The G20 countries represent about 85% of the world’s GDP

The annual G20 Summit holds a special significance for India, particularly as it assumes the role of hosting the G20 Summit 2023. This occasion presents a golden opportunity for the nation to actively shape the global economic agenda. Being the world’s third-largest economy, India possesses a substantial stake in the global economic landscape, rendering the G20 platform invaluable for advocating its interests. The summit not only allows India to spotlight its economy and accomplishments on the international stage but also to foster connections with other major economies.

The G20 theme

The G20 Summit is held every year in a different member country. The 2023 G20 Summit theme is One Earth, One Family, One Future. The summit will focus on several important issues, including the global economic recovery from the COVID-19 pandemic, climate change and sustainable development, global health security, and a fair and equitable international tax system.

The G20 countries represent about 85 per cent of the world’s GDP, 75 per cent of global trade, and two-thirds of the world’s population.

Focus of G20 2023

·         The global economic recovery from the COVID-19 pandemic

·         Climate change and sustainable development

·         Global health security

·         A fair and equitable international tax system

·         Digital transformation

·         Infrastructure investment

·         Food security

·         Countering terrorism and violent extremism

The G20 Summit is an important opportunity for the world’s leaders to come together and discuss these issues and develop solutions that will benefit everyone.

How did it all start?

The G20 Summit is a powerful forum for global cooperation. It is an opportunity for the world’s leaders to come together and address the most pressing challenges facing the world. The outcomes of the G20 Summit can have a significant impact on the global economy, financial system, and environment.

The G20 Summit was started in 1999 in response to the Asian financial crisis. The crisis had a devastating impact on many countries in Asia, and it highlighted the need for a more effective forum for international cooperation on economic and financial issues. The G20 was created to bring together the world’s major economies to discuss and coordinate their policies to prevent future crises and promote global economic growth.

Selection basis

The G20 countries are chosen based on their economic size, their influence in the global economy, and their commitment to international cooperation. The countries are divided into five groups, and each group takes turns hosting the G20 summit. The present composition of the G20 is as follows:

Group 1: Argentina, Australia, Canada, Saudi Arabia, and the US.

Group 2: India, Russia, South Africa, Turkey, and the European Union.

Group 3: China, France, Germany, Italy, and Japan.

Group 4: Indonesia, Mexico, the Republic of Korea, and the United Kingdom.

Group 5: Brazil.

The European Union is a unique member of the G20. It is not a country, but a grouping of 27 European countries that have agreed to work together on economic and political issues. The EU is represented by the President of the European Council and the President of the European Commission.

The G20 presidency is not permanent. Every year, one country from each group takes over the presidency of the G20. The next G20 summit will be held in Indonesia in 2024.