VAYU NETWORK

G20

What is G20?, know the complete history

Establishment of the G20

G-20 was formed in the year 1999. It is also called Group of 20. It is a group of one European  Union (EU) and 19 other countries. The G-20, created in 1999, is a group of the biggest economies globally, including both strong and growing countries. Its main aim is to gather the leaders and finance ministers of these economies to talk and work together on plans for keeping the world’s financial stability. Unlike the United Nations, the G-20 isn’t a strict organization; it’s a place for friendly conversations and teamwork.

How long will India remain the President of the G20?

India is in charge of the G20 as its President from December 1, 2022, to November 30, 2023.

Background: when and why G-7 became G-20?

Originally, the G-7 consisted of seven industrialized nations that gathered annually to address economic issues. However, the global financial crisis of 1997 highlighted the need for a broader representation of countries to tackle economic challenges effectively. This led to the expansion of the group into the G-20, recognizing the importance of emerging economies.

 How and why did G-6 countries become G-7 and turn into G-8?

The story began in 1975 when France hosted a meeting with representatives from six governments: France, Germany, Italy, Japan, the United Kingdom, and the United States. This gathering was initially called the Group of Six or G6. In 1976, Canada joined, and it became the Group of Seven or G7. In 1997, Russia became a member, transforming it into the G8 group. However, in March 2014, after Russia took control of Crimea, it was suspended from the group, and the name went back to G7.

Composition and Structure of the G-20

The G-20 is made up of 19 specific countries plus the European Union, together representing a wide variety of economies, such as the United States, China, Japan, Germany, India, Brazil, and more. The rotating presidency allows different nations to host and chair the annual summit.

Financial Emergencies: 2008

The worldwide financial crisis in 2008 brought to light the weaknesses of the global financial setup. In reaction, the G-20 countries collaborated to prevent a complete collapse. They put in place actions to steady financial markets, impose stricter regulations on banks, and boost openness, underscoring the necessity for a stronger and responsible financial industry.

G-20’s Approach

The G-20 understands how international trade and investments drive economic progress. Its goal is to encourage open markets while tackling trade imbalances and unfair practices. By fostering collaboration on trade policies, the G-20 aims to create a fair environment that advantages both advanced and developing economies.

Climate Change and Protecting the Environment

In recent times, the G-20 has placed greater emphasis on environmental matters. Notably, climate change has taken center stage in discussions. While opinions differ among member nations, the G-20 acknowledges the significance of shifting toward a sustainable, low-carbon economy to alleviate the effects of climate change.

Economic Growth

The G-20 sees the link between worldwide economic growth and development. It strives to decrease inequality by endorsing initiatives that encourage comprehensive growth, education, and the reduction of poverty. By giving importance to these objectives, the G-20 contributes to shaping a more just and prosperous world.

Which countries are in the G20 group?

The G-20 group includes

1- Argentina     2- Australia   3-Brazil     4-Canada   5-China

6-the European Union   7-France   8-Germany   9-India

10-Indonesia   11-Italy   12-Japan  13-Mexico   14-Russia

15-Saudi Arabia   16-South Africa  17-South Korea  18-Turkey

19- United Kingdom   20- United States

America included. All these members together make up 85 percent of the world’s GDP. Apart from this, the share of these countries in global trade is also eighty percent and two-thirds of the world’s population lives here.

The upcoming G20 meeting

The 2024 G-20 Summit is set to occur in Brazil from July 12 to 14. During this event, discussions will persist on subjects like finance, sustainable infrastructure, and climate change, extending the conversation from previous summits.

Date- July 12 to 14

Location- Rio de Janeiro, Brazil

FAQs

What is the G-20?

The G-20 is a group of major economies that convene to discuss and coordinate global economic policies.

When was the G-20 established?

The G-20 was established in 1999.

How does the G-20 address climate change?

The G-20 acknowledges the importance of transitioning to a sustainable and low-carbon economy.

What was the G-20’s response to the 2008 financial crisis?

During the 2008 crisis, G-20 countries coordinated stimulus packages to stabilize the global economy.

What is the significance of G-20 summits?

G-20 summits provide a platform for leaders to engage diplomatically and collaborate on global issues.

Follow us on instagram to know the information of the news through pictures and video – click here Vayu Network

Click here for updates – G20 summit delhi important updates for delhi

Leave a Reply

Your email address will not be published. Required fields are marked *