THE G20 SUMMIT

We have watched the news about India hosting the 18th G20 summit this month, haven't we? So, what is G20 and why is it such a big deal?

Twenty of the World's Largest Economies came together to form a union and form international cooperation. It plays an important role in shaping and strengthening global architecture and governance on all major international economic issues. The countries involved in the Summit are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, The United Kingdom, The United States and the European Union. It was formed in 1999 in response to the late 1990s financial crises, particularly affecting East and Southeast Asia. The G20 was created to ensure global financial stability involving middle-income nations. Every country involved will host the summit each year. It was India's turn this year to host the G20 summit and India did it with pride. To our surprise, G20 members represent a staggering 85 percent of global GDP, over 75 percent of global trade and approximately two-thirds of World Population. Following India, Brazil is in line to host the summit in 2024.

The Summit was held at Bharat Mandapam International Exhibition-Convention Centre (IECC), previously known as Pragati Maidan in New Delhi, India from 9th - 10th September 2023. The theme of G20 Summit is 2023 is Vasudhaiva Kutumbakam, which translates to 'Whole World is one family'. The 2-day meeting hosted by India, took place at a time of increasing political and economic rivalry, in which the world's leading and emerging economies are shaping new alliances around the globe. The themes chosen by the Indian presidency and the decision taken by the G20 leaders to grant permanent member status to the African Union (AU) reflect the growing importance that the G20 members attach to the states from the 'Global South'.