The ongoing G20 summit in India is to culminate at the New Delhi Summit from Sept 9 to 10 with the Leader’s commitment to the priorities discussed & and agreed upon during various ministerial and Working group meetings.
India is entrusted with the presidency of G20 from 01/12/2022 to 30/11/2023.
Member countries of the G20 Summit:
The member countries of the G20 represent:
- around (85%) of the global GDP;
- over (75%) of the global trade; and
- about 2/3 of the world’s population.
Member Countries along with capital cities and their leaders are as follows:
Economic heavyweights of the world and political leaders have convened once again for the annual G20 Summit. It is a pivotal event that aims to foster international cooperation on pressing global challenges and play a very significant role in strengthening and shaping the architecture and governance of all major international economic issues. With a history dating back to 1999, there has been a tremendous evaluation of the nature and form of the G20 Summit and it has evolved into a crucial platform where member nations deliberate and collaborate on issues that impact economies, societies, and the planet.
The theme for G20 Summit 2023:
According to the Ministry of Earth Science, the theme for G20 summit 2023 is Vasudhaiva Kutumbakam, which is a Sanskrit word taken from the Maha Upanishad. The meaning of Vasudhaiva Kutumbakam is “One Earth, One Family, One Future.
The theme basically emphasizes the importance of all lifeforms, whether it is human, plant, animal, or microorganism, and their interdependence and interaction on Earth and across the universe.
The theme also exemplifies LiFE (Lifestyle for Environment), which focuses on the importance of sustainability environmentally and choices of a responsible lifestyle both at the individual and national level.
The G20 Presidency from 2022 to 2023 is with India, and it also marks the “Amritkaal,” a 25-year period that commenced from the 75th anniversary of its independence on August 15, 2022.
India’s G20 Priorities for G20 Summit 2023:
1. Climate Finance, Green Development, & Life
- India has been very instrumental in raising the issues at the national or international level and when it assumed the presidency of G20 it emphasized climate change, with a particular emphasis on technology and climate finance, also ensuring just energy transitions for developing countries.
- Hereby Introducing the LiFE movement to promote environmentally conscious practices.
2. Inclusive, Resilient and Accelerated Growth
- Taking the areas with potential for structural transformation, including promoting labor rights and welfare, supporting small and medium-sized enterprises in global trade, building inclusive agricultural value chains and food systems, and addressing the global skills gap.
3. Expediting the Progress on SDGs
- In the context of the 2030 Agenda for Sustainable Development, a recommitment to achieving the targets set out with a particular focus on addressing the impact of the COVID-19 pandemic.
4. Digital Public Infrastructure and Technological Transformation:
- Human-centric approach to technology and increased knowledge-sharing in areas such as financial inclusion, digital public infrastructure, and tech-enabled development in sectors such as education and agriculture are to be promoted.
5. Promoting Multilateralism for the 21st Century
- Efforts are to be made to improve multilateralism and create a more representative, accountable, and inclusive international system that can address the challenges arising in the 21st century.
6. Women-led Development
- To achieve SDGs and boost socio-economic development, a greater emphasis on inclusive growth and development which is centered around women’s empowerment and representation.
Historical Background of G20 Summit:
During the late 1990s at the time of the Asian financial crisis, The Group of Twenty, or G20, came into existence. Finance ministers and central bank governors from nineteenth (19) major economies and the European Union came together for the first time in Berlin in 1999 to discuss ways to stabilize the financial systems of the world and develop a more resilient financial system to tackle future financial challenges. Over time, the scope of G20 expanded beyond financial matters to encompass a wide range of global concerns such as
- Climate change,
- Sustainable development,
- trade and
- Anticorruption, etc.
This year’s summit holds the promise of meaningful outcomes as leaders engage in dialogues, negotiations, and consensus-building. The world watches with anticipation as the G20 Summit continues to be a beacon of hope for a more prosperous and harmonious future.