Sign In
Learn bits
World Affairs
Mahesh

14/09/22 05:55 AM IST

G-20 COUNTRIES

In News 
  • 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.
G20 Presidency 
  • India will have the opportunity to assume centre stage in proposing and setting the global agenda and discourse.
  • Global economic growth: The G20 holds a strategic role in securing global economic growth and prosperity as it represents more than 80% of the world’s GDP.
  • Leadership potential: The country’s leadership potential and diplomatic foresight in organizing such a big event and in arriving at meaningful outcomes will be tested.
Lessons needs to be taken from Indonesia 
  • Indonesia has focused on three key pillars- 
  • Global health architecture
  • Sustainable energy transition
  • Digital transformation.
  • India can find a common ground for setting its G20 agenda by addressing issues of global concern.
  • Domestic and regional issues: It needs to promote its specific priorities related to domestic and regional issues such as economic recovery, trade and investment etc
  • Greater cooperation with many G20 members: such as the European Union, the U.K., and Canada, thereby accelerating their coordination on realizing free trade agreements.
  • Invite and engage countries from Africa and South America: To ensure better and more balanced representation at the G20.
G20 
  • 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.
  • 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.
Source- Indian Express 

    More Related Current Affairs View All

    19 Sep

    Cabinet clears development of Next Generation of satellite Launch Vehicle

    'The Union Cabinet, led by Prime Minister Narendra Modi, has approved the development of the Next Generation Launch Vehicle (NGLV).' The NGLV is set to significantly enhance Ind

    Read More

    19 Sep

    Cabinet approves Pradhan Mantri Janjatiya Unnat Gram Abhiyan

    'The Union Cabinet recently approved a package that will provide up to ?5 lakh each to tribal households and villages across the country.' The new package also aims to give an i

    Read More

    19 Sep

    ‘Bio-RIDE’ scheme

    'The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, today approved continuation of the two umbrella schemes of Department of Biotechnology (DBT),' Merged as

    Read More

    India’s First Ai-Driven Magazine Generator

    Generate Your Custom Current Affairs Magazine using our AI in just 3 steps