About the G 20:
#GS2 #International Organizations
Topic International Organizations:
The majority of attendees at the G20 Finance Ministers and Central Bank Governors (FMCBG) conference on Saturday in Bengaluru demanded that Russian troops leave Ukrainian land “completely and unconditionally.” Divisions among the G20 participants were mentioned in the “Outcome Paper” for the summit.
The Group of Twenty (G20) is an intergovernmental organisation made up of the European Union and 19 additional nations (EU). Around half of the planet’s surface, two thirds of the world’s population, 75-80% of global trade, and more than 90% of the global warming potential are controlled by the G20 (gross world product). The majority of the world’s most powerful economies, including both developed and poor countries, make up this group. In 1999, the G20 was established in response to various global economic problems. With the presidents of state or government, the ministers of finance and foreign affairs, and other top officials from each member present, summit meetings have been conducted at least once a year since 2008. The European Commission and the European Central Bank stand in for the European Union.\
The rotating chair
All nations, with the exception of the European Union, are divided into one of five groups, and each group determines which country will preside over the G20 leaders’ conference for a specific year. When their turn comes around, all nations in a group are eligible to hold the G20 President. As a result, in order to choose the next G20 President, the member states of the organisation must come to an agreement.
There is no permanent secretariat or staff for the G20. Throughout the duration of the group’s mandate, the current chair employs a temporary secretariat to oversee operations and set up meetings. The summits will take place in India and Brazil, respectively, in 2023 and 2024. The leaders of numerous other international organisations and forums attend G20 meetings in addition to these 20 members.
The main objectives of the G20’s inaugural agenda were to guarantee the sustainability of the sovereign debt market and the stability of the global financial system within an open framework that included the greatest developing economies as partners on an equal footing. Also, the G20 summit’s attendees frequently discussed the importance of international trade, financial market regulation, and global economic growth.
Further “problems of global relevance,” such as migration, digitalization, employment, healthcare, the economic empowerment of women, and development aid, were added to the G20 agenda in 2015 with the passage of the Paris Climate Agreement and the UN Sustainable Development Goals.
India and the G20:
The fact that India, a big developing country, had a crucial stake in the stability of the global economic and financial system served as the driving force behind its participation in the G20 process. The G20 Summit’s agenda for India is motivated by: – the necessity to defend the growth possibilities of developing countries by protecting their financial system against protectionist tendencies.
Source The Hindu