World leaders from across the planet, including Prime Minister Narendra Modi, US President Joe Biden, and Chinese President Xi Jinping, have converged in Indonesia, for the 17th Group of 20 (G20) Summit, taking place in the city of Bali.
Theme Of The Summit:
The two-day summit is themed “Recover Together, Recover Stronger” and focuses on global economic recovery, global health architecture, digital transformation, sustainable energy transition and climate change, among other topics.
What The PM Modi Said:
“During the Bali summit, I will have extensive discussions with other G20 leaders on key issues of global concern, such as reviving global growth, food and energy security, environment, health and digital transformation,” PM Modi said ahead of his departure from Delhi.
The Importance Of Bali Conference:
The conference could possibly see Modi-Xi interacting one-on-one since the Galwan border clash in June 2020. In the list of firsts, US President Biden met with his Chinese counterpart for the first time since taking office. Their meeting came amid a time of uncertainty and increased tensions between the superpowers.
The G20, or Group of Twenty, is an intergovernmental forum made up of 19 countries and the European Union. It focuses on major global economic issues such as international financial stability, climate change mitigation, and sustainable development. The G20 presidency for the year 2022 lies with Indonesia.
What is G20:
- The G20 is an informal organization comprising 19 countries and the European Union, as well as officials from the World Bank and the International Monetary Fund.
- The G20 membership is made up of a mix of industrialized and emerging economies, representing over two-thirds of the worldwide population, 85% of global GDP, 80% of global investment, and over 75% of global commerce.
- It refers to the top grouping within the G20 that consists of the current, previous and the incoming presidencies — Indonesia, Italy and India.
- As a Troika member, India will work closely with Indonesia and Italy to ensure consistency and continuity of the G20’s agenda.
- India will assume the G20 presidency on 1st December 2022 from Indonesia, and will convene the G20 Leaders’ Summit for the first time in India in 2023.
- The G20 nations comprise Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
- The economic collapse of 2008 caused chaos in the Spanish economy, driving the country into a six-year financial crisis. Since then, Spain participates in leader summits as a permanent non-member invitee.
India’s Priorities in G20 Summits
- Investigating tax evasion to fight corruption.
- Choking terror funds.
- Cutting the Remittances Cost.
- Market access for key drugs.
- Reforms in the World Trade Organisation to enhance its functioning.
- The Paris Agreement’s “full implementation”.