Magazine

English Hindi

Index

International Relations

G20 Summit 2018   

G20 Summit 2018   

Relevance

GS 2 || International Relations || International Organizations || Miscellaneous

Why in news :

  • The 2018 G20 Summit is being held in the city of Buenos Aires, Argentina. Nineteen leaders of the world’s biggest economies and a representative of the European Union will be holding a meeting on November 30 as part of the G20 summit.

G20 Summit 2018:

  • It will be the 13th meeting of Group of Twenty (G20) and the first G20 summit to be hosted in South America.

About G20:

  • 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 the 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.
  • The first G20 Summit was held in Berlin in December 1999 and was hosted by the finance ministers of Germany and Canada.

Objectives of G20 :

  • The Group was formed with an 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 balance of payments problems and turmoil on financial markets by improved coordination of monetary, fiscal, and financial policies.
  • The forum seeks to address issues that go beyond the responsibilities of any one organization.

Member Countries 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.

Where is the G20 headquarters?

  • The G20 does not have permanent offices or employees.
  • The country that presides over the group (in an year) takes care of all the organization and the logistical coordination of the meetings.

What will be the priorities of the G20 2018 agenda?

  • The G20 2018 will focus on the future of work, which implies thinking about an education that provides – equal opportunities, infrastructure for development, and a sustainable food future.

The G20 Troika

  • Every year, when a new country assumes the presidency (Argentina in 2018), it works hand in hand with the previous presidency (Germany) and the next presidency (Japan) in what is known as the troika. This ensures continuity in the group’s agenda.

Two working channels of G20 – Finance Channel and Sherpas Channel :

  • The Finance Channel covers meetings between finance ministers and central bank presidents, as well as meetings of their second lines and working groups on financial issues. In their meetings throughout the year, they focus on global collaboration in financial and monetary policies, which may include issues such as investment in infrastructure, fiscal policy, inclusion and financial regulation.
  • The Sherpas Channel, meanwhile, covers non-financial issues, such as political commitment, the fight against corruption, development, gender equality, trade and energy, among others. Each member country of the G20 is represented at the meetings by the Sherpa and the minister that corresponds to the subject. The Sherpa then advises his Head of State or Government on the issues discussed and brings the dialogue to the relevant working groups.

India and G20 2018 summit :

  • India has presented a nine-point programme to take action against fugitive economic offenders at the ongoing G20 Summit in Argentina.

Who will be the next G20 president after Argentina?

  • Japan will chair the G20 in 2019.
  • Saudi Arabia will chair the G20 in 2020.
  • Italy will chair the G20 in 2021.
  • India will chair the G20 in 2022

What impact does the G20 have?

  • The G20 is the most important forum for international cooperation. During the meetings, the main challenges of the world are discussed and the main policies are coordinated at the global level. In the face of an uncertain international context, international cooperation is key, and thus the G20 acquires even more relevance.