News Report

India Hosts 18th G20 Summit

As the national capital of India adorns itself with ornamental flowers and fountains, it eagerly prepares to host the 18th G20 summit on September 9th and 10th. This year, India holds the presidency and is gearing up to welcome world leaders to New Delhi’s Bharat Mandapam International Exhibition-Convention Centre (IECC), situated at Pragati Maidan. What exactly is the G20 summit? The G20, officially known as the Group of Twenty, is an intergovernmental forum composed of 19 individual countries and the European Union (EU). Its primary mission is to address critical global economic issues, including international financial stability, climate change mitigation, and sustainable development. Collectively, the G20 nations account for a staggering 80 percent of the world’s total gross domestic product (GDP), 75 percent of international trade, and approximately two-thirds of the global population. Notably, the G20 does not have a fixed headquarters, and the presidency rotates among its member states. These member countries include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States. So, why is India hosting the summit this year? Originally, India was scheduled to host the G20 summit in 2021, with Italy set to take the helm in 2022. However, at the 2018 G20 Buenos Aires summit in Argentina, Prime Minister Narendra Modi proposed that Italy host the summit in 2021 and allow India to host it in 2022, coinciding with the celebration of India’s 75th year of independence. Italy agreed to this exchange, a testament to the strengthening of bilateral ties between the two nations. Subsequently, at the request of Indonesian Foreign Minister Retno Marsudi, India swapped its G-20 presidency with Indonesia, as Indonesia was also slated to chair the Association of Southeast Asian Nations (ASEAN) in 2023. India’s G20 presidency officially commenced on December 1, 2022, leading up to the summit scheduled for the third quarter of 2023, marking the culmination of India’s year-long leadership of the international forum. What is the agenda for the G20 in 2023? India has chosen the theme “”Vasudhaiva Kutumbakam”” for its G20 presidency, a profound Sanskrit phrase that translates to “”The World is One Family.”” Throughout the year, meetings are held in various cities across the host country, encompassing a wide range of sectors, including health, tourism, finance, and more. These meetings are organized under different ‘Tracks,’ involving government officials and non-governmental actors, such as civil society organizations. During India’s presidency, the G20 has placed its focus on several critical topics, including extending loans to developing nations through multilateral institutions, reshaping the international debt architecture, establishing regulations for cryptocurrencies, and assessing the impact of geopolitical uncertainties on food and energy security. Notably, achieving consensus within the G20 has proven challenging this year, particularly on issues related to the Ukrainian conflict. While Russia and China have expressed reluctance to attribute blame to Moscow for the conflict in Ukraine, Western nations, including the United States, France, and Canada, have insisted on strong condemnation as a prerequisite for a united statement. Who will be attending, and who won’t?

#G20Summit #PMModi #G20Summit2023 #NewDelhi #JoeBiden #VladimirPutin #XiJinping #RishuSunak #EmmanuelMacron

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