EduVision Study Point
INDIA AND G20
India in December,2021 joined the G20 ‘Troika’.
o With this move, India has started the procedure for taking over the G20 presidency in 2022.
o Troika refers to the top grouping within the G20 that consists of the current, previous and
the incoming presidencies — Indonesia, Italy and India.
o India will assume the G20 presidency on December 1, 2022 from Indonesia, and will convene the
G20 Leaders’ Summit for the first time in India in 2023.
o As a Troika member, India will work closely with Indonesia and Italy to ensure consistency and
continuity of the G20’s agenda.
G20
o The Group of Twenty (G20) is a collection of twenty of the world’s largest economies
formed in 1999. It was conceived as a bloc that would bring together the most important
industrialized and developing economies to discuss international economic and financial
stability.
o The G20 was formed in 1999, in the wake of the Asian financial crisis, to unite finance
ministers and central bankers from twenty of the world’s largest established and emerging economies. A decade later, at the height of the global economic crisis, the G20 was elevated to
include heads of state and government.
o The G20 comprises nineteen countries with some of the world’s largest economies, as well
as the European Union (EU).
o The countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India,
Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the
United Kingdom (UK), and the United States. Spain is invited as a permanent guest.
o Every year, the leaders of G20 members meet to discuss mainly economic and financial matters
and coordinate policy on some other matters of mutual interest.
o Together, the nations of the G20 account for around 80 percent of global economic output, nearly
75 percent of global exports, and about 60 percent of the world’s population.
What’s been on the agenda?
o The G20 initially focused largely on broad macroeconomic policy, but it has expanded its
ambit.
o The 2018 summit in Argentina focused on fair and sustainable development, while
the previous summit in Germany focused on issues including corruption, money
laundering, and international tax havens.
o Some agendas have had even less to do with macroeconomics: the 2016 summit in Hangzhou,
China, was where U.S. President Barack Obama and Chinese President Xi Jinping formally
announced their countries’ accession to the Paris Agreement on climate.
o Economic and financial coordination remains the centrepiece of each summit’s agenda, but
issues such as the future of work, terrorism, and global health are recurring focuses as well..
মন্তব্যসমূহ