G20 Summit 2023 by The Group of Twenty (G20) is the primary platform for economic cooperation on an international scale.On all significant international economic problems, it plays a major role in forming and strengthening the global architecture and governance.
As a platform for the Finance Ministers and Central Bank Governors to debate international economic and financial concerns, the G20 was established in 1999 adhering to the Asian financial crisis.India has been in charge of the G20 from the beginning of December 2022 and will continue to do so through the end of November 2023.
The G20 Presidency both hosts the Summit and has an essential role in setting the agenda for the G20 for the whole year. The Finance Track and the Sherpa Track are two concurrent paths on which the G20 functions.
The Finance Track is led by Finance Ministers and Central Bank Governors, while the Sherpa Track is guided by Sherpas who take over after the Finance Track.
On the Sherpa side, the coordination of G20 activities is managed by the Sherpas from member countries, who serve as personal representatives of their respective Leaders. The Finance Track, on the other hand, is under the leadership of Finance Ministers and Central Bank Governors from the member countries.
Within these two tracks, there are specialised working groups that focus on specific themes. These working groups consist of representatives from relevant ministries of member countries, as well as participants from invited/guest countries and various international organisations.
The Ministry of Finance primarily oversees the Finance Track, and these working groups meet regularly throughout the term of each Presidency. Sherpas discuss Summit agenda items and organise the G20’s substantive work during negotiations that take place during the course of the year.
There are also Engagement Groups that serve as platforms for various stakeholders from the governments, legislatures, think tanks, women’s and youth organisations.
It’s important to note that the G20 doesn’t maintain a permanent administrative office. Instead, the current Presiding country receives support from a group called the Troika, made up of the previous, current, and next Presiding nations. In India’s current Presidency, the Troika includes Indonesia, India, and Brazil.
Setting the Stage: What to Expect at the G20 Summit 2023
Germany, India, Russia, China, France, Australia, Brazil, Canada, Indonesia, Italy, Japan, Republic of Korea, Mexico, Saudi Arabia, South Africa, Argentina,Turkey, United Kingdom, and the United States make up the 19 nations that make up the Group of Twenty (G20), in addition to the European Union. Together, these G20 nations make up around 85% of the world’s Gross Domestic Product (GDP), more than 75% of its commerce, and about two-thirds of its population.
The G20 acts as the main forum for worldwide economic cooperation and is vital in establishing and strengthening the global framework and governance for important issues relating to the international economy..
It’s worth noting that the G20 operates without a permanent secretariat or dedicated staff. Instead, the G20 Presidency rotates every year among its member countries, and each year, it’s taken on by a country from a different regional group of nations. There are five of these groups, each typically made up of up to four countries.
These groupings are usually organized based on regions, although there are exceptions like Group 1 (including Australia, Canada, Saudi Arabia, and the United States) and Group 2 (including India, Russia, South Africa, and Turkey).
Argentina, Brazil, and Mexico are included in Group 3; France, Germany, Italy, and the United Kingdom are included in Group 4; and China, Indonesia, Japan, and the Republic of Korea are included in Group 5. As the 20th member, the European Union is not a part of any of these regional organisations.
Every year, a different country from one of these groups assumes the role of the G20 Presidency. Each country within a group has an equal opportunity to take on this responsibility when it’s their group’s turn. Currently, India, representing Group 2, holds the G20 Presidency from December 1, 2022, to November 30, 2023.
The G20 Presidency is charged for developing the G20 agenda in collaboration with other member nations and in reaction to changes in the world economy. To ensure a smooth transition and ongoing coordination, the Presidency receives support from a “troika” composed of the current, immediate past, and next host countries. During India’s Presidency, the G20 troika consists of Indonesia, India, and Brazil.
G20 Summit 2023 Elevation to Leaders’ level
The G20 was elevated to the level of Heads of State/Government as a response to the global economic and financial crisis of 2007. In 2009, it became evident that effective crisis coordination required involvement at the highest political level. Since then, The frequent meetings of G20 leaders have made the group the main forum for global economic cooperation.
The G20 Summit takes place annually, with the leadership rotating among member countries. At first, the forum focused mostly on major macroeconomic topics. As the time has passed multiple important topics were also added like trade, health, agriculture, and anti-corruption, climate change, sustainable development.
G20 Summit 2023: Host Country’s Role in Global Diplomacy
G20 Summit 2023,The sparkling colours of India’s national flag—saffron, white, green, and blue—serve as the basis for the G20 Logo. It mixes the meaning of Earth with that of the lotus, the national flower of India, which stands for overcoming challenges in order to succeed. The Earth in the logo represents India’s dedication to a pro-planet lifestyle that is in harmony with the environment. The word “Bharat” is inscribed in the Devanagari script underneath the G20 logo.
In the world of language and expression, the Maha Upanishad, an ancient Sanskrit text, inspired India’s G20 Presidency theme, “Vasudhaiva Kutumbakam,” which translates to “The Universe as One Family” or “One Common Destiny.” This fundamental idea underscores the innate worth of all living beings, encompassing not just humans but also animals, plants, and even the tiniest microorganisms. It highlights their intricate interconnection, not only on our planet but throughout the vast cosmos.
Furthermore, this motif places a resolute focus on LiFE (Lifestyle for Environmental Enlightenment), which diligently advocates for judicious and ecologically conscientious choices, be it in one’s personal sphere or the broader societal tapestry. In this collaborative endeavor, a vision emerges for a forthcoming era steeped in impeccable purity, an exuberant tapestry, and a vigor fortified through global concerted initiatives.
For India, the G20 Presidency also marks the start of “Amritkaal,” a 25-year period beginning on August 15, 2022, which is the 75th anniversary of its independence. In pursuit of our noble journey, set to culminate on the nation’s centenary of independence, our aim is to construct an intricate, opulent, all-encompassing, and forward-thinking society, firmly rooted in the welfare of its populace.
G20 Summit 2023: Guest Countries and Invited International Organizations
In addition to the member nations, which are 19 countries including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom, and the United States, as well as the European Union, each G20 Presidency extends invitations to other countries and international organizations (IOs) to join the G20 meetings and Summit.
During India’s G20 Presidency, guest countries invited include Bangladesh, Egypt, Mauritius, the Netherlands, Nigeria, Oman, Singapore, Spain, and the UAE. As for guest IOs, India has invited ISA, CDRI, and ADB, in addition to the regular G20 International Organizations like the UN, IMF, WB, WHO, WTO, ILO, FSB, and OECD, as well as the Chairs of Regional Organizations such as AU, AUDA-NEPAD, and ASEAN.
Global Challenges Addressed: G20 Summit 2023’s structure Agenda
This track is led by a Sherpa, who serves as the representative of the G20 Leader. The focus areas within this track encompass socio-economic issues such as agriculture, anti-corruption, climate, digital economy, education, employment, energy, environment, health, tourism, trade, and investment. Working Groups operating under this track include:
I. Agriculture Working Group
II. Anti-corruption Working Group
III. Culture Working Group
IV. Development Working Group
V. Digital Economy Working Group
VI. Disaster Risk Reduction Working Group
VII. Education Working Group
VIII. Employment Working Group
IX. Energy Transitions Working Group
X. Environment and Climate Sustainability Working Group
XI. Health Working Group
XII. Tourism Working Group
XIII. Trade and Investment Working Group
This track is headed by the Finance Ministers and Central Bank Governors, with approximately four meetings held each year, including two on the sidelines of WB/IMF meetings. The focus areas here encompass fiscal and monetary policy issues, such as the global economy, infrastructure, financial regulation, financial inclusion, international financial architecture, and international taxation. Working Groups and Workstreams operating under this track include:
I. Framework Working Group
II. International Financial Architecture Working Group
III. Infrastructure Working Group
IV. Sustainable Finance Working Group
V. Global Partnership for Financial Inclusion
VI. Joint Finance and Health Task Force
VII. International taxation Issues
VIII. Financial Sector Issues
Research, Economic Impact and Trade Discussions at G20 Summit 2023
The RICG, in conjunction with the Sherpa Track Working Groups, strives to improve research and innovation collaboration among G20 member nations. By uniting experts in science, technology, and innovation from these countries, RICG builds upon the groundwork laid during the 2021 Academic Forum under the Italian Presidency.
• G20 ADVANCE
The G20 Alliance for Advancing Women’s Economic Representation (G20 ADVANCE) was established during the G20 Osaka Summit in 2019.Its aim is to speed up women’s leadership and empowerment in the business world by utilizing its special partnership between business leaders and governments in G20 countries.
• MEETING OF SPACE ECONOMY LEADERS
During India’s G20 Presidency, the Indian Space Research Organization/Department of Space (ISRO/DOS) is hosting the fourth installment of the Meeting of Space Economy Leaders (MSEL) to continue discussions on the role of space in shaping the global economy. Previous editions of MSEL were hosted by the Saudi Space Commission (2020), the Italian Space Agency (2021), and the National Research & Innovation Agency, Indonesia (2022). Given the significance of New Space in influencing the global economy, this year’s MSEL focuses on “Advancing a New Space ERA (Economy, Responsibility, Alliance).”
• G20 CHIEF SCIENTIFIC ADVISORS ROUNDTABLE (CSAR)
The G20-CSAR is a novel initiative launched during India’s current G20 Presidency. G20-CSAR will convene the Chief Scientific Advisors of the G20 Heads of State/Government with the aim of establishing an effective institutional platform to discuss global Science and Technology (S&T) policy matters, potentially evolving into a coherent global science advisory mechanism. Additionally, G20-CSAR seeks to find solutions to some of the challenges faced by the international S&T community.
Key areas of focus for CSAR during India’s G20 Presidency include “One Health” and facilitating shared scientific infrastructure for the global benefit, as well as collaboration in emerging and futuristic technologies and evolving standards. The inaugural G20 CSAR meeting took place in Ramnagar, situated in the Kumaon region of the state of Uttarakhand, from March 28th to 30th, 2023.
As part of the G20 members’ commitment to engage with relevant stakeholder communities, dialogue is facilitated through engagement groups, which include non-governmental participants from each G20 member nation. These organisations typically provide suggestions for the G20 Leaders that aid in the process of developing policies.
The engagement groups are as follows:
G20 Summit 2023: The Conclusion
In summary, India’s approach at the G20 Summit 2023 can be distilled into several key points:
- India is committed to tackling climate change, with a special focus on providing financial support and technology sharing, particularly for developing nations. The nation also places great importance on ensuring equitable energy transitions.
- The introduction of the LiFE movement underscores India’s dedication to sustainable practices rooted in its rich traditions, promoting environmentally-conscious actions.
- India is actively targeting areas with the potential for substantial change, including support for small and medium-sized businesses in global trade, advocating for labor rights and welfare, addressing global skills gaps, and fostering inclusive agricultural value chains and food systems.
- There’s a strong commitment to advancing the Sustainable Development Goals (SDGs) laid out in the 2030 Agenda. This renewed dedication is especially focused on mitigating the effects of the COVID-19 pandemic on these goals.
- India advocates for a people-centric approach to technology, promoting knowledge-sharing in critical areas like digital public infrastructure, financial inclusion, and technology-driven progress in sectors such as agriculture and education.
- Efforts are underway to reform multilateralism, with the aim of creating a more accountable, inclusive, and representative international system equipped to address the unique challenges of the 21st century.
- In the spirit of inclusive growth and development, India prioritizes women’s empowerment and increased representation. This commitment serves as a driving force for socio-economic development and the achievement of the Sustainable Development Goals (SDGs).