The Group of Twenty (G20) is a prominent international forum for economic cooperation, established in 1999 after the Asian financial crisis. It initially served as a platform for Finance Ministers and Central Bank Governors to discuss global economic and financial issues. Over time, its scope has expanded to address a wide range of global challenges.
Key information about the G20:
- Members: The G20 consists of 19 individual countries and the European Union. The member countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States. These countries represent a significant portion of the global GDP, trade, and population.
- Purpose: The G20 serves as a forum for member countries to discuss and coordinate policies related to international financial stability and sustainable development. It addresses a wide range of issues, including economic growth, trade, finance, climate change, and more.
- Presidency: The G20 operates on a rotational presidency system. Each year, one member country assumes the presidency and hosts the G20 Summit. During its presidency, the host country sets the agenda and leads discussions on various global issues. In 2022, India held the G20 Presidency and handed it over to Brazil.
- Tracks: The G20 operates through two parallel tracks: the Finance Track and the Sherpa Track. The Finance Track is led by Finance Ministers and Central Bank Governors, focusing on financial and economic matters. The Sherpa Track, led by Sherpas (senior officials), prepares the groundwork for discussions and agreements.
- Summits: The G20 Summit is the most high-profile event, where leaders from member countries gather to discuss and make decisions on key global issues. These summits provide an opportunity for leaders to engage in dialogue and cooperation.
- Recent Issues: In recent years, G20 Summits have addressed topics such as financial market stability, trade tensions, sustainable development, climate change, and global health crises (e.g., the COVID-19 pandemic).
Regarding the upcoming G20 Summit in India:
- Schedule: The G20 Summit in Delhi will take place over two days, on September 9 and 10.
- Venue: The summit will be hosted at the Bharat Mandapam Convention Centre at Pragati Maidan in Delhi.
- Impact on Travel: The summit is expected to have an impact on travel in the region. Northern Railways has temporarily canceled and diverted over 200 passenger train services from September 8 to 11. The Delhi International Airport has received requests for the cancellation of domestic flights during the summit.
- Focus Areas: While specific topics discussed during the summit may vary, the G20 typically addresses economic growth, trade, finance, climate change, sustainable development, and global health.
The G20 Summit serves as a platform for leaders to address pressing global challenges and coordinate policies to promote international cooperation and stability.