India to host G20 Summit in 2023
Source: Indian Express
GS II: International Relation
What is discussed under India to host G20 Summit in 2023?
- Key facts about India hosting G20 Summit in 2023
- What is G20 or Group of Twenty?
Why in News?
The Ministry of External Affairs (MEA) announced that India will host the G-20 leaders’ summit in New Delhi on September 9 and 10 of 2023 while it holds the Presidency.
Key Facts
- From December 1, 2022, to November 30, 2023, India will hold the G20 presidency.
- Over 200 meetings are expected to be held there starting in December of this year.
- India is currently part of the G20 Troika, which comprises the current, previous and incoming G20 presidencies including Indonesia, Italy and India.
- For the first time, the troika would be made up of three emerging economies and developing nations.
- The G20 Presidency has a practice of inviting several guest nations and international organizations to its meetings and summit in addition to G20 members.
- Bangladesh is the only immediate neighbour to make it to India’s guest list.
Guest Countries and organizations
- Regular international organizations such as UN, IMF, World Bank, WHO, WTO, ILO, FSB and OECD
- Chairs of regional organizations such as AU, AUDA-NEPAD and ASEAN
- International Solar Alliance (ISA)
Photo by Navneet Shanu: https://www.pexels.com/photo/brown-carriage-wheel-672630/ - Coalition for Disaster Resilient Infrastructure (CDRI)
- Asian Development Bank (ADB)
- Bangladesh
- Egypt
- Mauritius
- The Netherlands
- Nigeria
- Oman
- Singapore
- Spain
- UAE
Key Priorities
- Inclusive, equitable and sustainable growth
- LiFE (Lifestyle For Environment)
- Women’s empowerment
- Digital public infrastructure and tech-enabled development in areas ranging from health, agriculture and education to commerce, skill-mapping, culture and tourism
- Climate financing
- Circular economy
- Global food security
- Energy security
- Green hydrogen
- Disaster risk reduction and resilience; developmental cooperation
- Fight against economic crime
- Multilateral reforms
What is G20 or Group of Twenty?
- The G20 was founded in 1999 with the aim of examining methods to guarantee financial stability around the world.
- It is an intergovernmental body comprised of the European Union (EU) and 19 other nations.
- Argentina, Australia, Brazil, Canada, China, France, Germany, Greece, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States are the other members of the G20.
- The G-20 works to advance international commerce, financial market regulation, and overall economic growth.
- Although it is not a legislative body, its deliberations impact the monetary policies of all its members.
- G20 is the foremost forum for global economic cooperation because its members collectively represent 85% of the world’s GDP, 75% of its trade, and 2/3 of its population.
- The G20 currently comprises of Finance Track with 8 work streams, Sherpa Track with 12 work streams and 10 Engagement Groups of private sector/civil society/independent bodies.
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