A new global vision for the G20.

A shift in the G20 is required from commitments on aid and trade to collaboration around science and technology.

While India has taken a clear view of the role of the G20, there is concern that the agenda, themes, and focus areas that India will set for 2023 lack vision.

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 is to secure global financial stability by involving middle-income countries.
It is an informal group of 19 countries and the European Union (EU), with representatives of the International Monetary Fund and the World Bank.
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.
India has been a member of the G20 since its inception in 1999.

It comprises 90% of the global gross domestic product and 80% of the global trade.
It also comprises more than two-thirds of the world’s population.
Address current issues:

G-20 helps in strategising current issues.
For example, G20 Global Smart Cities Alliance is establishing global policy norms for data collection and use, transparency, and public trust.
The Alliance is leading smart city governance initiatives in more than 36 cities around the world.
Taming the financial crisis:

The Financial Stability Board is an international body that monitors and makes recommendations on the global financial system.
It was established after the G20 London summit in April 2009 as a successor to the Financial Stability Forum.
Platform to globalisation:
It helps voice various issues like financial stability, artificial intelligence, energy security etc.
Balancing relationship:
India has successfully used this platform for trilateral meetings like JAI (Japan-Australia-India) and RIC (Russia-India-China), balancing its ties with global powers.

Limited focus areas:
India should seek cooperation in a few specific sectors related to science and technology, building on the decisions made by the UN General Assembly and other international organisations.
Tech access:
Open access software should be made available for more affordable service delivery alternatives, good governance, and sustainable development so that the benefits of the new set of network technologies can be felt by the entire world’s population.

Space sector:
Earth observation data analysis will require regional and global cooperation through already-established centers with enormous computer resources, machine learning, and artificial intelligence.
Environment:
Reviving the G20’s proposed Global Financial Transaction Tax is necessary to raise money for the Green Technology Fund for Least Developed Countries.
Indian Ocean Region for peace:
Building on the 1971 UNGA Declaration establishing the Indian Ocean as a zone of peace and prohibiting the extension of rivalries and conflicts outside the region, countries in the area will support this.

Pic Courtesy: BBC

Content Source: The Hindu