The G20 Summit 2023 just concluded in New Delhi under the Indian Presidency. The PM of India passed the gavel to Brazil, the next G20 President. The 18th meeting of the Group of Twenty was the first G20 summit to be held in India.
- The G20 or Group of Twenty isan intergovernmental forum comprising 19 countries and the European Union (EU)
- The G20 is composed of most of the world’s largest economies, including both industrialized and developing nations, and accounts for around 90% of gross world product (GWP), 75–80% of international trade, two-thirds of the global population, and roughly half the world’s land area
- The G20 was founded in 1999 in response to several world economic crises
- Since 2008, it has convened at least once a year, with summits involving each member’s head of government or state, finance minister, foreign minister, and other high-ranking officials; the EU is represented by the European Commission and the European Central Bank
G20 India Presidency
The G20 is made up of 19 countries and the EU.
- The 19 countries are Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, the Russian Federation, Saudi Arabia, South Africa, Turkey, the UK, and the US.
India holds the Presidency of the G20 from 1 December 2022 to 30 November 2023.
Under the Indian Presidency, the G20 in 2023 focussed on the theme, ‘One Earth, One Family, One Future’.
- The theme affirms the value of human, animal, plant, and microorganisms and their interconnectedness on planet Earth and in the wider universe.
- The Indian Presidency will also spotlight Lifestyle for Environment (LiFE), with an emphasis on environmentally sustainable and responsible choices at both the individual lifestyle and the national development level, to achieve a cleaner, greener, and bluer future.
The summit had India showcase its cultural richness through diverse elements like:
- Bharat Mandapam, inspired by Lord Basavaeshwara’s concept of Anubhav mandapam. The “culture corridor,” features a display of diverse traditions from 29 countries, including India and the special invitees to the G20.
- The Chola-style bronze statue of Lord Nataraja.
- Konark Chakra of Odisha’s sun temple and the image of Nalanda University were used as backdrops.
- Showcase of Thanjavur Paintings and Dhokra art
- A brass statue of Lord Buddha under the Bodhi tree.
- Hindustani, Folk, and Carnatic musical heritage of India
Indian Prime Minister formally handed over the G20 presidency to the President of Brazil. India will continue to hold the position until 30 November 2023.
G20 Summit 2023
The invited countries for the year were:
- Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain and UAE.
Six agendas were put forth for the G20 Dialogue 2023:
- Green Development, Climate Finance & LiFE
- Accelerated, Inclusive & Resilient Growth
- Accelerating progress on SDGs
- Technological Transformation & Digital Public Infrastructure
- Multilateral Institutions for the 21st Century
- Women-led development
The working groups focused on areas like:
- agriculture, anti-corruption, culture, digital economy, disaster risk reduction, development, education, employment, environment and climate sustainability, energy transitions, health, trade and investment, and tourism.
Major outcomes of the G20 summit 2023
- The African Union joined the G20 as a permanent member.
- A new organization called the Global Biofuel Alliance (GBA) was launched, to promote the development and adoption of sustainable biofuels, and set relevant standards and certification.
- The New Delhi Leaders Declaration was adopted with consensus.
- A group of countries made a joint agreement to build a rail and shipping corridor linking India with the Middle East and Europe called the India-Middle East-Europe Economic Corridor. The group comprises India, Saudi Arabia, the United Arab Emirates, Jordan, Israel and the European Union.
New Delhi declaration
The G20 2023 joint consensus declaration called the New Delhi Leaders Declaration is an official non-binding declaration that seeks to place emphasis on strong, sustainable, balanced, and inclusive growth.
Global Economic Situation
- To protect the vulnerable, through promoting equitable growth and enhancing macroeconomic and financial stability. Such an approach will help resolve the cost-of-living crisis and unlock strong, sustainable, balanced, and inclusive growth.
- To support the progress towards the 2030 Agenda for Sustainable Development to achieve strong, sustainable, balanced, and inclusive growth (SSBIG).
- To create inclusive, sustainable, and resilient global value chains, and support developing countries to move up the value chain.
- Chair rotation
- To decide which member nation gets to chair the G20 leaders’ meeting for a given year, all members, except the European Union, are assigned to one of five different groupings
- All countries within a group are eligible to take over the G20 Presidency when it is their group’s turn. Therefore, the states within the relevant group need to negotiate among themselves to select the next G20 President
- The G20 operates without a permanent secretariat or staff
- The incumbent chair establishes a temporary secretariat for the duration of its term, which coordinates the group’s work and organizes its meetings
- The 2023 and 2024 summits will be hosted by India and Brazil respectively
- In addition to these 20 members, the chief executive officers of several other international forums and institutions participate in meetings of the G20
- G20 Agenda
- Financial Focus
- The initial G20 agenda focused on the sustainability of sovereign debt and global financial stability in an inclusive format that would bring in the largest developing economies as equal partners
- Further, the recurring themes covered by G20 summit participants have related in priority to global economic growth, international trade and financial market regulation
- Inclusive growth
- After the adoption of the UN Sustainable Development Goals and the Paris Climate Agreement in 2015, more “issues of global significance” were added to the G20 agenda, which include migration, digitisation, employment, healthcare, the economic empowerment of women and development aid
- Financial Focus