G20 : Economic Cooperation ahead

India joins G20’s Troika

Note4Students

From UPSC perspective, the following things are important :

Prelims level : G20, G7 and its members

Mains level : Not Much

India has joined the G20 ‘Troika’with Indonesia and Italy.

G20 Troika

  • Troika refers to the top grouping within the G20 that consists of the current, previous and incoming presidencies — Indonesia, Italy and India.
  • With this move, India has started the procedure for taking over the G20 presidency.

Significance of the move

  • India will assume the G20 presidency on December 1, 2022 from Indonesia, and will convene the G20 Leaders’ Summit for the first time in India in 2023.
  • Indonesia took over the G20 presidency this year.

Do you know?

A Sherpa is the personal representative of a head of state or head of government who prepares an international summit, such as the annual G7 and G20 summits.

About G20 Countries

  • 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.
  • The members of the G20 consist of 19 individual countries plus the European Union (EU).
  1. 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.
  2. The European Union is represented by the European Commission and by the European Central Bank.
  • India has been a member of the G20 since its inception in 1999.

 

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