Finance
The Ministry of External Affairs (MEA) announced Tuesday that India will host the G-20 leaders’ summit in New Delhi on September 9 and 10, 2023, as part of its Presidency.
India will hold the G20 Presidency for one year, from December 1, 2022 to November 30, 2023, and is expected to host over 200 meetings across the country beginning this December.
According to the MEA, India, as the G20 Presidency, will invite Bangladesh, Egypt, Mauritius, the Netherlands, Nigeria, Oman, Singapore, Spain, and the UAE as Guest countries.
While India’s G20 priorities are in the process of being firmed up, the MEA statement said: “Ongoing conversations…revolve around inclusive, equitable and sustainable growth; LiFE (Lifestyle For Environment); women’s empowerment; digital public infrastructure and tech-enabled development in areas ranging from health, agriculture and education to commerce, skill-mapping, culture and tourism; climate financing; circular economy; global food security; energy security; green hydrogen; disaster risk reduction and resilience; developmental cooperation; fight against economic crime; and multilateral reforms.”
The G20 represents 85% of global GDP, 75% of international trade, and two-thirds of the world population, making it the premier forum for international economic cooperation. India is currently a member of the G20 Troika (the current, previous, and incoming G20 Presidency), which includes Indonesia, Italy, and India.
The G20 currently comprises of:
# Finance Track, with 8 work streams (Global Macroeconomic Policies, Infrastructure Financing, International Financial Architecture, Sustainable Finance, Financial Inclusion, Health Finance, International Taxation, Financial Sector Reforms).
# Sherpa Track, with 12 work streams (Anti-corruption, Agriculture, Culture, Development, Digital Economy, Employment, Environment and Climate, Education, Energy Transition, Health, Trade and Investment, Tourism)
# 10 Engagement Groups of private sector/civil society/independent bodies (Business 20, Civil 20, Labour 20, Parliament 20, Science 20, Supreme Audit Institutions 20, Think 20, Urban 20, Women 20 and Youth 20).
In addition to G20 members, the G20 Presidency has a tradition of inviting some guest countries and international organizations to its meetings and summit.
As a result, in addition to regular international organizations (UN, IMF, World Bank, WHO, WTO, ILO, FSB, and OECD) and regional organization chairs (AU, AUDA-NEPAD, and ASEAN), India, as G20 Presidency, will invite as guest countries Bangladesh, Egypt, Mauritius, The Netherlands, Nigeria, Oman, Singapore, Spain, and the UAE, as well as the International Solar Alliance (ISA), Coalition for Disaster Resilient Infrastructure (CDRI), and Asian Development Bank (ADB) as guest international organisations.
Source:IE
