The G20, or Group of Twenty, is a forum consisting of 19 countries and the European Union. It is an international platform established to promote cooperation and dialogue among the world's most powerful economies. The member countries of the G20 account for two-thirds of the world's population and 85 per cent of the global GDP.
Inception of G20
The G20 was first established in 1999, and since then, it has become one of the most important platforms for international cooperation on global economic and financial issues. Over the years, the G20 has expanded its areas of focus to include issues like climate change, energy policies, and the fight against terrorism.
The G20 presidency plays a crucial role in formulating the collective goals and priorities of the organisation, in consultation with its members and in response to economic trends and challenges at the global level. The G20 presidency steers the G20 agenda for one year. India holds the presidency of the G20 from Dec 1, 2022 to Nov 30, 2023. The presidency theme is 'Vasudhaiva Kutumbakam', which means 'One Earth One Family One Future'.
While the G20 does not have any legal or binding powers, its recommendations and decisions usually carry a strong influence on global economic policy. One of the key strengths of the G20 is its ability to bring together leaders from both developed and developing countries to work towards a common goal. The forum has also been instrumental in coordinating responses to global economic crises, such as the 2008 financial crisis.
Despite its successes, the G20 also faces criticism for its lack of inclusivity, and it has been argued that the interests of developing countries are not always adequately represented. Nevertheless, the G20 remains an important platform for international cooperation on global economic issues.