The G20 stands for Group 20, it comprises 19 countries. It is the foremost platform for international economic collaboration and holds significant sway in shaping and fortifying the worldwide framework and regulation surrounding all significant economic concerns. In 1999, following the Asian financial crisis, the G20 established. The G20 serves as a platform for Finance Ministers and Central Bank Governors to engage in dialogue regarding worldwide economic and financial matters.
The G20 doesn’t have a permanent secretariat or staff. It operates by rotating the Presidency annually among its members. The group selects its presidency from a different regional grouping of countries each time. They divide the 19 member countries into five groups, each containing a maximum of four countries. Regional-based groups typically group together countries from the same region. The G20 countries account for approximately 85% of the world’s Gross Domestic Product (GDP), more than 75% of the world’s trade, and around two-thirds of the global population.
Every year, the G20 Presidency is allotted to a different country from a separate group. Each group member has an equal opportunity to take on the Presidency when it’s their turn. Presently, India, holds the G20 Presidency from December 1, 2022, until November 30, 2023. India is a member of Group 2.
The responsibility of assembling the G20 agenda in consultation with other members and in response to global economic developments lies with the G20 Presidency. In order to maintain consistency, the Presidency is aided by a “troika” consisting of the current, previous, and upcoming host countries. Indonesia, India, and Brazil make up the G20 troika during India’s Presidency in 2022-23.
G20 Structure include three part
- Sherpa Track
- Finance track
- Engagement Groups
India’s G20 presidency 2023
In Indian G20 presidency the theme was “Vasudhaiva Kutumbakam” or “One Earth · One Family · One Future” . The central message of this theme is the recognition of the worth of all forms of life, including humans, animals, plants, and microorganisms, and their interconnectedness on planet Earth and beyond.
- The G20 Agriculture Deputies Group, established in 2011, focuses on improving cooperation between G20 members on agriculture-related issues, such as food security, sustainability, and reducing food waste.
- The Anti-Corruption Working Group, created in 2010, aims to establish minimum common standards among G20 countries’ legal systems to combat corruption in the public and private sectors.
- The Culture Working Group, established in 2021, aims to strengthen international cooperation and collaboration to support cultural and creative industries.
- The Development Working Group, established in 2010, plays an important role in supporting the G20’s sustainable development agenda.
- The Digital Economy Working Group, established in 2021, provides guidance to policymakers on harnessing the digital potential of economies.
- The Disaster Risk Reduction Working Group aims to reduce disaster losses by 2030 globally.
- The Employment Working Group focuses on labor, employment, and social issues to develop sustainable, balanced, and job-rich growth.
- The Energy Transition Working Group, established in 2018, deliberates on energy security, accessibility, affordability, and innovation, among others.
- The working group and meeting address environmental and climate concerns, such as resource efficiency, biodiversity loss, and climate change adaptation.
- In 2017, the Health Working Group committed to creating sustainable societies that promote equitable health.
- The Tourism Working Group, established in 2020, aims to promote sustainable and inclusive tourism.
- The Education Working Group wants to improve education with technology, financing, partnerships, and cooperation. They work with other groups to address skill development and school-to-work transition.
- The Trade and Investment Working Group, formed in 2016, aims to enhance G20 trade and investment, global growth, and policy cooperation while backing global value chains.
- The Framework Working Group discusses global macroeconomic issues, risks and uncertainties, and policy coordination to promote growth across the G20. India and the UK co-chair this group.
- The IFAWG deals with issues related to international financial architecture such as development finance, debt management, and capital flow management. The Republic of Korea and France co-chair this group.
- The Infrastructure Working Group focuses on infrastructure investments, including developing infrastructure as an asset class and mobilizing financial resources for investment. Australia and Brazil co-chair this group.
- The Sustainable Finance Working Group is a newly established group that focuses on sustainable finance and is co-chaired by the US and China.
- The Global Partnership for Financial Inclusion works on advancing financial inclusion globally and is co-chaired by Italy and Russia.
- The JFHTF was created during the G20 Rome Leaders’ Summit, 2021 to promote global cooperation on pandemic Prevention, Preparedness and Response (PPR). It aims to encourage effective stewardship of resources for pandemic PPR, while adopting a One Health approach.
- Discussions related to international taxation agenda take place at the G20 Finance and Central Bank Deputies level and are carried out in the OECD’s Inclusive Framework. The focus is on addressing tax challenges arising from digitalization of the economy, fighting against tax evasion, ending bank secrecy and tax havens, exchange of information, and addressing tax avoidance by multinational corporations.
- Financial sector issues related discussions also take place directly at the G20 Finance and Central Bank Deputies level, facilitated by discussion papers provided by the Financial Stability Board.
- Business20 is a G20 dialogue forum for the global business community, providing policy recommendations for economic growth and development.
- Civil20 is a platform for Civil Society Organizations to contribute to the G20, providing a non-government and non-business voice.
- Labour20 convenes trade union leaders to provide policy recommendations for labor-related issues.
- Parliament20 brings a parliamentary dimension to global governance, raising awareness and building political support for international commitments.
- Science20 comprises national science academies and presents policymakers with consensus-based science-driven recommendations.
- SAI20 is a forum for discussing the role of SAIs in promoting transparency and accountability.
- Startup20 aims to recommend actions to address growth challenges for startups. Think20 is a group of experts who provide policy briefs to the G20.
- Urban20 is a forum for city leaders to discuss urbanization, SDG goals, and climate change.
- Women20 focuses on gender-inclusive economic growth through labor, financial, and digital inclusion.
- Youth20 provides a platform for youth to share their ideas and recommendations with the G20 leaders.