Research Scholar

Extension Education & Communication Management

CCSHAU

Hisar  Haryana, India 

Professor

Extension Education & Communication Management

CCSHAU, Hisar

Haryana, India

Research Scholar

Extension Education & Communication Management

CCSHAU, Hisar

Haryana, India

Abstract

International forums, such as the United Nations Organization (UNO), were established to bring together and work together with nations around the world in pursuit of peace, development, and strengthening relationships and cooperation among nations and peoples. Some of these organizations are global, multinational, or regional in scope. They unite together for a shared goal, mutual benefit, and understanding, and to make the world a better place to live, such as the Non-Aligned Movement (NAM), the South Asian Association of Regional Cooperation (SAARC), the European Union, and so on.

The G20 Summit is formally known as the "Summit on Financial Markets and the World Economy". As the "premier forum for international economic cooperation" (agreed by leaders at the Pittsburgh Summit in September 2009), representing more than 80% of global GDP, the G20 has made ongoing efforts to achieve sustained global economic growth. As globalization progresses and various issues become more intricately intertwined, recent G20 summits have focused not only on macroeconomics and trade, but also on a wide range of global issues with a significant impact on the global economy, including development, climate change and energy, health, counter-terrorism, migration, and refugees. The G20 made an effort to create an inclusive and sustainable society through its contributions towards resolving these global issues.

Introduction

Group of Twenty known as G20 is a forum for international economic cooperation. India has assumed its Presidency on 1^st December 2022 and will hold it till 30^th November 2023. It is a proud moment for all in India as citizens and for the countries in Asia and Africa and also for all other countries for India has taken over the G20 Presidency at a crucial period of time in history. India is imbedded with the spirit of democracy since more than 3000 years and has been always at the forefront of cooperation. G20 forum gives India the unique opportunity to communicate its democratic ethos to the world.

The G20 was founded in 1999 after the Asian financial crisis as a forum for the Finance Ministers and Central Bank Governors to discuss global economic and financial issues. As a premier forum for international economic cooperation, G20 plays a vital role in shaping and strengthening global architecture and governance on all major international economic issues. G20’s role as international forum was recognized through its initiatives for economic and mutual cooperation of member countries and the Group of Twenty was strengthened and upgraded to the level of Heads of State and during the global financial crisis of 2007 and go designated as the ‘premier forum for international economic cooperation’. This makes G20 truly an international organization for economic cooperation among its member countries.

Who are G20 members?

G20 comprises 19 countries and an organization of countries known as the European Union as members. The members of G20 are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom and United States and the European Union. The countries are from across the world and these members represent around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population. This is why G20 is  an important organization from the current economic, political and socio-cultural contexts as every country endeavors to enable themselves to economic develop and be a self-sustaining country in the context of globalization.

Background

1.             Inception of G20 - The G20 was founded in 1999 after the Asian financial crisis of 1997-98 as an informal forum for the Finance Ministers and Central Bank Governors of the most important industrialized and developing economies to discuss international economic and financial stability.

2.             Elevation to Leaders’ level - The G20 was upgraded to the level of Heads of State/Government in the wake of the global economic and financial crisis of 2007, and in 2009, when it became apparent that the necessary crisis coordination would only be possible at the highest political level. Since then, the G20 Leaders have met regularly, and the G20 has become the premier forum for international economic cooperation. The G20 Summit is held annually, under the leadership of a rotating Presidency. The forum initially focused largely on broad macroeconomic issues, but it has since expanded its agenda to inter-alia include trade, climate change, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption.

Presidency of G20

The G20 does not have a permanent secretariat or staff. Instead, the G20 Presidency rotates annually among the members and is selected from a different regional grouping of countries. The 19 member countries are therefore divided up into five groups comprising a maximum of four countries each. Most of the groups are formed on a regional basis that is countries from the same region are usually put in the same group. Each year another country from a different group assumes the G20 Presidency. The countries in a group are each equally entitled to take on the Presidency when it is their group's turn, though. The G20 Presidency is responsible for bringing together the G20 agenda in consultation with other members and in response to developments in the global economy. To ensure continuity, the Presidency is supported by a “troika” made up of the current, immediate past and next host countries.

During India’s Presidency, the members of the G20 troika are Indonesia, India and Brazil.

Organizational Structure

The G20 does not have a charter or a secretariat. The Presidency, aided by the countries holding the Presidency before and after it (Troika), is responsible for setting the agenda of each year’s Summit. The G20 process is led by the Sherpas of member countries, who are personal emissaries of the Leaders. The Sherpas, oversee negotiations over the course of the year, discussing agenda items for the Summit and coordinating the substantive work of the G20.

The G20’s work is divided into two tracks:

1. Finance Track and
2. Sherpa Track

Within the two tracks, there are thematically oriented working groups in which representatives from the relevant ministries of the members as well as from invited/guest countries and various international organizations participate. The working groups meet regularly throughout the term of each Presidency. The agenda is also influenced by current economic developments as well as by the tasks and goals agreed upon in previous years. The G20 holds a multi-year mandate to ensure institutional continuity.

1. Sherpa Track - It is headed by Sherpa who is the representative of the Leader.

• Focus areas: Socio-economic issues such as agriculture, anti-corruption, climate, digital economy, education, employment, energy, environment, health, tourism, trade and investment.

2. Finance Track - It is headed by the Finance Ministers and Central Bank Governors, who generally meet four times a year, with two meetings being held on the side-lines of WB/IMF meetings.

• Focus areas: Fiscal and monetary policy issues such as the global economy, infrastructure, financial regulation, financial inclusion, international financial architecture, and international taxation.

Engagement Groups

Engagement Groups bring together civil societies, parliamentarians, think tanks, women, youth, labour, businesses and researchers of the G20 countries and contribute towards the policy-making process .As part of the G20 members' commitment to consult relevant stakeholder communities, dialogue is facilitated through the engagement groups, comprising nongovernment participants from each G20 member. These groups often draft recommendations to the G20 Leaders that contribute to the policy-making process.

G20 Summit 2023

The 2023 G20 New Delhi summit was the eighteenth meeting of G20 (Group of Twenty). It was held in Bharat Mandapam International Exhibition-Convention Centre, Pragati Maidan, New Delhi on 9–10 September 2023. It was the first G20 summit held in India. The Government of India budgeted Rs. 990 crore (US$120 million) for the G20 events. The G20 event in India included over 220 meetings in over 60 cities, where over 25000 delegates from more than 115 countries in the world. Heads of 9 guest countries and 14 international organizations were participated in the Summit. 

What are G20 agenda?

G20 was launched as a forum for economic cooperation focusing majorly on broad macroeconomic issues, but in due course of time and recognizing the need it has expanded its agenda and includes trade, climate change, sustainable development, health, agriculture, energy, environment, and anti-corruption. The agenda and mandate of G20 now addresses the needs of the current times in order to deliberate on and benefit its members.

Major Outcomes of G20 Summit 2023 

1.  Accelerating Progress on Sustainable Development Goals (SDGs)

• Focuses on resilient and inclusive growth, women's empowerment, and well-being in addition to sustainable development, health, and education. At the halfway point to 2030, the global progress on SDGs is up with only 12 per cent of the targets on track.  
• Mentions the role of digital transformation, AI, and data advances, in harnessing Data for Development (D4D). 
• The global leader summit commits to enhancing global food security and nutrition for all in line with the G20 Deccan High-Level Principles on Food Security and Nutrition 2023. 
• Focus on the importance of foundational learning which includes literacy and socio-emotional skills as the primary building block for education and employment.

2.  Green Development Pact For A Sustainable Future

• Concentrate on reducing global greenhouse gas emissions, a worldwide biofuel alliance, sustainable development, and eliminating plastic pollution, among other things. 
• The aim is to achieve the prosperity and well-being of present and future generations depending on our current development and other policy choices

3.  Multilateral Institutions For The 21st Century

• Leaders called for a comprehensive reform of the multilateral development banks, which provide financial and technical assistance to developing countries.
• They urged the banks to increase their capital, improve their governance, enhance their effectiveness and align their operations with the Paris Agreement and the 2030 Agenda.

4. Technological Transformation And Digital Public Infrastructure

• The concept of "digital public infrastructure" (DPI), which refers to a collection of shared digital systems that are developed and used by the public and private sectors.
• DPI is based on secure and resilient infrastructure, and it can be constructed using open standards and specifications as well as open-source software, which can enable the delivery of services at a societal level.
• The finance minister asserted that India has achieved all three of the "foundational" DPIs: real-time fast payment (the UPI), digital identity (Aadhaar), and a platform for sharing personal data safely without compromising privacy.

5. International Taxation   

• Involves global corporations and increasingly, internet-based companies and transactions.
• The two-pillar approach proposes a fundamental minimum tax for multinational corporations and identifies jurisdictions.
• It has been claimed that the committee has achieved "substantial progress" in the two-pillar approach and that work has also been done on the interchange of international real estate transactions. 

6.  Gender Equality And Empowering All Women And Girls

• The G20 reiterates that investing in the empowerment of all women and girls has a compounding impact on accomplishing the 2030 Agenda and that gender equality is of fundamental importance. 
• The goal of the G20 Association is to hasten the advancement of women's leadership and empowerment in the private sector. EMPOWER is an association of G20 corporate leaders and governments. 

7.  Countering Terrorism And Money Laundering

• Denounced terrorism in all of its forms, either motivated by racism, xenophobia, and other forms of intolerance.
• G20 Summit supports The Financial Action Task Force (FATF) for increasing resource demands combat money laundering and terrorist financing.

8. Creating A More Inclusive World

• Aims for a tight-knit world with a mutual goal of peace and prosperity. For example – the 55-member African Union as a permanent member of the G20 without any comments or objections. The entry of AU would provide greater voice to the Global South.
• The Millets and Other Ancient Grains International Research Initiative (MAHARISHI), a project to establish mechanisms to connect researchers and institutions, encourage information sharing, and organize capacity-building activities, among others, across the G20 countries, was launched with support from the G20 Meeting of Agricultural Chief Scientists (MACS). Millet-based dishes were also incorporated in the menu.

9. India- Middle East-Europe Economic Corridor

• Shipping & railway connectivity corridor (India, UAE, Saudi, EU, France, Italy, Germany and US) - part of Partnership for Global Infrastructure Investment.

10.  Admittance of the African Union (G20 now G21)

• The G20 leaders agreed to admit the African Union as a permanent member of the G20, which is a major step towards increasing the representation of developing countries in the forum.

11. Global Biofuels Alliance (GBA)

• GBA is an India-led initiative that aims to develop an alliance of governments, international organizations, and industry to promote the adoption of biofuels.The initiative seeks to position biofuels as a key component of the energy transition and contribute to job creation and economic growth

Conclusion

The G20 Presidency gives India a unique opportunity to strengthen its role in the world economic order and become a global soft power.

In conclusion, the G20 Summit proved to be a critical event for global leaders to come together and discuss pressing issues facing the world.rom climate change to economic recovery, the discussions and agreements made during the summit will have a significant impact on the future of our planet.

It is clear that international cooperation and collaboration are key to addressing these challenges and achieving a more prosperous and sustainable future for all.

References

1. Cooper, A. F., & Farooq, A. B. (2016). The role of China and India in the G20 and BRICS: commonalities or competitive behaviour? Journal of Current Chinese Affairs. 45(3). 73-106.
2. Mehrotra, A., & Gupta, B. (2022). G20 symbol and political debate in India. The Geopolitics. .
3. Paulo, S. (2017). The G20 compact with Africa: Overview, assessment, and recommendations for India. ORF Issue Brief. 188.
4. Ray, S., Jain, S., Thakur, V., & Miglani, S. (2023). Global Cooperation and G20: Role of Finance Track.
5. Bhaumik, H.(2018). India's Global Leadership Aspirations: Assessing India's Role in the G20. Global Governance: A Review of Multilateralism and International Organizations.24(2).309- 328.
6. G20 Official Website: The official website of the G20 provides comprehensive information about the organization, its history, goals, and activities, https://www.g20.org/
7. G20 Summit: The official website of the upcoming G20 .https://www.g20.org/summit.html
8. Ministry of External Affairs, Government of India: The official website of the Ministry of External Affairs of India offers information about India's participation in the G20, policy positions, and statements. https://mea.gov.in/
9. Prime Minister's Office, Government of India: The official website of the Prime Minister's Office provides updates on India's engagements with international organizations, including the G20, Website: https://www.pmindia.gov.in/en/
10. Reserve Bank of India: The official website of the Reserve Bank of India provides insights into India's economic policies, financial stability, and its role in the G20, Website: https://www.rbi.org.in/ 3
11. Ministry of Finance, Government of India: The official website of the Ministry of Finance offers information about India's economic policies
12. Mahida, Rinkesh & Chauhan, S. (2023). A study on presidency of the g20 in India: SWOC analysis. Vidya - A Journal of Gujarat University. 2. 15-25.
13. https://www.drishtiias.com/daily-updates/daily-news-analysis/18th-g20-summit-new-delhi
14. Tiwari, S. (2023).G-20 summit as an opportunity for India. International Journal of Creative Research Thoughts (IJCRT). 11(3).318-322.
15. Bhatia, R. (2022). Heading the G20 and New Delhi’s choices.
16. https://www.thehindu.com/opinion/lead/heading-the-g20-andnew-delhis-choices/article65806589.ece.
17. Gautam, A. (2023).India and G20: strengthening and shaping global governance. An International Journal of Multidisciplinary Research. 8(10).