Ojaank IAS Academy

OJAANK IAS ACADEMY

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OJAANK IAS ACADEMY

G20: The New Global Approach

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The 17th G20 Heads of State and Government Summit is to be held in Bali in November this year. India will assume the presidency of the G20 from December 2022. While India has taken a clear view of the role of the G20, there is a lack of vision in the agenda, themes and focus areas that India will set for 2023.
The G20 is an informal grouping of 19 countries and the European Union with representatives from the International Monetary Fund and the World Bank. G20 membership includes a mix of the world’s largest advanced and emerging economies, representing approximately two-thirds of the world’s population, 85% of global GDP, 80% of global investment and over 75% of global trade. does.
If we talk about its origin, then its development happened in the context of the 1997-1999 Asian financial crisis. It was a ministerial forum that emerged after the G7 invited both developed and developing economies. The meeting of finance ministers and central bank governors began in 1999. In the midst of the 2008 financial crisis, the world saw the need to build a new consensus at the highest political level. It was decided that the meeting of the G20 leaders would begin once a year.
To help prepare for these summits, G20 finance ministers and central bank governors meet on their own twice a year. They meet at the same time as the International Monetary Fund and the World Bank.
The functioning of the G20 is divided into two tracks:
Finance track: This includes all meetings with G20 finance ministers and central bank governors and their deputies.
Meeting several times throughout the year, they focus on monetary and financial issues, financial regulations, etc.
Sherpa Track: It focuses on broader issues like political engagement, anti-corruption, development, energy etc.
Each G20 country is represented by its Sherpas; Those who plan, guide, implement etc.
For the selection of the presidency, 19 countries are divided into 5 groups, each containing no more than 4 countries. The Presidency rotates between each group.
Every year the G20 chooses a country from another group to become the President. India is in Group 2 which also includes Russia, South Africa and Turkey. The G20 has no permanent secretariat or headquarters. Instead, the G20 Chair is responsible, in consultation with other members, of bringing together the G20 agenda and responding to developments in the global economy.
Troika: Each year when a new country assumes the office of president, it works hand in hand with the previous president and the next president and is collectively known as the troika. This ensures continuity and continuity of the agenda of the group. The work of G20 members is supported by a number of international organizations. These include the Financial Stability Board which was established by the G20 leaders after the onset of the global financial crisis. It also provides policy advice to the International Labor Organization, the International Monetary Fund, the Organization for Economic Co-operation and Development, the United Nations, the World Bank and the World Trade Organization.

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