The 17th G20 Heads of State and Government Summit will happen in November in Bali, Indonesia. After Indonesia, India will assume the presidency of G20 from December 2022.
About:
The G20 was formed in 1999 in the backdrop of the financial crisis of the late 1990s that hit East Asia and Southeast Asia in particular.
Its aim was to secure global financial stability by involving middle-income countries.
The first G20 Summit took place in 2008 in Washington DC, US.
Members
Its prominent members are: Australia, Brazil, China, France, Germany, India, Japan, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the EU. Spain is invited as a permanent guest.
Together, the G20 countries include 60 per cent of the world’s population, 80 per cent of global GDP, and 75 per cent of global trade.
Troika
The presidency of the G20 rotates every year among members, and the country holding the presidency, together with the previous and next presidency-holder, forms the ‘Troika’ to ensure continuity of the G20 agenda. Italy, Indonesia, and India are the Troika countries right now.
How does the G20 work?
The G20 has no permanent secretariat. The agenda and work are coordinated by representatives of the G20 countries, known as ‘Sherpas’, who work together with the finance ministers and governors of the central banks. India recently said ex-NITI Aayog CEO Amitabh Kant would be the G20 Sherpa after Piyush Goyal.
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