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Mahesh

15/11/22 14:05 PM IST

G20 Summit 2022

In News 
  • The annual two-day G20 Summit is set to begin Tuesday where key world leaders will gather to ponder upon contemporary global challenges. 
About the summit
  • The summit in Bali is the 17th meeting of the Group of Twenty (G20) countries that represent 85 per cent of the global GDP, 75 per cent of the global trade and 66 per cent of the global population.
  • The G20 summit will be held in Nusa Dua, Bali, Indonesia. Indonesia’s presidency commenced on December 1, 2021.
  • It will end during this summit. The theme for the event is ‘Recover Together, Recover Stronger’. As part of the G20 Agenda, 3 working sessions will be organized.
  • They are- Sustainable energy transition
  • Global Health Architecture
  • Digital transformation
About 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.
  • It aims to secure global financial stability by involving middle-income countries.
  • Together, the G20 countries include 60 % of the world’s population, 80 % of global GDP, and 75 % of global trade.
  • Members- Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the EU.
  • Spain is invited as a permanent guest.
Significance for India 
  • The 2022 summit is especially important for India since it will be taking over the G20 presidency from Indonesia from December 1, 2022.
  • It will host the next summit on September 2023. Prime Minister Modi had earlier released the logo and website for the 2023 summit.
  • The theme for the G20 summit that is set to be hosted by India is “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future”.
  • The theme seeks to position India as a driving force of global unity, emphasising on the challenges as the country seeks to balance between competing global powers.
Source- Hindustan Times 

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