G20 : Economic Cooperation ahead

G-20 summit expected to be in Delhi

Note4Students

From UPSC perspective, the following things are important :

Prelims level : G7, G12, G20

Mains level : Not Much

India is expected to host the G-20 summit in Delhi, while a number of States, including Jammu and Kashmir and north-eastern States, have been asked to suggest venues for about 100 “preparatory” meetings.

Why in news?

  • The clarifications came in response to questions being raised over reports in the media about the possibility of holding the summit itself in Jammu and Kashmir.
  • Pakistan had issued a strong protest last week, sent formal demarches to Foreign Ministries in G-20 member-states, asking them not to attend such meetings.
  • Pakistan (alone) believes J&K is internationally recognised disputed territory.

Why such move?

  • The participation of the delegates from G-20 countries will be a major boost to the efforts of the Centre to project the situation in J&K as normal.
  • This is especially after J&K’s special constitutional position was ended in 2019.

What is G-20?

  • Formed in 1999, the G20 is an international forum of the governments and central bank governors from 20 major economies.
  • Collectively, the G20 economies account for around 85 percent of the Gross World Product (GWP), 80 percent of world trade.
  • To tackle the problems or address issues that plague the world, the heads of governments of the G20 nations periodically participate in summits.
  • In addition to it, the group also hosts separate meetings of the finance ministers and foreign ministers.
  • The G20 has no permanent staff of its own and its chairmanship rotates annually between nations divided into regional groupings.

Aims and objectives

  • The Group was formed with the aim of studying, reviewing, and promoting high-level discussion of policy issues pertaining to the promotion of international financial stability.
  • The forum aims to pre-empt the balance of payments problems and turmoil on financial markets by improved coordination of monetary, fiscal, and financial policies.
  • It seeks to address issues that go beyond the responsibilities of any one organization.

Members of G20

The members of the G20 consist of 19 individual countries plus the European Union (EU).

  • The 19 member countries of the forum are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom and the United States.
  • The European Union is represented by the European Commission and by the European Central Bank.

Its significance

  • G20 is a major international grouping that brings together 19 of the world’s major economies and the European Union.
  • Its members account for more than 80% of global GDP, 75% of trade and 60% of population.

India and G20

  • India has been a member of the G20 since its inception in 1999.

 

 

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