India will assume the presidency of the G20 on 1 December. India will take over the presidency of the G20 from December 2022 to November 2023 next year. Around 200 meetings will be held in 32 sectors during India’s presidency of the G20. Union Finance Minister Nirmala Sitharaman told Dhanam Magazine that the G20 presidency is a good example of the country’s progress in the economic field.
The center plans to organize programs in all states as part of the G20 summit. The finance minister also stressed that this is an opportunity for states to showcase their trade and business potential globally. Vasudaiva Kudumbakam or One Land One Family One Future is the theme of this year’s G20.
G20 led by superpowers
After the Second World War, many organizations were formed within the framework of international cooperation. The G20 can be described as one of the last such organizations. The G20 started with the G7 or Group of Seven, a group of economic powers that includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
The idea of an association of countries in different parts of the world beyond the G7 was put forward in the early 1990s when Paul Martin, who held the post of Prime Minister of Canada, was Finance Minister. Paul Martin stressed the importance of broader organization in anticipation of the 1994 economic crisis in Mexico, a non-G7 member, which affected Canada. But then he didn’t get enough support from the G7.
But the economic troubles in Asian countries in 1997 and the aftermath of the Russian financial crisis in 1998 were reasons enough for the G7 countries to love Paul Martin’s brainchild. Paul Martin reintroduced the idea to then US Treasury Secretary Lawrence Summers. Paul Martin later claimed that the two wrote the names of the G20 countries on a piece of white paper. With the approval of the G7 countries, the G20 was formed in Berlin in 1999. The first meeting of the G20 was held on 15 and 16 December 1999. Paul Martin was the first chairman.
G20 which supported the economy
Coming to the G20 members, the G20 consists of 19 countries and the European Union. These 19 countries are Australia, Canada, Saudi Arabia, United States, India, Russia, South Africa, Turkey, Argentina, Brazil, Mexico, France, Germany, Italy, United Kingdom, China, Indonesia, Japan, South Korea. In addition to they are part of the G20 11 permanent guests such as the African Union, ASEAN, Spain, the World Bank, the UN and others. Nigeria, an African country, was to become the 20th member of the G20. But due to internal problems, Nigeria could not join the alliance. In an interview released three years ago, Paul Martin said he regretted not being able to get Nigeria into the G20. He also stressed that Africa does not have sufficient representation in the organization. South Africa is the only African country to have joined the G20.
Although formed in 1999, the G20 only emerged as an internationally important group after 2008. Initially, the G20 functioned as an economic negotiating body composed of finance ministers and central bank governors. After the 2008 economic downturn, under the leadership of US President George W. Bush, it became the group of world leaders we see today. The G20 group also played an important role in maintaining the protectionism adopted by countries to protect their economies from turning into a depression following the economic downturn. In 2009 the leaders of the G20 countries met in London with the goals of stability-growth-employment in mind.
Subsequently, the G20 summit is continuously held here. Each year the presidency rotates according to the order of the member states. The G20 has no permanent secretariat. The agenda of the G20 summits will depend on which countries hold the presidency. In 2002, India hosted the G20 Finance Ministers and Governors Meeting.
If we talk about the influence of the G20 globally, it will probably be greater than the United Nations. If the G20 countries join, they will represent two-thirds of the world’s population. G20 countries control 75% of global trade and contribute three-quarters of global GDP.
