Hello Friends. Everyone knows that India has the presidency of G20 this year. That means all the summits and forums that will be held among the top 20 countries of the world will be hosted by India.
The main summit here will be held on the ninth and tenth of September at Pragati Maidan in New Delhi where heads of state of the world will come i.e. presidents and prime ministers. But a question might come to your mind here,
What is this G20?
Why does this group exist? Why do these countries keep meeting each other at different places every year? Let us understand in today’s blog.
Friends, before understanding G20, we must understand G7 because G7 was formed before G20. It was the early 19th seventies, and the economic condition of the world was terrible. Although there were many reasons behind this the biggest reason was the oil crisis of 1973.
This crisis started when Arab countries imposed an oil embargo. Stopped selling oil to those countries that were in support of Israel, mostly Western countries like America and Europe.
These Western countries used to rely heavily on the oil coming from the Middle East and because of this, a massive economic recession has been seen.
Their governments decided that if we want to improve this economic condition, we must take action together. We should sit together and make economic policies to bring the economy back on track.
Due to this, some informal meetings are held in the White House of America, between the finance ministers of these countries. It was in early 1973 when the finance ministers of America, France, the UK, and West Germany met each other.
After two years, they also included Italy and Japan and in 1975, the first G6 meeting took place, this was the first official meeting. After this in 1976, Canada also joined and this group of G6 became group one of G7.
What are the objectives behind making this?
These seven countries were among the most developed countries of their time. Their economies were among the top economies of the world. But apart from this, there were many common things between them.
All these countries had liberal democracies which promoted values like human rights and individual freedom. Politically, during the Cold War, all these countries were part of the Western block, so ideologically it can be said to be the same and economically, of course.
All of them were struggling with problems like the oil crisis and recession. So the main objective of the day was to sit together and make economic strategies, In 1998 Russia was also included in this group.
G7 becomes G8. But in 2014, when Russia invaded Crimea, Russia was thrown out of this group. For this reason, the group is G7 even today. Now coming to G20, it also started because of the economic crisis—the Asian financial crisis of 1997.
There is currently a severe financial crisis in the countries of South Korea, Indonesia, and Thailand. What was the reason behind this, I will not talk about it, as it will divert more from the topic, but this crisis was so big that because of it,
countries like Hong Kong, Laos, Malaysia, Philippines, and to some extent China, Japan, Singapore, Taiwan and Vietnam also. There were effects.
In these countries the value of currency started falling rapidly, unemployment started increasing and in some countries, even riots were seen.
Next year in 1998, a financial crisis was also seen in Russia. This was the reason why Russia was included in G7 at this time. But other members of the G7 also realized that the world is becoming more interconnected with time.
Globalization is being seen so much that if there is a problem in one country, it affects other countries also. Therefore, if we have to bring economic stability to the whole world and prevent huge recessions from happening, then we will have to sit together with the emerging economies of the world and make action plans.
So on 26 September 1999, during the meeting of finance ministers of G7, the G20 group was established.
Developed countries also include developing countries in this group. But the question is which countries should be kept in this G20 and which countries should not be kept? The first criterion is that those who are members of G7 will remain so.
Who is handling the biggest economies?
After that, it is seen which are the largest countries in the world. On this basis, China India, Brazil, South Africa, and Russia are included. Then it is seen which are the biggest powers regionally because every region of the world must have some representation.
From this region in Asia, Indonesia, and South Korea, from South America to Brazil and Argentina, from North America to Mexico, from Oceania region to Australia, from the Middle East region to Saudi Arabia and Turkey, and in Europe, apart from the G7 countries, the whole of Europe is represented. To do this, the European Union is considered as a whole.
So today G20 has 19 countries and one European Union. Broadly speaking, you can say that these twenty countries are among the top 20 countries of the world. Look not only from political, economic but also from military point of view or population point of view.
Now the interesting thing is that the real motive behind creating G-Twenty was just to deal with the financial crisis. So this G-Twenty Group meeting was held only between the Finance Ministers and Central Bank Governors of these countries.
It remained like this for many years until the global financial crisis of 2008. Then these countries realized that we should meet Karani more seriously.
Not only our Finance Ministers but also the Presidents and Prime Ministers of our countries should get appointments. Cooperation among all our countries must be at the next level if we are to benefit from such a financial crisis.
Therefore friends, first of all, the official summit of 20 leaders takes place in 2008 only. America was the first to object to this summit in which all countries together decided to reduce trade barriers among themselves.
The pending increase adds to the total $4 trillion it will spend to revive all economies. Overall it contributes 85 percent to the global GDP of the entire G-20 country. More than 75 percent of global trade takes place in these countries and more than two percent of the world’s population lives here.
The G20 summit has taken place every year since 2008 and every year it takes place in a different country. A troika system is being used to smoothly carry out the agenda that is being set in the G20 meetings and the work that is being done.
Three countries work together in Troika. Current G20 President, last year’s G20 President, and next year’s G20 President. The G20 summit was held in Indonesia last year and will be held in India this year and in Brazil in 2024.
G20 India Summit:
So Indonesia, India, and Brazil are the troika countries. The G20 presidency serves on a rotational basis. Every year a different member of the twenty members of the G20 is made the president.
I hear in the media telling you that it is a big achievement of the government that the G20 is in India this year, but this is part of the process, If not this year then next year the G-20 summit was to be held in India.
See the list This is the eighteenth G20 summit, with the first summit taking place in 2008. America is the only country where this summit has been hosted twice.
The reason behind their decline in 2008 and 9 could be that the financial crisis had started in America in 2008 itself. But after that, every country got its turn to tax. If you start looking from 2009, then the UK, then Canada, South Korea, and France in 2012, Mexico, and Russia in 2013, Australia, Turkey, China, Germany, Argentina, Japan, Saudi Arabia, Italy, Indonesia, and India in 2023.
There are only two members left in the G-Twenty where no G-20 summit has taken place: Brazil and South Africa and hence next year will be held in Brazil, in 2024, in South Africa in 2025. After that, this order will start again in the USA in 2026. If this pattern continues then the next G20 summit will be held in India around 2042.
Now apart from these 20 countries, some guest countries are also invited to the G20 summit. As Spain has, it has a permanent invitation to these summits. Apart from the host countries, other countries can also be invited. So this year India has invited 9 more countries.
Mauritius, Netherlands, Nigeria, Singapore, Spain, UAE, Bangladesh, Egypt Oman, and some more big institutions are also included in the permanent guest list. Such as the African Union, United Nations, WHO, WTO, IMF, and ASEAN Chairmanship countries.
Interestingly, the main objective of the G-20 is still to promote international financial stability, but over the years many more key issues have been addressed.
Such as fighting climate change or promoting sustainable development, but it is the largest country that faces problems in addressing other issues. All these countries have their foreign policies, their priorities, their agenda, and on any issue, it is very difficult for all twenty countries to agree on it.
This is the reason why Chinese President Xi Jinping will not attend this main meeting being held in New Delhi and for this reason, China and Saudi Arabia had boycotted him in a G20 tourism meeting held a few months ago.
Apart from this, Russian President Vladimir Putin will also not come to this main meeting being held in Delhi because an arrest warrant has been issued against him.
Ever since Russia has invaded Ukraine. This shows you how much the decisions taken in meetings depend on individual leaders. Donald Trump did not sign the famous Paris Climate Agreement of 2016. It was signed only after Joe Biden became president.
So this also shows that it is not easy to create consensus among these twenty countries even on issues like climate change. In this year’s G-twenty, India has set the theme of Vasudev Kutumbakam and has given importance to things like green development and sustainable development goals.
Along with this, the focus has also been placed on digital public, infrastructure, and women-led development. Now you will think that there is no time to discuss all these issues, the G20 meeting is to last only for 2-3 days.
So here I would like to tell you friends that the main summit of G20 lasts only for two days which is called summit and leader states but apart from this, there are many more summits in G20 like minister-level summits where the leaders of these twenty countries Finance ministers hold meetings together or health ministers or agriculture ministers hold meetings together.
In this graph, you can see that a meeting of energy ministers was held on 22nd July. A meeting of labor and employment ministers was held on 21 July.
A meeting of culture ministers was held on 26 August and the locations of all these meetings were also different the meeting of culture ministers was held in Varanasi, the meeting of energy ministers was held in Goa and the meeting of labor and employment ministers was held in Indore and the ministers Apart from this, different engagement groups are also formed in G20.
Like for the meeting of B20 business groups. C20, for civil society meetings. W20, for women. For the Y20 youth meeting and also T20. Think tanks of these 20 countries met each other. Apart from this, a Sherpa meeting was also held between the third to sixth of September.
Although Sherpa is a nomadic tribe living in Nepal, here Sherpa means a personal representative of every G20 leader.
He has been called Sherpa. This means that for every country there should be one person who is the main point of contact, who will put forward the cause of his country.
So before the main meeting, these Sherpas also have a meeting here. There is a lot to know here. I hope you have got a good idea now, about G20 and G7. Thank you very much.
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