The G20 summit in 2023 will be a significant event for India and the global community, focusing on important issues such as global economic stability, sustainable development, climate crisis, and pandemic recovery.
The G20 is a group of 20 major economies and the European Union, established to discuss and coordinate on global economic and financial matters. It plays a crucial role in addressing pressing global challenges, and the choice of the theme ‘One Earth’ and the concept of ‘Vasudhaiva Kutumbakam’ (The World is One Family) reflects India’s commitment to a more inclusive and interconnected world.
The full name of G20 is Group of 20 and it was established in the year 1999. It was founded after the Asian financial crisis as a forum for finance ministers and central bank governors to discuss global economic and financial issues. The G20 summit is held once every year and is headed by a president who is rotated among all the participating countries.
The G20 includes Canada, China, Argentina, Australia, Brazil, India, Indonesia, the European Union, France, Germany, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States. . In terms of gross domestic product (GDP), 85% of world GDP is represented by G20 members. Along with this, more than 75% of global trade is also done by G20 members.
