29 Oct 2024        11:26:17 am

Current Affairs

G20

Tags : G20

Topic: Multilateral Groupings

Why in the news?

• India hold bilateral meetings with USA, Brazil, Germany, UK, Japan, Spain, UAE on the sidelines of G20 Agriculture Ministerial Meeting in Cuiabá, Brazil

Source: PIB

About G20: 

• It is an informal group of 19 countries and the European Union, with representatives of the International Monetary Fund and the World Bank.
• Its membership comprises a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85% of global gross domestic product, 80% of global investment and over 75% of global trade.
• 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. Each G20 country is represented by its Sherpa; who acts on behalf of the leader of their respective country. 
• Its members include 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 European Union.
  • 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.
• It does not have a permanent secretariat or Headquarters. 
• Every year when a new country takes on the presidency, it works hand in hand with the previous presidency and the next presidency and this is collectively known as TROIKA. This ensures continuity and consistency of the group’s agenda.
• It regularly engages with non-government sectors. Engagement groups from business (B20), civil society (C20), labour (L20), think tanks (T20) and youth (Y20) are holding major events during the year, the outcomes of which will contribute to the deliberations of G20 leaders.

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