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

    10 Jan

    Rural landowners in Delhi want repeal of Sections 33 and 81 of Delhi Land Reforms Act

    'Both sections dealing with the use and sale of agricultural land have come under the spotlight ahead of the Delhi Assembly elections.' This can only be done by the Central gove

    Read More

    10 Jan

    Pravasi Bharatiya Diwas

    'Prime Minister Narendra Modi inaugurated the 18th edition of the Pravasi Bharatiya Diwas  in Bhubaneswar.' The event is held once every two years to “honour the cont

    Read More

    10 Jan

    Deciphering the Indus script

    'Recently, Tamil Nadu Chief Minister M.K. Stalin announced a $1-million prize for experts or organisations in the event of their success in deciphering the scripts of the Indus Val

    Read More

    India’s First Ai-Driven Magazine Generator

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