G20 Summit

The G20 or Group of 20 is an intergovernmental forum comprising 19 countries and

the European Union (EU). It works to address major issues related to the global economy, such
as international financial stability, climate change mitigation, and sustainable development.
The G20 is composed of most of the world's largest economies' finance ministries, including both
industrialised and developing nations; it accounts for around 80% of gross world
product (GWP). 75% of international trade, two-thirds of the global population, and 60% of
the world's land area.
The G20 was founded in 1999 in response to several world economic crises. Since 2008, it has
convened at least once a year, with summits involving each member's head of
government or state, finance minister, or foreign minister, and other high-ranking officials; the EU
is represented by the European Commission and the European Central Bank. Other
countries, international organizations, and nongovernmental organizations are invited to attend
the summits, some on a permanent basis.
In its 2009 summit, the G20 declared itself the primary venue for international economic and
financial cooperation. The group's stature has risen during the subsequent decade, and it is
recognised by analysts as exercising considerable global influence; it is also criticised for its
limited membership, lack of enforcement powers, and for the alleged undermining of existing
international institutions. Summits are often met with protests, particularly by anti-globalization
groups.

The G20 is the latest in a series of post–World War II initiatives aimed at international
coordination of economic policy, which include institutions such as the "Bretton Woods twins",
the International Monetary Fund and the World Bank, and what is now the World Trade
Organization.
The G20 was foreshadowed at the Cologne summit of the G7 in June 1999, and formally
established at the G7 Finance Ministers' meeting on 26 September 1999 with an inaugural
meeting on 15–16 December 1999 in Berlin. Canadian finance minister Paul Martin was chosen
as the first chairman and German finance minister Hans Eichel hosted the inaugural meeting.[16]
A 2004 report by Colin I. Bradford and Johannes F. Linn of the Brookings Institution asserted the
group was founded primarily at the initiative of Eichel, the concurrent chair of the G7.[However,
Bradford later described then-Finance Minister of Canada (and future Prime Minister of Canada)
Paul Martin as "the crucial architect of the formation of the G-20 at finance minister level", and as
the one who later "proposed that the G-20 countries move to leaders level summits". Canadian
academic and journalistic sources have also identified the G20 as a project initiated by Martin
and his American counterpart then-Treasury Secretary Larry Summers. All acknowledge,
however, that Germany and the United States played a key role in bringing their vision into
reality.
Martin and Summers conceived of the G20 in response to the series of massive debt crises that
had spread across emerging markets in the late 1990s, beginning with the Mexican peso
crisis and followed by the 1997 Asian financial crisis, the 1998 Russian financial crisis, and
eventually impacting the United States, most prominently in the form of the collapse of the
prominent hedge fund Long-Term Capital Management in the autumn of 1998. It illustrated to
them that in a rapidly globalizing world, the G7, G8, and the Bretton Woods system would be
unable to provide financial stability, and they conceived of a new, broader permanent group of
major world economies that would give a voice and new responsibilities in providing it.
The G20 membership was decided by Eichel's deputy Caio Koch-Weser and Summers's
deputy Timothy Geithner. According to the political economist Robert Wade:
"Geithner and Koch-Weser went down the list of countries saying, Canada in, Portugal out,
South Africa in, Nigeria and Egypt out, and so on; they sent their list to the other G7 finance
ministries; and the invitations to the first meeting went out."

Early topics
The G20's primary focus has been governance of the global economy. Summit themes have
varied from year to year. The theme of the 2006 G20 ministerial meeting was "Building and
Sustaining Prosperity". The issues discussed included domestic reforms to achieve "sustained
growth", global energy and resource commodity markets, reform of the World Bank and IMF, and
the impact of demographic changes.
In 2007, South Africa hosted the secretariat with Trevor A. Manuel, South African Minister of
Finance as chairperson of the G20.
In 2008, Guido Mantega, Brazil's Minister of Finance, was the G20 chairperson and proposed
dialogue on competition in financial markets, clean energy, economic development and fiscal
elements of growth and development.
On 11 October 2008 after a meeting of G7 finance ministers, US President George W.
Bush stated that the next meeting of the G20 would be important in finding solutions to the
burgeoning economic crisis of 2008.

Summits
The Summit of G20 Finance Ministers and Central Bank Governors, who prepare the leaders'
summit and implement their decisions, was created as a response both to the financial crisis of
2007–2008 and to a growing recognition that key emerging countries were not adequately
included in the core of global economic discussion and governance. Additionally, G20 summits
of heads of state or government were held.
After the 2008 debut summit in Washington, DC, G20 leaders met twice a year:
in London and Pittsburgh in 2009, and in Toronto and Seoul in 2010.
Since 2011, when France chaired and hosted the G20, the summits have been held only once a
year.[25] The 2016 summit was held in Hangzhou, China the 2017 summit was held in Hamburg,
Germany, the 2018 summit was held in Buenos Aires, Argentina, the 2019 summit was held
in Osaka, Japan, the 2020 summit was scheduled in Riyadh, Saudi Arabia but it was held
virtually due to Covid-19, the 2021 summit was held in Rome, Italy and the 2022 summit was
held in Bali, Indonesia.,
A number of other ministerial-level G20 meetings have been held since 2010. Agriculture
ministerial meetings were conducted in 2011 and 2012; meetings of foreign ministers were held
in 2012 and 2013; trade ministers met in 2012 and 2014, and employment ministerial meetings
have taken place annually since 2010.
In 2012, the G20 Ministers of Tourism and Heads of Delegation of G20 member countries and
other invited States, as well as representatives from the World Travel and Tourism Council
(WTTC), World Tourism Organization (UNWTO) and other organisations in the Travel & Tourism
sector met in Mérida, Mexico, on May 16 at the 4th G20 meeting and focused on 'Tourism as a
means to Job Creation'. As a result of this meeting and The World Travel & Tourism Council's
Visa Impact Research, later on the Leaders of the G20, convened in Los Cabos on 18–19 June,
would recognise the impact of Travel & Tourism for the first time. That year, the G20 Leaders
Declaration added the following statement: "We recognise the role of travel and tourism as a
vehicle for job creation, economic growth and development, and, while recognizing the sovereign
right of States to control the entry of foreign nationals, we will work towards developing travel
facilitation initiatives in support of job creation, quality work, poverty reduction and global growth."
In March 2014, the former Australian foreign minister Julie Bishop, when Australia was hosting
the 2014 G20 summit in Brisbane, proposed to ban Russia from the summit over its annexation
of Ukrainian Crimea. The BRICS foreign ministers subsequently reminded Bishop that "the
custodianship of the G20 belongs to all Member States equally and no one Member State can
unilaterally determine its nature and character."
In 2016, the G20 framed its commitment to the 2030 Agenda (Sustainable Development Goals)
in three key themes; the promotion of strong sustainable and balanced growth; protection of the
planet from degradation; and furthering co-operation with low-income and developing countries.
At the G20 Summit in Hangzhou, members agreed on an action plan and issued a high level
principles document to member countries to help facilitate the agenda's implementation.[30][31]
Japan hosted the 2019 summit, The 2020 summit was to be held in Saudi Arabia,[33] but was
instead held virtually on 21–22 November 2020 due to the COVID-19 pandemic under the
presidency of Saudi Arabia. 2021 G20 Rome summit which was held in Rome, the capital city
of Italy, on 30–31 October 2021.
Indonesia held the G20 presidency from 1 December 2021 to 30 November 2022. During its
presidency, Indonesia focused on the global COVID-19 pandemic and how to collectively
overcome the challenges related to it. The three priorities of Indonesia's G20 presidency were
global health architecture, digital transformations, and sustainable energy transitions.[34] India has
held the G20 presidency since 1 December 2022, with its presidency's theme being "Vasudhaiva
Kutumbakam, or "One Earth One Family One Future."

List of summits[edit]
Main article: List of G20 summits

Chair rotation[edit]
To decide which member nation gets to chair the G20 leaders' meeting for a given year, all
members, except the European Union, are assigned to one of five different groupings, with all but
one group having four members, the other having three. Nations from the same region are
placed in the same group, except Group 1 and Group 2. All countries within a group are eligible
to take over the G20 Presidency when it is their group's turn. Therefore, the states within the
relevant group need to negotiate among themselves to select the next G20 President. Each year,
a different G20 member country assumes the presidency starting from 1 December until 30
November. This system has been in place since 2010, when South Korea, which is in Group 5,
held the G20 chair. The table below lists the nations' groupings:[36][37]

Group 4
Group 3 (Latin Group 5 (East
Group 1 Group 2 (Western
America) Asia)
Europe)

  Aust   Indi   Arge   Fran   Chin

ralia (201 a (2023 ntina (20 ce (2011) a (2016)
4) ) 18)   Ger   Indon
  Can   Ru   Brazil  many (20 esia (202
ada (201 ssia (20 (2024) 17) 2)
0-1) 13)   Mexi   Italy    Japa
  Sau   So co (2012) (2021) n (2019)
di uth   Unite   Sout
Arabia (2 Africa ( d h
020) 2025) Kingdom  Korea (20
  Unit   Tur (2009) 10-2)
ed key (20
 States (2 15)
008)

To ensure continuity, the presidency is supported by a "troika" made up of the current, immediate
past and next host countries.[38]

Organization[edit]
The G20 operates without a permanent secretariat or staff. The group's chair rotates annually
among the members and is selected from a different regional grouping of countries. The
incumbent chair establishes a temporary secretariat for the duration of its term, which
coordinates the group's work and organizes its meetings. The 2021 summit was held in Italy. The
2022 summit was held in Bali, Indonesia. India is the current chair and will host the 2023 summit.
Brazil will host the 2024 summit.[39]

Proposed permanent secretariat[edit]

In 2010, President of France Nicolas Sarkozy proposed the establishment of a permanent G20
secretariat, similar to the United Nations. Seoul and Paris were suggested as possible locations
for its headquarters.[40] Brazil and China supported the establishment of a secretariat, while Italy
and Japan expressed opposition to the proposal.[40] South Korea proposed a "cyber secretariat"
as an alternative.[40] It has been argued that the G20 has been using the OECD as a secretariat.[41]

Members[edit]
As of 2023, there are 20 members in the
group: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Sou
th Korea, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom,
the United States, and the European Union. Guest invitees include, amongst others, Spain,
the United Nations, the World Bank, the African Union and ASEAN.[42][43]
Representatives include, at the leaders' summits, the leaders of nineteen countries and of the
European Union, and, at the ministerial-level meetings, the finance ministers and central bank
governors of nineteen countries and of the European Union.
In addition, each year, the G20's guests include Spain;[44] the Chair of ASEAN; two African
countries (the chair of the African Union and a representative of the New Partnership for Africa's
Development (NEPAD) and a country (sometimes more than one) invited by the presidency,
usually from its own region.[5][45][46]
The first of the tables below lists the member entities and their leaders, finance ministers
and central bank governors. The second table lists relevant statistics such as population and
GDP figures for each member, as well as detailing memberships of other international
organizations, such as the G7, BRICS and MIKTA. Total GDP figures are given in millions of US
dollars.

Leaders[edit]
Portfolio
Member Leader Finance portfolio Ce
minister

Central
 Argentina Alberto Fernández Minister of Economy Sergio Massa
Argentin
 Portfolio
Member Leader Finance portfolio Ce
minister

 Australia Anthony Albanese Treasurer Jim Chalmers Reserve

 Brazil Luiz Inácio Lula da Silva Minister of Finance Fernando Haddad Central

 Canada Justin Trudeau Minister of Finance Chrystia Freeland Bank of

 China Xi Jinping Minister of Finance Liu Kun People'

 France Emmanuel Macron Minister of the Economy Bruno Le Maire Bank of

 Germany Olaf Scholz Minister of Finance Christian Lindner Deutsch

Nirmala
 India Narendra Modi Minister of Finance Reserve
Sitharaman

 Indonesia Joko Widodo Minister of Finance Sri Mulyani Bank In

Minister of Economy and

 Italy Giorgia Meloni Giancarlo Giorgetti Bank of
Finance

 Japan Fumio Kishida Minister of Finance Shunichi Suzuki Bank of

Andrés Manuel López Secretary of Finance and Rogelio Ramírez

 Mexico Bank of
Obrador Public Credit de la O

Minister of Economy and

 South Korea Yoon Suk-yeol Choo Kyung-ho Bank of
Finance

 Russian
Vladimir Putin Minister of Finance Anton Siluanov Bank of
Federation
 Portfolio
Member Leader Finance portfolio Ce
minister

Salman bin Abdulaziz Al Mohammed Al-

 Saudi Arabia Minister of Finance Saudi C
Saud Jadaan

Enoch South A
 South Africa Cyril Ramaphosa Minister of Finance
Godongwana Bank

Minister of Treasury and Central

 Turkey Recep Tayyip Erdoğan Nureddin Nebati
Finance Republi

 United Chancellor of the

Rishi Sunak Jeremy Hunt Bank of
Kingdom Exchequer

 United States Joe Biden Secretary of the Treasury Janet Yellen Federal

 European Charles Michel and Ursula Commissioner for

Paolo Gentiloni Europea
Union[47] von der Leyen Economy
It was December 1st, 2022, when Prime Minister Modi held the gavel of the G20 presidency for
one year from his Indonesian counterpart in Bali. The G20 is particularly important for a
celebratory country like India, known in Sanskrit as “Utsavdharmita”, which loves to celebrate
and showcase its cultural diversity on the global stage. During its presidency of the G20, India
will have the opportunity to shape the global agenda and promote its priorities. Prime Minister
Modi has stated that his focus will be on promoting inclusive and sustainable growth, improving
digital infrastructure and access to technology, and strengthening the global trading system

The Group of Twenty (G20) is a premier international forum that brings together leaders from
the world’s largest economies to discuss and coordinate on issues related to global economic
growth and stability. As one of the fastest-growing major economies, India has a significant role
to play in this forum.

India joined the G20 Nations in 1999 as a founding member, and its participation has grown in
importance over the years. In recent years, India’s economy has been growing at an average rate
of 6-7%, making it one of the fastest-growing economies in the world. Its growing importance in
the global economy has made India an increasingly relevant player in the G20.

One way India can contribute to global economic growth is through its domestic policies. The
Indian government has implemented a series of economic reforms over the past few years to
attract foreign investment, improve infrastructure, and promote entrepreneurship. 

These reforms have led to an increase in foreign investment and improved economic growth.
For example, the government has launched the “Make in India” initiative to promote
manufacturing and create jobs, and the “Digital India” campaign to improve digital
infrastructure and access to technology. By sharing its experiences with other G20 countries,
India can help other economies adopt similar policies that can spur growth and development.

Another way India can contribute to global economic growth is through its engagement with
other G20 countries on issues related to international trade. The global trade system is under
threat due to rising protectionism and trade tensions between major economies. As a strong
advocate of free trade, India can work with other G20 countries to promote a more open and
inclusive trading system that benefits all countries, particularly developing economies. 
India is also a member of the World Trade Organization (WTO) and has been involved in
negotiations on various trade issues, such as agriculture, services, and intellectual property
rights. India can use its experience in these negotiations to contribute to discussions at the G20
and promote a rules-based trading system.

India can also play a crucial role in promoting financial stability and reform in the global
financial system. The Indian banking sector has undergone significant reforms in recent years,
including the introduction of a bankruptcy code, which has helped improve the health of the
banking sector. 

India’s experience in these areas can be valuable to other G20 countries, particularly those
struggling with financial sector reform and stability. 

India can also work with other G20 countries to promote the implementation of global financial
regulations, such as the Basel III framework for banking supervision, to ensure financial stability
and prevent future financial crises.

Furthermore, India’s growing renewable energy sector can also contribute to global economic
growth and sustainability. India has set ambitious targets to increase the share of renewable
energy in its energy mix, and its experience in this area can be useful to other G20 countries as
they seek to transition to a more sustainable energy system. 

India has launched several initiatives to promote renewable energy, such as the International
Solar Alliance, which aims to mobilize $1 trillion of investment in solar energy by 2030, and the
National Clean Energy Fund, which finances clean energy projects. By sharing its experiences
with other G20 countries, India can help accelerate the transition to a more sustainable energy
system and promote global environmental sustainability.

By sharing its experiences with other G20 countries and working collaboratively on issues
related to international trade, financial stability, and sustainability, India.