G20

About:

• G20 Presidency offers India an opportunity to contribute to the global agenda on pressing issues of international importance.
• What is G20? G20 is the premier forum for international economic cooperation representing around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population.
• Origin and Evolution:
  • 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.
• The members of the G20 are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the United Kingdom, the United States, and the European Union.
• Organizational Structure of G20
  • The G-20 operates without a permanent secretariat or staff.
  • The chair rotates annually among the members and is selected from a different regional grouping of countries.
  • The chair is part of a revolving three-member management group of past, present and future chairs referred to as the
• Working of G20: The preparatory process for the G20 Summit is conducted through the established Sherpa and Finance tracks that prepare and follow up on the issues and commitments adopted at the Summits.
  • The Sherpas’ Track focuses on non-economic and financial issues, such as development, anti-corruption and food security, while addressing internal aspects such as procedural rules of the G20 process.
  • The Finance Track focuses on economic and financial issues