Recently two-word Nusa and Dua from “Islands of God” came into the news. Do you know what these words mean and why they came into the news?
For the 17th summit of G-20 nations held in November, Nusa Dua was chosen as the destination for the summit. Nusa means island and Dua means two. Seeing the cult, the geographical, economic, and environmental importance of the global south, the 2022 G20 meeting was held in Nusa Dua, Bali in Indonesia.
Under the Indonesian Presidency, the G20 in 2022 will be based on the theme “Recover Together, Recover Stronger.” And will concentrate on three primary pillars in light of the COVID-19 pandemic’s effects on all facets of society and many countries’ inability to confront the situation.
- Global health architecture;
- Sustainable energy transition; and
- Digital transformation
What Is G20 Grouping?
During the 1990s, the world faces three major economic crises; the Mexican, Asian, and Russian financial crises. Therefore, a group of developed and emerging economies, came together to find a solution for economic stability and growth with better inclusion and coordinated manner in 1999. This was called G20, or a group of twenty, comprising 19 nations and the European Union.
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As a forum for the Finance Ministers and Central Bank Governors to debate international economic and financial concerns, the G20 was established in 1999. Later, the G20 was elevated to the status of Heads of State or Government and given the title “primary forum for worldwide economic cooperation.”
Objective Of G20 Summit
The objectives of G20 include (a) Policy coordination for global economic stability and sustainable growth among its members; (b) Promoting regulation on finance to reduce risks and crises; (c) creating financial architecture at the international level.
Relevance & Members Of G20
In November 2008, the first G20 Summit of the head of state was organized in Washington DC (USA). Globally G-20 represents 80% of the world GDP, 75% of trade, and 60% of the population. The G20 group comprises Australia, Brazil, Argentina, China, Canada, Germany, France, India, Indonesia, Japan, Italy, the Republic of Korea, Russia, Mexico, South Africa, Saudi Arabia, the United States Of America, Turkey, and the United Kingdom with the European Union.
Every year the presidency of G20 rotates among its member. However, for continuity of agenda, its predecessor and successor countries along with the host country work together which is known as Troika. This time; India, Indonesia, and Italy are the Troika countries. The G20 works in a two-way track system: the Finance Track and Sherpa Track. Sherpas are the G20 leaders’ representatives working for agenda setting and coordination. In this global conflict, crisis, and covid, G20 has both challenges and opportunities.
‘People, Planet, and prosperity’ To ‘Recover Together, Recover Stronger’
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G-20 has relevance and a significant domain too. The first G-20 summit in 2008 aided in building consensus for expanding the mandate and lending authority of multilateral development institutions as well as for tripling the budget of the International Monetary Fund. In 2010 in the ‘Seoul Consensus’ development policy issues are made in the discussion agenda. In 2013, Base Erosion and Profit Shifting (BEPS) was made to automatically exchange tax information. However, in Italy 2021, people, planet, and prosperity (Theme) were made at the core of the agenda. Similarly, on the 17th summit 2022, some significant aspects came into focus, keeping “Recover Together, Recover Stronger” (Theme) at the core.
- G-20 group is more representative than the G-7 (Group of 7 most advanced nations) because of the inclusion of LDC, the global south, and emerging countries and choosing Bali for the summit. It was a redirection of focus toward emerging economies.
- Discussion of critical issues like world trade, climate change, data decentralization, Covid-19 crises, etc, create a hope to work together and Recover Together along with Recovering Strongly.
- The summit on the sidelines was also a place for bilateral discussion on boosting trade, deepening economic relationships, resolving the conflictual issue, opening markets among members, etc.
- Next year, India is going to organize the summit. It has opportunity and responsibility in the era of economic volatility, global disorder, conflict, and crises. India has to lead the expectation of UNSC criteria and responsibility.
- Platform brought the opportunity for Volodymyr Zelensky (President, Ukraine) who asked to adopt a 10-point peace formula although Putin condemned it as a move of politicization.
- On the climate aspect, the 2015 Paris Climate Agreement on temperature reduction was reaffirmed by G20 leaders. To assist Indonesia in closing coal power facilities, $20 billion will be mobilized through public and private funding.
- Under Indonesia’s G20 presidency, India joined the Mangrove Alliance for Climate (MAC), a joint project of Indonesia and the United Arab Emirates.
Also Check: https://indianexpress.com/article/world/2022-g-20-bali-summit-live-updates-biden-xi-jinping-modi-8268300/
2023 G-20 Summit In Kashmir
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The G20 Leaders’ Summit will be held in India for the first time in 2023 after India assumes the G20 presidency from Indonesia on December 1st, 2022.
Since Jammu & Kashmir (J&K) state’s special status was revoked in 2019, the G20 meeting will be J&K’s first significant event, giving it the importance, it deserves. Additionally, it will give G20 leaders a genuine perspective and first-hand knowledge of Kashmir.
Today, when the world is facing crises-conflict in public health, food grains and, financial terrorism, etc., the emerging sector such as tourism, digital economy, labour and employment, energy transition, institutional strength, urbanization, women empowerment, should be the focus of discussion for self-sufficiency and stable economy. So, it is important to bridge the gap between the East and West, focus on domestic commitment, and make the world more inclusive, more representative. Considering the change in global dynamics in every domain, G-20 can be a platform to plant a sapling, not just of mangroves but for people, their participation, and their protection for development, economy, and bio-diversity.