• India
  • Jun 24

J&K to host G20 meetings in 2023

• Jammu & Kashmir will be hosting the 2023 meetings of G20. The Union Territory has set up a five-member high level committee for overall coordination.

• This will be the first major international summit to be held in Jammu & Kashmir after the erstwhile state’s special status guaranteed under Article 370 of the Constitution was withdrawn and it was divided into two UTs in August 2019. 

• In September last year, Union Commerce and Industry Minister Piyush Goyal was appointed as India’s Sherpa for the G20. 

• India will hold the G20 presidency from December 1, 2022, and will convene the G20 leaders’ summit in 2023 for the first time.

• India will be part of the G20 Troika (preceding, current, and incoming G20 Presidencies) from December 1, 2021 till November 30, 2024. 

What is G20?

• The G20 is the international forum that brings together the world’s major economies.

• The members of G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, South Korea, South Africa, Russia, Saudi Arabia, Turkey, the UK, the US and the European Union (EU). 

• Its members account for more than 80 per cent of world GDP, 75 per cent of global trade and 60 per cent of the population of the planet.

• India has been a member of the G20 since its inception in 1999. 

• Prime Minister Modi has been leading India’s representation at G20 summits since 2014. 

Genesis of G20

• After the Asian Financial Crisis in 1997-1998, it was acknowledged that the participation of major emerging market countries is needed in discussions on the international financial system, and G-8 finance ministers agreed to establish the G20 finance ministers and central bank governors meeting in 1999.

• The G20 finance ministers and central bank governors meetings were centered on major economic and monetary policy issues amongst major countries in the global financial system and aimed at promoting cooperation toward achieving stable and sustainable global economic growth for the benefit of all countries. 

• The participating members in the meetings were the same as the current G20 members.

• Since then, finance ministers and central bank governors have met annually. 

• India hosted a meeting of G20 finance ministers and central bank governors in 2002.

• In November 2008, the inaugural G20 Summit was held in Washington, D.C. in response to the global financial crisis that occurred in the wake of the collapse of the Lehman Brothers. 

• The G20 meeting of finance ministers and central bank governors was upgraded to the head of state level, as a forum for leaders from major developed and emerging market countries. 

• In September 2009, the third summit was held in Pittsburgh where the leaders designated the G20 as the “premier forum for international economic cooperation.” 

• From thereon, the summit meetings were held semi-annually until 2010 and annually from 2011 onwards.

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