G20 Summit – Today Current Affairs
- The Union Cabinet has started the process of setting up a Secretariat to look after the matters related to the organization of the G20 Summit to be held in the year 2023.
- India will chair this international body from December 1, 2022 to November 30, 2023, and the 2023 G20 summit will be held in India.
Today Current Affairs
Proposed G20 Secretariat: The Hindu Analysis
- The G20 Secretariat is being set up to handle the basic/information/material, technical, media, and security and logistics aspects of the G20 Presidency/Presidency of India.
- The Secretariat would be manned by officers and staff from the Ministry of External Affairs, Ministry of Finance, and other relevant Ministries/Departments and domain information experts.
- This secretariat will remain functional till February 2024.
About G20 Group: The Hindu Analysis
- The G20 is a grouping of countries with the world’s largest and fastest growing economy.
- This group controls 85 percent of the world’s GDP, and represents two-thirds of the world’s population.
- The G20 summit is formally known as the ‘Financial Markets and Global Economy Summit’.
Establishment: The Hindu Analysis
- After the Asian financial crisis of 1997–98, it was recognized that there was a need for participation in discussions on the international financial system for major emerging economies.
- In 1999, a meeting of G20 finance ministers and central bank governors was agreed upon by the G7 finance ministers.
Presidency: The Hindu Analysis
- The G20 Group has no permanent staff and no headquarters. The G20 grouping is chaired by the member states sequentially.
- The presiding country is responsible for organizing the next summit and for organizing smaller meetings in the coming year.
- Non-member countries can be invited as guests to the meeting of the G20 group.
- The first meeting of the G20 was held in Berlin in December 1999, after the financial crisis in East Asia affected many countries around the world.
Today Current Affairs
Full members of G20: The Hindu Analysis
- Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States and the European Union.
Relevance of G20 group in changing times: The Hindu Analysis
- Given the rise in globalization and the complexity of various issues, with the recent G20 summits focusing on macro economies and trade, the ones that have the greatest impact on the global economy – development, climate change and energy, health, terrorism Global issues such as antisemitism, migration and refugees are also focused.
- The G20 Group, through its contribution towards solving these global issues, has been striving to create an inclusive and sustainable world.