The G20 2023 Summit India: Origins and Previous Summits

The upcoming G20 Summit 2023 Heads of State and Government Summit in New Delhi, scheduled for September 9 and 10, represents the 18th annual summit of this influential international forum. The G20, or Group of 20, was established in 1999 in response to the financial crisis that had a significant impact on East Asia and Southeast Asia in the late 1990s. It emerged from the recommendations of the G7 Finance Ministers, who recognized the need for a broader platform to address the global financial challenges of the time.

 Dive into the comprehensive article highlighting India's upcoming G20 summit hosting debut. Gaurav Nikumbh provides valuable insights, with the article receiving a thorough review from our respected faculty member and mentor, Jithin Lal.

The G20's primary objectives are:

Policy Collaboration: The G20 aims to foster policy collaboration among its member countries to ensure sustainable economic growth and global economic stability.

Financial Regulation: It seeks to encourage the establishment of financial rules that reduce risks and prevent future financial catastrophes.

International Financial Architecture: The G20 endeavors to create a new international financial architecture that is more resilient and responsive to the needs of the global economy.

The G20 comprises 19 member countries: Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, India, Indonesia, Italy, Mexico, Russia, South Africa, Saudi Arabia, South Korea, Turkey, the United Kingdom, and the United States, along with the European Union. Additionally, Spain has a standing invitation as a permanent invitee. Every year, the G20 Presidency extends invitations to guest countries, enriching the diversity of perspectives at the summit.

The G20 Presidency rotates among its member countries on an annual basis. The country holding the presidency, in conjunction with the previous and upcoming presidency-holders, forms the 'Troika' to ensure the continuity of the G20's agenda. The G20 process involves year-long engagement, including meetings among finance ministers, central bank governors, senior officials, and civil society representatives. This collaborative effort is aimed at addressing global challenges and shaping international economic policies.

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