New Delhi: The annual G20 summit has started in Bali, Indonesia today. In this, the challenges posed by the Covid-19 global pandemic and Russia’s attack on Ukraine were discussed. On the other hand, Prime Minister Modi praised Indonesia for its leadership of the G20 in the midst of a challenging environment on a global scale, referring to climate change, the Covid-19 global epidemic, and Ukraine and said that these developments have created havoc all over the world. But other than these things, the question is what is the G20 on which the eyes of the whole world are fixed?
G20 is also called Group of Twenty. It is an informal group of the European Union and 19 countries. Its leaders meet every year at the G20 summit and discuss how to move the global economy forward. It was formed in the year 1999. Also, it is a ministerial forum that was formed by the G7 in collaboration with both developed and developing economies.
Formation
When it was formed, it used to be an organization of finance ministers and governors of central banks. Talking about its first conference was held in Berlin, the capital of Germany in December 1999. Significantly, in the year 2008, the world faced a terrible recession. After this, there were changes in this organization as well and it was converted into an organization of top leaders. After this, it was decided that the leaders of the G20 nations would meet once a year. In 2008, it was organized in the US capital Washington. Whereas Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States are in the G-20. America is included.
Purpose
The biggest purpose of this forum is economic cooperation. It is known that the total GDP of the countries involved is 80 percent of the countries around the world. The groups work together on the economic structure. It also talks about issues related to economic stability, climate change, and health. At its center is how to keep the economic situation stable and intact. Along with this, the forum also takes into account the changing scenario of the world and also focuses on important issues related to it. It also includes issues like trade, agriculture, employment, energy, the fight against corruption, and terrorism.
Why is it important for India?
The biggest thing about this forum is the meeting of the top leaders of many countries of the world at the summit every year. Also this year India is assuming the presidency of G20. India has difficult challenges regarding this. India’s G20 priorities include inclusive, equitable, and sustainable development, women’s empowerment, digital public infrastructure, tech-enabled development, climate financing, global food security, and energy security, among others.
This time the world’s top leaders will meet each other at the G-20 summit. This time also Chinese President Xi Jinping, US President Joe Biden, UK Prime Minister Rishi Sunak, and French President Emmanuel Macron are participating. It is believed that India can talk to different countries on many trade agreements. On the sidelines of the summit, Modi will hold separate bilateral meetings with several leaders.
The challenges
The G20’s reputation has suffered a setback in the last few months. The absence of Russian President Vladimir Putin just before the summit has also been in the headlines. At the same time, its internal cracks have also emerged. As soon as India assumes its presidency, it will have to lead from the front to resolve all differences. Along with this, India will have to find solutions to differences and build bridges for peace.
