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G-20
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The G20

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The G20 (or Group of Twenty) is an

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international forum for Membership comprises a mix of the
the governments and central world’s largest advanced and emerging
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bank governors from 19 countries and
the European Union (EU). The G20 was
economies, representing about two-
thirds of the world’s population, 90% of
established in 1999. (The EU is global gross domestic product, 80% of
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represented by the European global investment and over 80% of global
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Commission and by the European Central trade.

Bank.)
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• Two-thirds of the world’s

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population,

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• 85% of global gross domestic

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Stature of G-20 product,

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• 80% of global investment and
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• over 75% of global trade.
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 History

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1997-1999 ASIAN Financial Crisis: This was a ministerial-level forum which emerged after

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G7 invited both developed and developing economies. The finance ministers and central

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bank governors began meeting in 1999.

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Amid 2008 Financial Crisis the world saw the need for a new consensus building at the

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highest political level. It was decided that the G20 leaders would begin meeting once
annually.

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At its 2009 summit, the G20 declared itself the primary venue for international economic
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and financial cooperation.
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To help prepare these summits, the G20 finance ministers and central bank governors
continue to meet on their own twice a year. They meet at the same time as the
International Monetary Fund and The World Bank.
 The finance track comprises all meetings

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with G20 finance ministers and central bank

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governors and their deputies they meet

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several times throughout the year they focus
on monetary and fiscal issues, financial

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regulations, etc.

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Working of G-20 The leadership track focuses on broader
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corruption, development, energy, etc. Here
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each country is represented by a leader e.g.
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at the G20 in Argentina, 2018 Shri

Shaktikanta Das played that role.
 The Summits

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The first official summit was held in Washington DC, U.S.A in 2008.

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 Italian Presidency (G20 Summit 2021)

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• In the 2021 G20 summit, the leaders made a commitment to reach carbon neutrality by or
around mid-century.

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• Rome declaration urged leaders of the world’s biggest economies to put their action plans

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to tackle the global climate change crisis.
• It included a pledge to halt financing of overseas coal-fired power generation by the end

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of this year.
• India stood for vaccine inequity across the world, India is ready to produce over 5 billion

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vaccine doses by the end of next year (2022).
• One Earth One Health: The vision of “One Earth One Health”, or the need for a
collaborative approach in the international domain in the fight against the pandemic.
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• Resilient Global Supply Chains: India highlighted the need for resilient global supply chains
and invited G-20 countries to make India their partner in economic recovery and supply
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chain diversification.
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• Support for Global Minimum Tax: India also lauded the G-20’s decision to come up with
a 15-percent minimum corporate tax to make the global financial architecture “more just
and fair”.
 Structure and Functioning of G20

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• The G20 Presidency rotates annually according to a system that ensures a
regional balance over time.

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• For the selection of presidency, the 19 countries are divided into 5 groups,

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each having no more than 4 countries. The presidency rotates between
each group. Every year the G20 selects a country from another group to be

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president. India is in Group 2 which also has Russia, South Africa, and
Turkey.

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• The G20 does not have a permanent secretariat or Headquarters. Instead,
the G20 president is responsible for bringing together the G20 agenda in
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consultation with other members and in response to developments in the
global economy.
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• TROIKA: Every year when a new country takes on the presidency,
it works hand in hand with the previous presidency and the next presidency
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and this is collectively known as TROIKA. This ensures continuity and

consistency of the group’s agenda.
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Grouping among
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 The work of G20 members is supported by several
international organizations that provide policy advice.
These organizations include:

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• The Financial Stability Board (FSB). The FSB, which was

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established by G20 leaders following the onset of the global
financial crisis,

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• The International Labor Organization (ILO).

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• The International Monetary Fund (IMF).

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• The Organization for Economic Co-operation and
Cooperation Development (OECD)

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• United Nations (UN)
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• The World Trade Organization (WTO)
The G20 also regularly engages with non-government sectors.
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Engagement groups from business (B20), civil society
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(C20), labour (L20), think tanks (T20) and youth (Y20) are
holding major events during the year, the outcomes of which
will contribute to the deliberations of G20 leaders.
What India wants from G20

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Checking tax evasion to fight corruption

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Choking terror funds

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Cutting the cost of remittances

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Market access for key drugs
Reforms in the World Trade Organization to improve its
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functioning
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“Full implementation” of the Paris Agreement
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 Importance of G20

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• With only 20 members, the G20 is agile enough to make prompt decisions and to
adapt to new challenges.

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• The inclusion every year of invited countries, international organizations and civil

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society organization ensure engagement of international players.
• It plays a crucial role in strengthening the international financial regulatory

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system, including better coordination across countries.
• Major achievements of the G20 include quick deployment of emergency
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funding during the 2008 global financial crisis.
• It has also worked for reforms at international institutions like BEPS by OECD.
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• G20 played a critical role in the ratification of the Trade Facilitation Agreement,
of the WTO, India also finally signed the agreement in 2016.
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• G20 bring World’s top developed and developing countries together to bring
consensus and reasoning into decision making through discussion.
 Limitations of G-20

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• No enforcement mechanism: The G20’s

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toolkit ranges from simple exchanges of
information and best practices to agreeing

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common, measurable targets, to coordinated

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action. None of this is achieved without
consensus, nor is it enforceable, except for the

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incentive of peer review and public
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• Not legally binding: the decisions are based
on discussions and consensus which
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culminates in the form of declarations. These
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declarations are not legally binding. It’s just an

advisory or consultative group of 20 members.
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G-20 Summit

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2022: Bali

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Indonesia

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 The 17th annual summit of G-20

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was hosted by the Indonesian G20

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presidency in Bali under the

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theme ‘Recover Together, Recover

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The Stronger’.

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Summit
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of the G20 presidency and the
18th summit will be held in India in
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2023.
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 Outcomes

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Condemning Russian Aggression.

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G20 economies agreed in their declaration to pace interest rate rises carefully to
avoid spillovers and warned of "increased volatility" in currency.

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The leaders promised to take coordinated action to address food
security challenges and applauded the Black Sea grains initiative.
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G20 leaders agreed to pursue efforts to limit the global temperature increase to 1.5
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degrees Celsius - confirming they stand by the temperature goal from the 2015 Paris
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Agreement.

Leaders recognised the importance of digital transformation in reaching the

sustainable development goals.
 Impact of Russia’s Invasion of

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What are the Ukraine

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Challenges Impact of Rising Inflation

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before the G-

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20 Member

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Slowdown of Major
Countries?
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Rising geopolitical issues
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