorated, and analysts have criticized its mediocre reaction to the COVID-19 epidemic. The group’s powerful response to the 2008 financial crisis was one of its most notable accomplishments.
Under President Donald Trump, disagreements arose between the United States and the other members of the group on trade, climate change, and immigration laws. In order to achieve a new worldwide deal on corporate taxation, President Joe Biden promised a return to multilateral collaboration. However, as high- and low-income countries have grown more divided on important issues, tensions have continued to rise. Conflicts about Russia’s participation in the group and the consequences of the war in Ukraine for the economy and humanitarian aid were the main topics of discussion during the 2022 summit in Bali, Indonesia.
WHO IS IN THE G20?
The G20 is an organization made up of the European Union (EU) and 19 nations, some of which have some of the greatest economies in the world. The nations are Argentina, Australia, Brazil, Canada, China, France, Germany, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom (UK), and the United States. Spain is welcomed as an ongoing guest.
At a summit in late 2022, Biden declared that the United States would support the African Union (AU), a confederation of fifty-five African states, becoming a member. Other G20 members have previously indicated support, like China and France. The AU would join the group if it were authorized, becoming the first new member since it began.
The leaders of the G20 nations gather annually to coordinate policies on a variety of areas of shared interest while mostly discussing economic and financial challenges. Examples include when the G20 considered how to handle a clandestine Iranian nuclear plant at the summit in 2009 and when the group discussed how to implement a partial cease-fire in Syria at the summit in 2017. The G20 does not have a permanent headquarters, offices, or staff. Instead, its members alternate in leadership on an annual basis, decisions are reached by consensus, and implementation of its program is contingent on the political will of the various states.
WHY DOES THE G20 MATTER?
The G20 countries collectively represent over 60% of the world’s population, nearly 75% of global exports, and about 80% of the world’s economic output. As larger emerging economies take up a substantially increasing share of the global economy, these numbers have stayed mostly consistent while the corresponding rates for the collection of Seven (G7) nations, a smaller collection of advanced democracies, have decreased.
To bring together the finance ministers and central bankers of twenty of the greatest developed and developing countries in the world, the G20 was established in 1999 in the wake of the Asian financial crisis. The G20 was expanded to include heads of state and government a decade later, at the height of the world economic crisis. Many professionals give the G20 credit for taking swift action; former CFR fellow Stewart Patrick claimed the organization “rescued a global financial system in free fall.” In 2008 and 2009, the G20 nations committed to spending $4 trillion on economic stimulus measures, rejected trade restrictions and carried out extensive financial sector reforms.
Compared to past country groups like the G7, the G20’s membership still represents a more accurate picture of the current global power dynamics. As well as other significant autocratic nations like China, Russia, and Saudi Arabia, several developing democracies like Brazil, India, and Indonesia are members of the G20. Following its annexation of the Crimean peninsula of Ukraine, Russia’s G7 participation was put on indefinite hold in 2014. In light of this, Patrick claimed that the G20 was the ideal platform for addressing the issues raised by the COVID-19 epidemic and characterized the group’s elevation in 2008 as a turning point in global governance.
WHAT IS THE AGENDA FOR G20 SUMMIT 2023?
The culmination of the G20 process and the work done during the year through Ministerial Meetings, Working Groups, and Engagement Groups is the Leaders’ Summit.
In order to create a cleaner, greener, and bluer future, the Indian Presidency will also highlight Lifestyle for Environment (LiFE), which places a focus on environmentally sound and responsible decisions made at both the individual and national development levels. Agriculture, anti-corruption, culture, digital economy, disaster risk reduction, development, education, employment, environment and climate sustainability, energy transitions, health, trade and investment, and tourism will be the main areas of concentration for the working groups.
At the conclusion of the Summit, the G20 is anticipated to adopt a Leaders’ Declaration that expresses the commitment of the Leaders to the goals discussed and chosen during the Ministerial and Working Group Meetings.
THE G20 DELHI SUMMIT 2023
The G20 summit in New Delhi, India, set for 2023 would be the group’s eighteenth gathering. It will be held at the Bharat Mandapam International Exhibition-Convention Centre (IECC), located in Pragati Maidan. It will be the first G20 summit to ever take place in South Asia and India.
India holds the Presidency of the G20 from 1 December 2022 to 30 November 2023.