News Highlight:
The legitimisation of the G-20 as a global arbiter in international affairs will create a multilateral instrument where all members are equal.
Key Takeaway:
- The G-20 presidency has brought India to the right place at the right time, especially when the world is looking for an alternative to the United Nations Security Council (UNSC), which the veto has paralysed.
- Any reform of the UNSC, particularly the expansion of its permanent membership, will be strongly resisted by the permanent members and a large majority of the General Assembly because it does not benefit anyone except those who aspire to be permanent members.
What is G20?
- About:
- 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.
- The G20 is an informal group of 19 countries and the European Union, with representatives of the International Monetary Fund and the World Bank.
- 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, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the EU.
- Spain as a permanent, non-member invitee, also attends leader summits.
- Structure and functioning of G20:
- The G20 Presidency rotates annually according to a system that ensures a regional balance over time.
- For the selection of presidency, the 19 countries are divided into 5 groups, each having no more than 4 countries. The presidency rotates between each group.
- Every year the G20 selects a country from another group to be president.
- India is in Group 2 which also has Russia, South Africa and Turkey.
- The G20 does not have a permanent secretariat or Headquarters.
- The work of G20 is divided into two tracks:
- The Finance track comprises all meetings with G20 finance ministers and central bank governors and their deputies. Meeting several times throughout the year they focus on monetary and fiscal issues, financial regulations, etc.
- The Sherpa track focuses on broader issues such as political engagement, anti-corruption, development, energy, etc.
- Since 2008, the group convenes at least once a year, with the summits involving each member’s head of government.
Indian Presidency in G 20, 2023:
- India will hold the Presidency of the G20 from 1 December 2022 to 30 November 2023, culminating with the G20 Summit in India in 2023.
- India will host nearly 200 meetings in 32 different sectors at various places all over the nation while it holds the G20 presidency.
- G20 Theme: “Vasudhaiva Kutumba-Kam,” or “One Earth, One Family, One Future,” is the focus of India’s G20 Presidency.
- India will work to ensure that there is “just one world,” not a “first world or third world.”
- The G20 Theme embodies India’s efforts to realise its vision of uniting the entire world in pursuit of a common goal and a better future.
Pic Courtesy: Freepik
Content Source: The Hindu