2023 SEP 8
International Relations > Strategic Groupings > International groupings
Why in news?
- The 18th G20 Summit of 2023 recently concluded in New Delhi, marking the first-ever G20 summit hosted by India.
- The Group of twenty, or the G20, is the premier forum for international economic cooperation. It is formally known as “Summit on Financial Markets and the World Economy”.
- Collectively, G20 members account for more than 80% of world GDP, 75% of global trade and 60% of the population of the planet.
- Established in 1999 at the level of Finance Ministers and Central Bank Governors, the G20 gathered for high-level discussions on macro-financial issues.
- In the wake of the 2008 global financial crisis, the G20 membership and agenda were expanded beyond macro-financial issues, to include socio-economic and development issues.
- The G20 does not have a permanent secretariat.
- Its agenda and activities are established by the rotating Presidencies, in cooperation with the membership.
- The G20 hold summits annually. At the Summit, the leaders issue a declaration, or communiqué, based on policy discussions
- At the government level, the G20 work is organized around the Finance and Sherpa Tracks, while civil society assembles through Engagement Groups.
- The Finance Track: meetings of G20 Finance Ministers and Central Bank Governors which focus on fiscal and monetary policy issues such as the global economy, infrastructure, financial regulation and international taxation.
- The Sherpa Track: meetings of Ministers and relevant senior officials, which focus on socioeconomic issues such as agriculture, anti-corruption, climate, digital economy, education, employment, energy, environment, health, tourism, trade and investment.
- Engagement Groups: The group actively engages itself with various groups such as the Business 20, Youth 20, Labour 20, Think 20, Civil 20, Women 20, Science 20, and Urban 20.
- In addition to the Summit, ministerial meetings, Sherpa meetings, working groups and special events are organized throughout the year.
Presidency & Troika:
- The presidency of the G20 rotates between member countries every year. The presidency plays a leading role in setting the agenda and organizing the Leaders’ Summit.
- When a new country assumes the presidency, it works hand-in-hand with the previous presidency and the next presidency. This arrangement is known as the troika.
- This ensures continuity in the group’s agenda.
Which of the following countries is not a member of G20?
(a) South Africa
(b) Saudi Arabia
(c) New Zealand
(d) South Korea