Key Points to know about G 20 Summit

The G20 leaders' annual meeting, which began in 2008, was created in 1999 with the objective of bringing the most substantial highly industrialized and developing nations together to discuss worldwide financial and economic stability.

by Soumayashree Mishra

What is G 20 Summit

The G20 summit, which brings together all the leaders of the world’s largest economies, will be held in Bali, Indonesia, on Tuesday. The G20—a group of 19 countries plus the European Union—comprises nearly two-thirds of the world’s population, 85% of global output, and 75% of global trade. Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, South Korea, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union are among the 20 members of the group as of 2022.

History and Significance

\The G20 leaders’ annual meeting, which began in 2008, was created in 1999 with the objective of bringing the most substantial highly industrialized and developing nations together to discuss worldwide financial and economic stability. Since then, it has grown into a significant forum for discussing economics and other pressing global concerns. Despite the group’s active participation in the 2008 financial crisis, its coherence has since deteriorated. Analysts, for example, had heavily criticised its mediocre response to the COVID-19 outbreak.

The G20 leaders meet once a year to collaborate guidelines on a variety of issues. The 2009 G20 summit discussion over how to cope with a clandestine Iranian nuclear facility and the 2017 summit debate over how to implement a partial cease-fire in Syria are two examples. The G20 does not have a permanent location, personnel, or offices. Instead, it uses a consensus-based decision-making process, rotates leadership among its members on a yearly basis, and relies on the political will of each member state to achieve its goal.

This year’s G20 Summit’s key issues
Aside from the keynote addresses by world leaders, a variety of bilateral talks will take place against the backdrop of ongoing global tensions, including those caused by the invasion of Ukraine and the ensuing economic and environmental consequences, the climate crisis, North Korea’s simmering nuclear programme, and China’s expanding global aspirations.

This meeting of world leaders has grown significantly since the onset of the COVID-19 pandemic, and Indonesia, the host nation, has created an agenda that emphasises renewable energy, global health initiatives, and economic recovery from the pandemic.

What is India’s G20 agenda?
Foreign Secretary Vinay Kwatra stated on Sunday, prior to his arrival in Bali, that Prime Minister Narendra Modi will meet with several global leaders and discuss India’s shifting G20 goals with them.
According to Kwatra, Indian Prime Minister Narendra Modi will attend three important sessions on food and energy security, digital transformation, and health. He and other world leaders will also hold extensive discussions on a variety of current hot topics, such as the state of the world economy, energy, environment, agriculture, health, and digital transformation.

Who else is going?
British PM Rishi Sunak is also off to Bali, where he faces his first big diplomatic test. He is expected to focus on Russia’s invasion of Ukraine directly and emphasise support for Kyiv. “We will call out Putin’s regime, and lay bare their utter contempt for the kind of international cooperation and respect for sovereignty that forums like the G20 represent,” Sunak said in a statement on Saturday. Ukraine’s president, Volodymyr Zelenskiy, has been invited to address the summit virtually.

Biden and Sunak will meet face to face for the first time at the G20 on Wednesday as US diplomats stepped up pressure to agree a deal on the Northern Ireland protocol by the 25th anniversary of the Good Friday agreement next year. Biden has signalled he will visit Northern Ireland for the anniversary and has long been keen to protect the agreement.

The British prime minister is also scheduled to have a one-to-one meeting with the crown prince of Saudi Arabia, Mohammed bin Salman.

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