What G-20 Means And Refers?!

India is experiencing a great buzz all around the country, especially in the capital city which is all decorated and renovated to host the G20 Summit 2023. India assumed the presidency of G-20 on 1 December 2022 from Indonesia and promised to convene the G-20 Summit in India for the first time. 

India has hosted more than hundreds of meetings based on several subjects, While it has also been the fundamental theme of all the programmes organised across the country. When India has reached to final stage of the G-20 presidency, let’s understand what this G-20 group means and its geo-political significance. 

What Is G-20? 

The G-20, or Group of Twenty, is an international forum for government leaders and central bank governors from 19 countries and the European Union. It was established in 1999 to promote international financial stability and economic cooperation. The G-20 countries represent a significant portion of the world's economy, accounting for about 80 per cent of global GDP (Gross Domestic Product).

The G-20 has countries are; Germany, Italy, Brazil, Canada, China, France, Japan, Mexico, Russia, Indonesia, Argentina, India, Australia, Saudi Arabia, South Africa, South Korea, United States, Turkey and the European Union (represented by the European Commission and the European Central Bank).

Like every other multi-lateral group, G-20 countries hold annual meetings where leaders and officials discuss a wide range of global economic and financial issues, such as international trade, financial regulation, sustainable development, and climate change. 

What Is Geo-Political Significance Of G-20?

India with the tagline ‘Vasudhaiva Kutumbakam’ assumed its presidency of G-20, which implies ‘Whole world is one family’. The G-20 group has 20 countries from all across the continent that united to work together on several issues. Multilateral groups like the G-20 function as the bridge between one country to another so that whenever a catastrophe like COVID-19 hits, the whole world can fight with it as one family.

Apart from this, such platforms also function as the common ground for the countries to work on their bilateral relationships. The United States of America and China have been witnessing a tussle in their relationship on a number of matters, G-20 could be the platform to discuss and deliberate their matters but as per the sources, XI Jinping will not be able to attend the G-20 summit in India. 

The G-20 countries account for more than 80 per cent of the world's GDP, 75 per cent of international trade and 60 per cent of the world’s population, which signifies the abundance of resources and human capital. That also refers, to the unification of such amount of resources and human capital that can lead the world countries to another height. 

Such multilateral groups induce cooperation among the member countries and also make their relationships cordial eventually reducing the power of groups that aim to target the solidarity of countries. 

India is all set to welcome the delegates across the 20 countries, the main summit will be taking place on 9 & 10 September.