G20 Summit: List of G20 Countries, India’s Presidency 2023 | G20 UPSC Notes

What is G20?

The G20 is a testimony of the coming together of important geographies bound by common intents. In the realm of international relations, regional groupings act as underpinning factors that collectively reflect a shared vision, unity, shared prosperity, and multilateral friendship.

An amalgamation of twenty countries took place in 1999 and gave birth to what we refer to as the G20.

• The Asian financial crisis prompted the advent of the G20.
• These countries represent the world’s largest economies that aim to coordinate and work together to formulate global policies on the issues of trade, health, climate change, economic crisis, and so on.
• The G20 grouping represents 80% of global economic output, accompanied by 75% of global exports and 60% of the world’s population.
• It is noteworthy to mention that the G20 is not a permanent body and is accompanied by leadership that is transferred annually among the members.
• The ‘G20 Troika’ depicts the current, previous, and upcoming presidencies of the G20 wherein three member countries would work in close association to give effect to the agenda.

The G20 troika consists of Indonesia, Italy, and India as of 2022. Spain has occupied the position of a permanent guest for the G20.

G20 Countries

The European Union and the nineteen countries constitute the G20 grouping. The G20 countries are as follows:

• Brazil
• Japan
• Canada
• Indonesia
• Saudi Arabia
• Argentina
• The United States
• The United Kingdom
• Germany
• South Africa
• Australia
• Russia
• Mexico
• India
• South Korea
• Italy
• France
• Turkey
• China

Agenda of G20

The major intention of the G20 is to provide joint efforts to ensure financial stability and economic growth, especially in developing and industrialized regions. This international forum engages major economies’ finance ministers and central bank governors.

G20 UPSC Notes

The regional grouping of G20 primarily emphasized assessing the macroeconomic policies that influence the global economy. Joint efforts will be made to reduce harmful methane emissions and mitigate global warming.

• The G20 leaders pledged to vaccinate 70% of the world’s population against the COVID-19 virus by the middle of 2022.
• During the pandemic, the major economies of the G20 group decided to suspend the debt payments that were supposed to be made by the world’s poorest countries. This gesture of humanitarian essence offered billions of dollars of relief to developing nations.
• At the 16th G20 meeting in Rome in 2021, an agreement was signed among 140 countries to examine the entire process of international corporate taxation.
• The G20 summit that took place in 2018 in Argentina expanded the ambit of the G20 agenda and stressed fair and sustainable development.
• At the 2016 G20 Summit in China, the focus was on the adoption of the Paris Agreement on Climate Change.

India and G20

India took over the G20 leadership in December 2022. The awareness that India, a significant developing country, has a crucial stake in the stability of the global economic and financial system is what led to its involvement in the G20 process.

India’s strategy at the G20 Summits is driven by the need to increase financial system inclusion, to ensure that developing countries growth prospects are not harmed, and to prevent tendencies towards protectionism.

G20 Summit 2022

The G20 Summit 2022 was held on 15 November 2022. The G20 Summit 2022, also known as Bali Summit, was led by Indonesia and prioritized the following topics:

• Global Health Architecture
• Digital Transformation
• Sustainable Energy Transition

The G20 Summit 2023 will be led by India.

G20 Summit 2021

Every year, the leaders of the G20 member countries indulge in important discussions on economic policies and matters of shared interests. This meeting of the partner countries is famous as the G20 Summit. Under the presidency of Italy, the G20 Summit 2021 theme was “People, Planet, Prosperity.”

It concluded with the adoption of the Rome declaration. The Rome declaration assured support to the Global Partnership for Financial Inclusion in monitoring the National Remittances Plans.

G20 UPSC

There have been many developments in international affairs, and the emerging changes have significantly impacted India’s foreign policy. The G20 group is an important topic in the International Relations section under the GS 2 Syllabus of the UPSC Exam.

After completing the topic, candidates can also practice UPSC Previous Year Question Papers to revise.

G20 UPSC Question

Question: With reference to the G20 nation group,

i. It is an international forum for governments and central bank governors from 20 major economies.

ii. Its aim was to review policy decisions to enhance international financial stability.

iii. G20 economies account for around 50% of the gross world product (GWP) and 40% of world trade.

iv. Italy, Mexico, Argentina, and Indonesia are members of G20.

Which of the above statements is/are correct?

1. i, ii Only
2. ii, iii, iv Only
3. i, ii, iv Only
4. All of the above

Answer: Option C

UPSC Notes
UNFCCC	104 Constitutional Amendment Act
Ramsar Convention	Citizen’s Charter
Non-Banking Financial Companies	Shanghai Cooperation Organisation
IUCN	Anti-Defection Law