Search 1st December, 2018 Spotlight here: http://www.newsonair.com/Audio-Archive-Search.aspx
TOPIC: General Studies 2:
- Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests
- Important International institutions, agencies and fora- their structure, mandate.
G20: The G20 (or Group of Twenty) is an international forum for the governments and central bank governors from 19 countries and the European Union. It was founded in 1999 with the aim to discuss policy pertaining to the promotion of international financial stability.
India: Member of G20
Other members: The G20, short for “Group of 20”, is made up of 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States, plus the European Union. Spain is a permanent guest and always participates in the G20 summits.
Together, the G20 members represent –
Because the G-20 is a forum, its agreements or decisions have no legal impact, but they do influence countries’ policies and global cooperation.
Why was the G20 created?
The G20 was conceived in 1999, while the repercussions of the Asian financial crisis of 1997 still lasted. The committee’s inaugural meeting took place in Berlin in December 1999.
What impact does the G20 have?
The G20 is the most important forum for international cooperation. During the meetings, the main challenges of the world are discussed and the main policies are coordinated at the global level. In the face of an uncertain international context, international cooperation is key, and thus the G20 acquires even more relevance.
The main achievements of the G20 include:
The G20 also specifically helped to provide emergency funds during the 2008 crisis and plays an important role in financing for development.
The Way Ahead:
G20 members should start by endorsing the terms of reference of the G20 trade and investment working group (TIWG), and define it as a sustainable platform for trade and investment cooperation.
Leaders at the G20 Summit should inject a stronger political impetus for trade and investment cooperation by highlighting a few key principles and frameworks. Trade ministers have made progress in agreeing on a couple of substantial issues, including plans to combat trade restrictive measures, to increase the coherence of trade and investment policies, and to enhance the transparency of regional trade agreements.
Ensure there are regular interactions between G20 officials and independent, specialized experts.
Note:
India will chair the G20 in 2022.
The G20 Troika: Every year, when a new country assumes the presidency (Argentina in 2018), it works hand in hand with the previous presidency (Germany) and the next presidency (Japan) in what is known as the troika. This ensures continuity in the group’s agenda.
Where is the G20 headquarters?
The G20 does not have permanent offices or employees. The country that presides over the group (in a year) takes care of all the organization and the logistical coordination of the meetings.
Connecting the Dots:
Note: For the first time, India will host the annual G20 summit in 2022, coinciding with the country’s 75th anniversary of Independence.
Connecting the Dots:
