G20 or Group of 20 | What to expect in G20 2023?

 G20 - 2023

India from world's perspective

Introduction

The G20 is an intergovernmental forum consisting of 19 countries and the European Union (EU). It aims to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development. The G20 is composed of most of the world’s largest economies finance ministries, including both industrialised and developing nations; it accounts for around 80% of gross world product (GWP), 75% of international trade, two-thirds of the world’s population, and approximately half of the world’s land area. 

The G20 expanded on the work of the Group of Seven (G7) by including countries that previously had been left out of the global discussion.

Members of G20

The G20 comprises Argentina, Australia, Brazil, Canada, China, EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK and USA.

Importance of G20 for India

India is an important member of the G20 and has been a member since its inception in 1999. The G20 provides India with a platform to engage with other major economies and discuss issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development. India has used this platform to push for reforms in the international financial architecture and to promote its interests on issues such as trade and investment.

India has also been a vocal advocate for climate change mitigation and sustainable development and has used the G20 platform to engage with other major economies on these issues.

The summit would be further strengthening international relations by following ways:

• The summit provides India with an opportunity to showcase its economic potential and to promote its interests on issues such as trade and investment.
• The specific priorities for the 2023 summit have not yet been announced, but they are likely to focus on issues related to the global economy, such as international financial stability, trade and investment, climate change mitigation, and sustainable development.
• The summit could also provide an opportunity for India to strengthen its relations with other countries, including Russia and Ukraine.
• Few of the meetings will be conducted in Kashmir and sensitive regions such as Northeastern states of India.

Discussions and outcomes in G20

The outcomes of these discussions are often reflected in the G20 Leader's Communiqué, which is released at the end of each G20 summit. The communiqué outlines the key issues discussed at the summit and the agreements reached by the G20 leaders. The communiqué also provides an overview of the G20’s priorities for the coming year.

G20's priorities over last 5 years:

• International financial stability
• Trade and investment
• Climate change mitigation
• Sustainable development
• Digital economy
• Future of work

The specific priorities of the G20 have varied from year to year, depending on the global economic context and the priorities of the G20 presidency. 

What can we expect from G20 2023?

The G20 summit for 2023 is scheduled to be held in India. The specific priorities for the summit have not yet been announced (As of 15th May, 2023), but they are likely to focus on issues related to the global economy, such as international financial stability, trade and investment, climate change mitigation, and sustainable development. The outcomes of the summit will be reflected in the G20 Leaders’ Communiqué, which will be released at the end of the summit.

India has always focused on Sustainable Development and climate change issues, and it will be for sure discussed in the summit.