- Founded in 1999, the Group of Twenty (G20) is the premier forum for its members’ international economic cooperation and decision-making.
- The G20 comprises Argentina, Australia, Brazil, Canada, China, European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK and USA.
- The G-20’s member-countries represent around 85% of the world’s economic output, three-quarters of international trade and two thirds of the world’s population.
- The objectives of the G20 are:
- Policy coordination between its members in order to achieve global economic stability, sustainable growth;
- To promote financial regulations that reduce risks and prevent future financial crises; and
- To create a new international financial architecture.
Why in News?
- The Ministry of External Affairs (MEA) announced that India will hold over 200 G20-related meetings across the country during its presidency of the grouping that will begin on December 1, 2022 and continue till November 30, 2023.
- The G20 Leaders’ Summit will be held in New Delhi on September 9 and 10 in 2023, and Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain and the UAE will be the “guest countries” at the event.
- India is currently part of the G20 Troika [current, previous and incoming G20 Presidencies] comprising Indonesia, Italy and India. During our Presidency, India, Indonesia and Brazil would form the troika. This would be the first time when the troika would consist of three developing countries and emerging economies, providing them a greater voice.