On December 1, 2022, Indonesia handed over the presidency of the G20 (Group of 20) forum to India. So what exactly is G20? What does it do, and what does it mean for India to be president? AMC explains some key points.
What is the role of G20?
The G20 was formed in 1999 and is made up of 20 of the world’s largest economies – in practice, 19 countries, plus the European Union. New Zealand is not part of the intergovernmental forum, although Australia is.
The G20’s focus is economics. It is known as the "premier forum for international economic cooperation" and its member states work towards global economic stability.
India's logo for its G20 presidency in 2023. Image: Wikimedia Commons
Each year on December 1, a different G20 country steps into the role of president and sets the agenda for the year to November 30.
Roughly two-thirds of the world’s population live in G20 countries, and the intergovernmental forum represents almost 75 percent of global trade and 85 percent of global GDP.
Throughout that year, dozens of meetings are held under the G20 banner. These meetings are mostly split into two streams: the Sherpa Track, which hosts meetings between experts and officials of relevant ministries (anything from agriculture, to health, and tourism) and the Finance Track, which hosts meetings between Finance Ministers and Central Bank Governors.
These streams monitor risks in their respective areas, discuss priorities, make recommendations, and suggest reforms to be taken on.
Ultimately, the year culminates in the annual G20 Leaders’ Summit. In 2022, Indonesia held the presidency of G20, with the summit taking place in Bali on November 15 and 16.
India and the G20 presidency
On December 1, 2022, India officially took over the presidency of G20 from Indonesia and will hold the title until November 30, 2023.
Today, as India begins its G-20 Presidency, penned a few thoughts on how we want to work in the coming year based on an inclusive, ambitious, action-oriented, and decisive agenda to further global good. #G20India @JoeBiden @planalto https://t.co/cB8bBRD80D
— Narendra Modi (@narendramodi) December 1, 2022
When India took over, Prime Minister Narendra Modi said India was taking over the presidency as the world grappled with “geopolitical tensions, economic slowdown, rising food and energy prices, and the long-term ill-effects of the pandemic.”
He said India’s presidency will be “inclusive, ambitious, decisive, and action-oriented.”
He also announced the theme of the year - ‘Vasudhaiva Kutumbakam’ or ‘One Earth, One Family, One Future’.
Priorities for G20 will include global health infrastructure, anti-corruption, sustainable growth, and climate change, alongside a focus on technology and global food and energy security.
India’s presidency comes at an important time for Modi. In 2024, India will hold its next general election and reporting has already emerged on how India's role in G20 could shape the mood of voters towards Modi in under two years' time.
Reporting on India's presidency:
India's G20 presidency: Shaping the post-pandemic world - ORF
What to expect as India assumes G20 presidency for 2023 - Al Jazeera
Modi urges unity on climate change, terrorism, pandemics as India assumes G20 presidency - CNN
Banner image: An image of Mumbai, Maharashtra, India. Photo by Hardik Joshi on Unsplash
- Asia Media Centre
