Group of Twenty is the full form of G20. It is an intergovernmental forum that brings together the world’s major economies, both developed and emerging. The G20 countries represent about 80% of the world’s GDP, 75% of its trade, and two-thirds of its population.
The group is made up of 19 nation members (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom and 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 and also 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 is the host as well as became the first South Asian country to host. The theme of the summit is ‘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.
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.
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