India to host G20 summit for the first time: Important things you need to know

India is gearing up to host the 18th Group of 20 (G20) Heads of State and Government Summit in New Delhi.

The G20 is an international forum for the governments of the world’s 20 largest economies. The group meets once a year to discuss and coordinate economic policies.

The summit will be a major event for India and will showcase the country’s economic and political strength. It will also be an opportunity for India to engage with other G20 countries on a range of issues, including climate change, sustainable development and global health.

The Indian government has already started preparations for the summit. The venue, Bharat Mandapam, is being renovated and security measures are being put in place. The government also plans to organize a number of cultural events to showcase India’s rich heritage.

The G20 summit is a significant event for India and will have a major impact on the country’s economy and international standing. It is an opportunity for India to play a leading role in global affairs and to promote its vision of a sustainable and just future.

#G20India Presidency of healing, harmony and hope!

As we get closer #G20 Summit in New Delhi, here is an overview of the new initiatives taken during India’s G20 presidency to address global challenges. pic.twitter.com/8JzoL72xM1

— G20 India (@g20org)
September 5, 2023

What is the G20?

The G20 or Group of Twenty is an intergovernmental forum of 19 countries and the European Union (EU). It was established in 1999 to address major issues related to the global economy, such as international financial stability, climate change mitigation and sustainable development.

The G20 countries account for about 80% of global gross domestic product (GDP), 75% of international trade, two-thirds of the world’s population and 60% of the world’s land area. This makes the G20 a powerful forum for international cooperation in economic and financial matters.

The G20 India website states: “The Group of Twenty (G20) consists of 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, Great Britain and the United States) and the European Union. G20 members represent about 85% of global GDP, more than 75% of global trade and about two-thirds of the world’s population.”

The G20 meets once a year at the level of heads of state and government. The summit is hosted by different G20 countries on a rotating basis.

The G20 has been praised for its ability to bring the world’s leading economies together to address common challenges.

What is the history of the G20 summit?

The history of the G20 summit can be traced back to the Asian financial crisis of 1997. The crisis was a major shock to the global economy and led to calls for a new forum for international cooperation in economic matters.

In 1999, the G20 was created in response to the Asian financial crisis. The first summit of the group was held in Berlin, Germany, in 1999. The finance ministers and central bank governors of the G20 countries participated in the summit.

The G20 summit has quickly become an important forum for international cooperation on economic issues. The group has met annually since then and has played a key role in addressing a number of major global challenges, including the 2008 financial crisis, the COVID-19 pandemic and climate change.

India’s G20 website mentions: “The G20 was established in 1999 after the Asian financial crisis as a forum for finance ministers and central bank governors to discuss global economic and financial issues.

“The G20 was promoted to the level of Heads of State/Government after the global economic and financial crisis in 2007, and in 2009 it was declared “the main forum for international economic cooperation,” is added.

What is the significance of the G20 summit in 2023?

The G20 summit is a significant event for several reasons. First, it is a forum for the world’s leading economies to gather and discuss the most pressing issues facing the global economy. Second, the summit is an opportunity for India to demonstrate its economic and political strength to the world. Third, the summit is an opportunity for India to engage with other G20 countries on a range of issues, including climate change, sustainable development and global health.

The theme of the G20 summit in 2023 is “Vasudhaiva Kutumbakam” which translates to “One Country, One Family, One Future”. This theme reflects India’s commitment to sustainable development and its belief that the world’s economies must work together to protect the planet.

The G20 summit is expected to focus on a number of key issues, including:

• Climate change: G20 countries are expected to discuss ways to reduce greenhouse gas emissions and adapt to the impacts of climate change.
• Sustainable development: G20 countries are expected to discuss ways to promote sustainable development, including investments in clean energy, biodiversity protection and sustainable agriculture.
• Global health: G20 countries are expected to discuss ways to improve global health, including vaccination programs and disease prevention measures.
• Trade: G20 countries are expected to discuss ways to promote free trade and reduce trade barriers.
• Digital economy: G20 countries are expected to discuss ways to regulate the digital economy and ensure it benefits everyone.

READ| G20 Summit 2023: Meet the legacy to be presented on the Cultural Corridor

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Source: newstars.edu.vn

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