G 20

 

Context:

  • Recently, the Union Cabinet set in motion the process to build a Secretariat that will look after the affairs of organising the G20 summit in 2023.
  • India will steer the international body as its President from 1stDecember 2022 to 30th November 2023, which will lead to the G20 summit to be hosted here.
  • The Secretariat will be functional till February 2024. It will also enable long term capacity building, including knowledge and expertise, for India’s leadership on global issues in multilateral fora.
  • Indonesia assumed the Presidency of G20 in December, 2021.

 

What is G20?

  • It is an informal group of 19 countries and the EUwith representatives of the IMF and the World Bank .
  • It does not have a permanent secretariat or Headquarters.
  • The membership comprises a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 80% of global GDP, 80% of global investment and over 75% of global trade.
  • Its members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the EU.
  • Each G20 country is represented by its Sherpa, who plans, guides, implements, etc. on behalf of the leader of their respective country.
  • Current Commerce and Industry Minister is the current “G20 Sherpa” of India.

Source: THE HINDU.

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