The central theme of India’s G20 Summit in 2023 is encapsulated in the Sanskrit phrase ‘Vasudhaiva Kutumbakam,’ signifying the belief that ‘The World is One Family.’
G20 Summit:
As the leaders of the world’s largest economies gather for a two-day G20 Summit in India’s capital, New Delhi, the city has undergone significant preparations. Decorative flowers and fountains have been added to traffic roundabouts, public buildings received a fresh coat of paint, and sidewalks have been improved.
To ensure security, a substantial force of 130,000 police and para-military troops is in place, complemented by anti-drone systems. Cutouts of langurs have been deployed to deter monkeys, and efforts have been made to clear stray dogs from the streets. This showcases the comprehensive measures taken for this significant event hosted by India.
What is the G20 or Group of Twenty?
The G20, comprising the world’s 20 major economies, was established in the wake of the Asian financial crisis in 1999, recognizing the need for improved international economic cooperation to address crises that transcend national borders. This group represents a significant share of the global economy, with 80% of global GDP and 75% of international trade.
Its member nations include Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United States, and the European Union.
Initially, only treasury chiefs held meetings, but following the 2008 financial crisis, the leaders of all member nations decided to convene annually for a summit. Currently, discussions are underway within the G20 about the possibility of the African Union joining this influential economic forum.
What are the primary issues being deliberated this year?
During India’s year-long presidency of the G20, discussions have revolved around crucial topics, including increased loans to developing nations by multilateral institutions, reforms to the international debt structure, regulations concerning cryptocurrency, and the repercussions of geopolitics on food and energy security.
However, it’s worth noting that the G20 has faced challenges in reaching a consensus this year, particularly regarding the conflict in Ukraine. While Russia and China resist attributing blame to Moscow for the war, Western nations like Canada, France, and the United States insist on a strong condemnation as a prerequisite for a joint statement.
In a draft circulated among G20 members on Friday, a paragraph on the geopolitical situation remained blank, underscoring the unresolved differences within the group.
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