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G20 Nations make up around 60 percent of the world’s population. Together, they are responsible for around 80 percent of global economic output and contribute 75 percent of all global exports.
The G20, founded in 1999 in the wake of the Asian financial crisis, initially aimed to bring together finance ministers and central bank leaders from top industrialized and developing countries to respond to global economic challenges.
After the 2008 financial crisis, the G20 evolved into a yearly gathering between member heads of state. One of its biggest successes was its swift response to the 2008 Global Financial Crisis, with member nations agreeing to spending measures worth 4 trillion dollars and implementing major reforms to the global financial system.
The summit’s chair rotates annually among member countries from different regions of the world. India hosted the 2023 Summit in New Delhi, and Brazil is set to host the 2024 Summit.
The primary goal of each Summit is for all participating countries to issue a joint statement, committing their members to action. However, it’s important to note that the Declaration is not legally binding.
In preparation for this year’s Summit, India held more than 200 G20-related meetings in over 50 cities. One of India’s top priorities for the summit is addressing the needs of the Global South, including economic recovery, climate justice, and access to COVID-19 vaccines.
However, the focus on development may be overshadowed by Russia’s war against Ukraine. While India’s foreign minister insists on keeping the G20 and Russia’s war against Ukraine separate, the conflict has already dominated multiple G20 meetings this year.
Western nations have implemented a wave of sanctions against Russia and provided more financial support for Ukraine. Developing countries like India have been cautious about expressing criticism.
The G20 Summits often see interesting politics unfold on the sidelines. For instance, at the 2017 Summit in Hamburg, Germany, former President Donald Trump met Russian President Vladimir Putin for the first time, holding multiple meetings that lasted several hours each.
For the 2022 summit, people around the world were expecting the first in-person meeting between President Joe Biden and Xi Jinping, the leader of the Chinese Communist Party. But Xi did not attend and the Chinese Premier Li Qiang attended instead.
Text Source: VOA News
