The G20 or Group of 20 is an intergovernmental organisation comprising 19 countries and the European Union. It works to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development.
The G20 is composed of most of the world’s largest economies. The G20 was founded in 1999 in response to several world economic crises and in its 2009 summit, the G20 declared itself the primary venue for international economic and financial cooperation. It was known as G7at the very first time when it was established. At the beginning of the G20 these summits were held twice a year but in the year 2011,when France chaired and hosted the meeting of the G20,then the summits have been held only one in the year.
The United States of America chaired it’s very first summit. The main agenda of the G20 is related to finance, following SDG’s(Sustainable Development Goals),prevention of global carbon emissions, trade, health, agriculture, anti-corruption and climate change etc. Summits are often met with protests, particularly by anti-globalization groups. Countries like U.S.A, Canada, China, Indonesia are asking for the removal of Russia from G20 after the Russian invasion of Ukraine.
The G20 focuses on the Chair Rotation between the members of its organisation. Also, the headquarters and presidency of the G20 change every year and currently India is the president of the G20 and the current headquarters of G20 are at Patna, India.
The India’s G20 Presidency would guide the work of the G20 under the theme of – “Vasudhaiva Kutumbakam” or “One Earth o One Family o One Future”, drawn from the Sanskrit phrase of the Maha Upanishad , which means “The World Is One Family”.
At the concluding session, Modi handed over the gavel to Brazilian President Luiz Inácio Lula da Silva at Bharat Mandapam International Exhibition-Convention Centreand offered best wishes to Brazil for the presidency. Brazil officially will take over the mantle of the presidency on December 1 this year.
Kunwar Yashat Singh
Genesis of G20