G-20

Why in news? : Recently, G20 Foreign Ministers Meeting concluded on July 8 in Bali, Indonesia in which Indian Foreign Minister S. Jaishankar discussed border issues. After Indonesia, India will assume the presidency of G20 from December 2022.

What is G-20? : An intergovernmental forum comprising 19 countries and the European Union (EU). Formed in 1999 in the backdrop of the financial crisis of the late 1990s that hit East Asia and South-east Asia in particular. Its aim was to secure global financial stability by involving middle-income countries. Together, the G20 countries include 60 per cent of the world’s population, 80 per cent of global GDP, and 75 per cent of global trade.

How is the presidency determined? : The presidency of the G20 rotates every year among members, and the country holding the presidency, together with the previous and next presidency-holder, forms the ‘Troika’ to ensure continuity of the G20 agenda. Italy, Indonesia, and India are the Troika countries right now.

How G-20 works? : The G20 has no permanent secretariat. The agenda and work are coordinated by representatives of the G20 countries, known as ‘Sherpas’, who work together with the finance ministers and governors of the central banks. Ex-NITI Aayog CEO Amitabh Kant would be the next G20 Sherpa. On the advice of the G7 Finance Ministers, the G20 Finance Ministers and Central Bank Governors began holding meetings to discuss the response to the global financial crisis that occurred.

Who are Prominent members? : Australia, Brazil, China, France, Germany, India, Japan, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the EU. Spain is invited as a permanent guest.