G20 Summit: The Platform For Impeccable Global Concerns
G20 is into existence as a leading forum for global cooperation on the most relevant issues of the international economic and financial policies. It unites the world's growing economies to come together and discuss pressing issues. For the first time, in December 1999, in Berlin, Germany, the Finance Ministers and Central Bank Governors of developed and developing nations with systemic importance convened for an informal discussion on crucial concerns for global economic stability. Since then, a yearly meeting of central bank governors and finance ministers has been held. G20 finance ministers and governors of the central banks met in India in 2002. In order to deal with the 2008 global financial and economic crisis, G20 was elevated to the summit level. The European Union and 19 other countries make up the G20, an international forum.
G20 is into existence as a leading forum for global cooperation on the most relevant issues of the international economic and financial policies
Nations Associated with G-20
The participants of the G-20 consist of nations such as Argentina, Australia, Brazil, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Korea, South Africa, Turkey, the United Kingdom, and the United States of America. These nations constitute approximately 90 percent of global GDP, 80percent of global trade and two thirds of the world's population. Their aim is to:
·First, it coordinates member policies to advance prosperity, stability, and sustainable growth on a global scale.
·Second, to advance financial regulations that minimize risk and avert future monetary issues.
·Finally, to create a brand new global financial system.
Proceedings in India
Since the G20 summit is progressing in the metropolis of Mumbai, the traffic police have already initiated traffic restrictions in December. Ahead of the G20 summit, Lieutenant Governor VK Saxena and Arvind Kejriwal, chief minister of Delhi and ministers joining on December 14th to take stock preparation on account of G-20 presidency. They will share their thoughts from 11 am at L-G Office. There is a theme for India's presidency and that is 'Vasudhaiva Kutumbakam, it implies One Earth, One Family, One Future, the saying of India responding in union to the impending global difficulties that the world is witnessing.
The L-G will take the initiative to handle a variety of projects, including road repair major roads such as IGI Airport, Ring and Radial roads, as well as the installation of Baansera on Yamuna Bank and the cleansing of water bodies such as the Najafgarh Drain, Asola Bhati Mines, and Roshanara Garden and many more.
Developments of G20 Over the Years
Italy hosted the most recent G20 summit on October 30 and 31, 2021, in Rome. They chose the theme 'People, Planet, Prosperity,' with an emphasis on four areas:
·Recovery from the pandemic and global health governance.
·Economic recovery and resilience.
·Sustainable Development and Food Security.
The key takeaway of the previous G-20 meet was women empowerment, the one prior to that was held in Saudi Arabia and was themed as `Realising Opportunities of the 21st-Century for all'. The meeting was held when COVID struck and it was the first meet to be held virtually. Besides, the summit is progressing every year and excels in interpreting global issues. Adding to it, the previous ones were conducted in Osaka and Buenos Aires in 2019 & 2018 respectively.
Taking everything into account, the G20 summit has been successfully undergoing among the nations dealing with international financial challenges and discussions to arrive at suitable countermeasures. Historically they have yielded appropriate solutions for diverse crises. Hopefully we expect much more fruitful endeavors in the upcoming summits.