Creating a glorious history in the annuls of India, India has hosted a grand G-20 Summit in New Delhi. This summit witnessed the presence of the world’s most powerful leaders like US President Joe Biden, UK PM Rishi Sunak, Japanese PM Fumio Kishida, and many other powerful leaders. India successfully showcased its vibrant culture and rich history to the rest of the world. During this grand event, several key agreements were signed such as ‘Delhi Declaration and ‘Global Biofuel Alliance’. This G-20 Summit is very important from an exam point of view, as many questions can be expected from this part in defence exams like NDA, CDS, MNS, and SSB Interview. Considering the importance of the G-20 Summit, we have covered each aspect of the G-20 Summit from an exam point of view.
Grand Mandap of G-20 Venue
What is G-20?
G-20, or Group of Twenty, is an international forum for governments and central bank governors from 19 countries and the European Union (EU). It was established in 1999 to promote international financial stability and cooperation among its member countries. The G-20 countries represent a mix of advanced and emerging economies. There were twenty members (19 countries+Europen Union). But, Recently African Union has become the 21st Member of G-20. So, There are 21 members in G-20. These 21 members are Argentina Australia Brazil Canada China France Germany India Indonesia Italy Japan Mexico Russia Saudi Arabia South Africa South Korea Turkey United Kingdom United States, the European Union (represented by the European Commission and the European Central Bank), and the newest member of G-20, African Union.
G-20 Members; Source- News 18
History of G-20
When and How G-20 was formed?
The G-20, or Group of Twenty, was formed in 1999. It was established in response to the financial crises of the late 1990s, particularly the Asian financial crisis of 1997-1998. The G-20 was created as a forum for finance ministers and central bank governors from 19 countries and the European Union to discuss and coordinate policies related to international financial stability and economic cooperation. Since then, it has evolved to include annual summits at the leaders' level, where heads of state and government from the member countries also participate to address a broader range of global economic and financial issues.
What is the objective of G-20?
The primary objective of the G-20, or Group of Twenty, is to promote international financial stability and cooperation among its member countries.
What is the importance of G-20?
The G20 countries account for about two-thirds of the world's population, 85% of the world's GDP, and 75% of global trade. The G20 includes the world's 19 largest economies, plus the European Union and African Union.
What is the difference United Nations and the G-20?
The United Nations (UN) and the G-20 serve distinct roles in the international community. The UN, founded in 1945, is a universal organization with 193 member states, dedicated to promoting peace, security, human rights, development, and environmental protection. It covers a wide array of global issues and operates on principles of sovereign equality. Whereas, the G-20, established in 1999, is an informal forum comprising 19 individual countries and the European Union. It focuses on economic and financial matters, including policy coordination, financial stability, and economic growth. Decision-making in the G-20 is consensus-based among its economically significant members. While both entities play crucial roles in international cooperation, the UN has a broader mandate addressing a wide spectrum of global challenges, while the G-20 concentrates primarily on economic cooperation and coordination.
New Delhi Summit of G-20 Hosted By India
India has successfully hosted the New Delhi Summit of G-20. During This Summit Several Keys Reform Agendas were adopted by member countries of G-20. Among those agendas, the Global Biofuel Alliance was the most prominent one. The global biofuel alliance was launched through the initiative of India and Singapore, Bangladesh, Italy, USA, Brazil, Argentina, Mauritius, and UAE.
Objectives of Global Biofuel Alliance launched during G-20 Summit-
- Facilitate technology advancements
- Intensify the use of sustainable biofuels
- Facilitate global biofuels trade
- Provide technical support for national biofuel programs
This G-20 Summit gave a chance to India to showcase its vibrant culture and our rich traditions. This summit also shows that India’s influence and respect on the world stage are growing far more rapidly. India has successfully become a leader of the global south by contributing its part. Many initiatives such biofuel alliance and the UN Security Council reform agenda will benefit the whole world. This summit clearly indicates that the 21st century belongs to India and India is very well ready to play its part on the global stage.
FAQ
Question- Who will host the G-20 Summit in 2024?
Answer- Brazil will host the G-20 Summit in 2024.
Question- Who hosted the G-20 Summit in 2022?
Answer- Indonesia had hosted the G-20 Summit in 2022.
Question- Is Pakistan part of the G-20?
Answer- No, Pakistan is not part of the G-20. Because Only the Top 19 economies are part of this G-20 Group. Pakistan's GDP is low that’s why it is not part of the G-20.
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