04 Sep G20, Origins and Previous Summits
This article covers “Daily Current Affairs” and the topic details “G20, Origins and Previous Summits”. The topic “G20, Origins and Previous Summits” has relevance in the “International Relations” section of the UPSC CSE exam.
GS2: International Relations
Why in the news?
The G20 Heads of State and Government Summit in New Delhi is scheduled for September 9 and 10, marking the 18th annual summit. This event represents the culmination of year-long G20 processes, including meetings among ministers, senior officials, and civil societies.
About G20 (Group of 20)
- The G20 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.
- On the advice of the G7 Finance Ministers, the G20 Finance Ministers and Central Bank Governors began convening meetings to examine the reaction to the global financial crisis that happened.
- Policy collaboration among its members to ensure sustainable growth and global economic stability;
- To encourage financial rules that lower risks and stop upcoming financial catastrophes; and
- To create a new international financial architecture.
- Members & guests:
- Members: Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, India, Indonesia, Italy, Mexico, Russia, South Africa, Saudi Arabia, South Korea, Turkey, the United Kingdom, the United States, and the European Union.
- Spain has also been invited as a permanent invitee.
- Every year, the Presidency invites guest countries to participate fully in the G20 exercise.
- Numerous international and regional groups also take part, giving the meeting a more diverse presence.
- Presidency of G20 & Troika:
- The G20 presidency is rotated among members each year.
- The country holding the presidency, along with the previous and future presidency-holders, constitute the ‘Troika’ to assure the G20 agenda’s continuation.
- In 2023, the troika is composed of Indonesia, India, and Brazil.
A brief overview of all previous G20 summits
|Year||Month||Presidency Country||Key Outcomes|
|2008||November||USA||The first G20 summit was held in Washington DC, focusing on Global Financial Market Reform, Common principles for financial market reform, Action plan|
|2009||April||United Kingdom||The second G20 summit in London, addressing the global economic crisis, $5 trillion stimulus to global economy; IMF resources pledge;
Strengthening of financial oversight and regulation
|2009||September||USA||The third G20 summit in Pittsburgh, designating G20 as the premier forum for international economic cooperation.|
|2010||June||Canada||The fourth G20 summit in Toronto, addressing the fragile global economy and deficit reduction commitments.|
|2010||November||South Korea||The fifth G20 summit in Seoul, featuring development policy issues known as the ‘Seoul Development Consensus.’
Inclusion of development policy issues.
|2011||November||France||The sixth G20 summit in Cannes, focusing on international monetary system reform; Agricultural Market Information System (AMIS) established|
|2012||June||Mexico||The seventh summit in Los Cabos focussed on Addressing youth unemployment and quality job creation; Link between development, agriculture, and environment|
|2013||September||Russia||The Eighth Summit led to passing of Agreement on automatic exchange of tax information; Action Plan on Base Erosion and Profit Shifting (BEPS)|
|2014||November||Australia||The Brisbane summit set ambitious goals to increase collective GDP by 2%; Reducing gender gap in the labor force by 25% by 2025|
|2015||November||Turkey||The 10th summit focussed on migration and refugee crisis; Financial sector reforms; Support for climate change plans|
|2016||September||China||The G20 summit in Hangzhou, China, included the digital economy in the agenda for the first time and adopted the ‘G20 Action Plan on 2030 Agenda for Sustainable Development’.|
|2017||July||Germany||The summit in Hamburg, Germany, emphasized counter-terrorism efforts and reaffirmed the importance of the Paris Agreement on climate change.|
|2018||NovemberDecember||Argentina||The summit in Buenos Aires, Argentina, reaffirmed support for the UN Agenda 2030 for Sustainable Development, addressed climate change, and emphasized multilateral trade and WTO reform.|
|2019||June||Japan||The summit in Osaka, Japan, focused on combatting the exploitation of the Internet for terrorism and urged online platforms to prevent the spread of extremist content.|
|2020||November||Saudi Arabia||Held via video conference due to COVID-19, leaders pledged to work together to overcome the pandemic and build a more inclusive, sustainable, and resilient future.|
|2021||October||Italy||The Rome summit committed to fighting climate change, aiming to limit global warming to 1.5 degrees and achieve global net-zero greenhouse gas emissions by mid-century.|
|2022||November||Indonesia||The Bali summit was the first physical leaders’ meeting since the COVID-19 pandemic and condemned the Russian aggression against Ukraine and the use or threats of nuclear weapons.|
Q1. With reference to G20, consider the following statements:
- The G20 was formed in response to the financial crisis that struck East Asia and Southeast Asia in the late 1990s.
- The G20 presidency is rotated among members each year.
- The current troika is composed of Indonesia, India, and Italy.
Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 3 only
Q2. Consider the following pairs:
|1. 2008- USA||Focussed on Global Financial Market Reform|
|2. 2020- Singapore||Aimed to build a more inclusive, sustainable, and resilient future|
|3. 2021- Spain||Committed to fighting climate change, aiming to limit global warming to 1.5 degrees|
|4. 2022- Indonesia||Condemned the Russian aggression against Ukraine and the use or threats of nuclear weapons|
How many of the abovementioned pairs are correctly matched ?
(a) Only one
(b) Only two
(c) Only three
(d) All Four
Q3. Explain the origin and objectives of the G20. How did the financial crisis of the late 1990s influence its formation?