G20 : Economic Cooperation ahead

PM unveils G20 logo: Significance of the lotus on it


From UPSC perspective, the following things are important :

Prelims level: G7, G12, G20

Mains level: India's presidentship of G20


PM unveiled the logo, theme and website of India’s G20 presidency.

What is G20?

  • The G20 was formed in 1999 in the backdrop of the financial crisis of the late 1990s that hit East Asia and Southeast Asia in particular.
  • The first G20 Summit took place in 2008 in Washington DC, US.
  • Its aim was to secure global financial stability by involving middle-income countries.
  • Its prominent members are: Australia, Brazil, China, France, Germany, India, Japan, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the EU.
  • Spain is invited as a permanent guest.

Presidency of G20

  • The presidency of the G20 rotates every year among members.
  • The country holding the presidency, together with the previous and next presidency-holder, forms the ‘Troika’ to ensure continuity of the G20 agenda.
  • During India’s presidency, India, Indonesia and Brazil will form the troika.
  • This would be the first time when the troika would consist of three developing countries and emerging economies.

How does the G20 work?

  • The G20 has no permanent secretariat.
  • The agenda and work are coordinated by representatives of the G20 countries, known as ‘Sherpas’, who work together with the finance ministers and governors of the central banks.
  • On the advice of the G7 Finance Ministers, the G20 Finance Ministers and Central Bank Governors began holding meetings to discuss the response to the global financial crisis that occurred.
  • Since 1999, an annual meeting of finance ministers has taken place.

Economic significance of G20

  • G20 is the premier forum for international economic cooperation representing around-
  1. 85 per cent of the global GDP,
  2. 75 per cent of the global trade, and
  3. Two-thirds of the world population

Significance of the G20 logo

  • The logo bears a lotus and the message of ‘Vasudhaiva Kutumbakam — One Earth, One Family, One Future’.
  • The lotus flower symbolises our Puranic heritage, our aastha (belief) and boddhikta (intellectualism).


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