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The Group of Twenty is the full form of the G20. It is an intergovernmental forum that brings together the world’s major economies, both developed and emerging. The G20 countries represent about 85% of the world’s GDP, 75% of its trade, and two-thirds of its population. In this blog, we will learn more about the abbreviation.
Table of Contents
Who are the G20 nations?
The group is made up of members namely- 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 and the United States and the European Union (EU).
Also Read – What Happens in G20 Summit?
Goals of G20
It was founded in 1999 in response to the financial crisis of 1997-98. The goal of the member nation is to promote international financial stability and economic growth towards sustainable development. They do this by providing a forum for discussion and cooperation on a wide range of issues, including Financial regulation, Trade, Poverty, Inequality, etc.
India as a Host
The G20 members meet annually at the level of heads of state and government. The meetings are hosted by a different member country each year. The current chair of the G20 is India, which is hosting the 2023 summit in Delhi. This is the first time India has been the host, as well as the first South Asian country to host. The theme of the summit was ‘Vasudhaiva Kutumbakam’ or “One Earth, One Family, One Future”, the world looks towards India.
In addition to its annual summit, the group also meets regularly at the level of finance ministers and central bank governors. The G20 also has a number of working groups and task forces that focus on specific agendas.
Also Read – G20 Summit 2023: Confirmed Nations in G20 Summit 2023 Who Will Attend the Event
Despite challenges, the G20 remains an important forum. The countries have a responsibility to work together to address the challenges facing the global economy. The future of the group depends on the willingness of its members to cooperate and to work towards a common goal.
FAQs
The G20 summit serves as a platform for major economies to address global economic challenges, promote financial stability, and foster sustainable development through dialogue and cooperation.
The host country for the G20 summit rotates annually among its member nations. Each year, a different member country takes on the responsibility of hosting the summit, providing an opportunity to showcase its priorities and initiatives on the global stage.
The theme of the 2023 G20 summit hosted by India was ‘Vasudhaiva Kutumbakam,’ which translates to “One Earth, One Family, One Future.” This theme emphasizes the interconnectedness of nations and the importance of collective action for a sustainable future.
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