News Highlight
The U.S. President and Chinese President will on Monday hold their first face to face meeting as leaders of their two countries along the sidelines of the G20 Summit in Indonesia.
Key Takeaway
- The Indian Prime Minister will hold several bilateral meetings ( during the G20 Summit on 15–16 November 2022.), including those with UK PM Rishi Sunak and French President Emmanuel Macron.
What is G-20?
- About
- The G20 was formed in 1999 against the backdrop of the financial crisis of the late 1990s that hit East Asia and Southeast Asia in particular.
- Aims
- It aims to secure global financial stability by involving middle-income countries.
- Feature
- 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
- The Republic of Korea
- Mexico
- Russia
- Saudi Arabia
- South Africa
- Turkey
- The United Kingdom
- The United States
- The EU.
- India has been a member of the G20 since its inception in 1999.
Significance of the G20
- Presence of China and the USA
- G20 offers a platform for both countries to address their concerns regularly.
- Creation of employment
- Coordinating work associated with G20 on human resources has helped many job seekers with employment opportunities.
- Combat terrorism
- G20 Leaders’ statement on counter-terrorism strongly condemned terrorist attacks worldwide and supports all other organisations working on counter-terrorism measures.
- Connects Global South and Global North
- G20 works towards reducing the disparities between the developed global North and the developing global south.
- Role in averting a humanitarian crisis
- The G20 Extraordinary Leaders’ meeting in Afghanistan agreed to work together to avoid a humanitarian crisis in Afghanistan.
- Digital Economy
- Initiatives like OSAKA Track facilitate the transformation towards the digital economy.
- To fight against climate change.
- Initiatives like Global Initiative on Reducing Land Degradation and the Global Coral Reef Research and Development Accelerator Platform support G20’s fight against climate change.
- Low-Income Developing Countries (LIDCs)
- G20 members have important implications for growth and development in Low-Income Developing Countries (LIDCs).
Initiatives of the G20
- Global Initiative on Reducing Land Degradation
- It is to prevent, halt, and reverse land degradation within G20 member states.
- Global Coral Reef Research and Development Accelerator Platform
- This initiative aimed at creating a global research and development programme to advance research, innovation and capacity building in all facets of coral reef conservation, restoration and adaptation.
- Global Solutions Initiative
- It proposes policy responses to major global problems addressed by the G20, the G7 and other global governance.
Content Source: The Hindu