Established in the year 1999 after the Asian financial crisis, the G20 summit is a forum where Central Bank Governors and Finance Ministers come together to discuss the world’s financial and economic issues. The global financial and economic crises of 2007 prompted the upgrade of the forum to the level of Heads of State/Government. In 2009, The Group of 20 was declared the “premier forum for international economic cooperation”. The summit convenes every year under a rotational presidency. While broad microeconomic issues were the key agenda of G20, over the years, the agenda has evolved into a variety of distinct topics, including health, sustainable development, energy, environment, trade, anti-corruption and climate change.
- Name Of The Event: G20 Summit 2023
- Venue: Pragati Maidan, New Delhi
- Date: 9th-10th September 2023
How Does The G20 Summit Operate?
The host nation or G20 Presidency sets the agenda for the summit, and each member is given an opportunity to express their views and priorities. The summit works on two tracks, namely, the Finance Track and the Sherpa Track.
The Finance Track is led by Finance Ministers and Central Bank Governors, their deputies and numerous working group committees. The Finance Track addresses several critical topics, including monitoring global economic risks and the overall economic outlook. It also focuses on developing reforms that promote a more robust and stable global financial architecture. Additionally, the track covers international taxation, financing for high-quality infrastructure, sustainable finance, financial inclusion, and financial sector reforms. Another significant area of focus is financing for future health emergencies, as well as investments in pandemic prevention, preparedness, and response.
Sherpa Track is held through working groups coordinated by diplomats and ambassadors of the leaders. The Sherpa Track in-depth discusses a wide range of international issues. Besides these aspects, G20 also has numerous Engagement Groups. These discussions bring together researchers, labour, businesses, civil societies, parliamentarians, think tanks, women, youth, and of the G20 countries.
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G20 Member Countries
The Group of 20 consists of the European Union and 19 member countries, including:
- South Korea
- Saudi Arabia
- South Africa
- United Kingdom
- United States
These countries comprise about 85% of the global GDP, about two-thirds of the world population and over 75% of global trade. The guest countries of the G20 Summit include Bangladesh, Egypt, Mauritius, UAE, Spain, Singapore, Oman, Netherlands, and Nigeria.
Other international organisations will be present for the G20 Summit 2023, including the UN, IMF, WHO, WB, WTB, ILO, FSB and OECD. Representatives of regional organisations, including ASEAN, AU and AUDA- NEPAD will also attend the summit.
G20 Summit 2023 In India
For its 18th edition, The Group of 20 Summit will be held in India in New Delhi. The summit venue is Pragati Maidan, and it will culminate all the meetings and processes throughout the year. The theme for the summit this year is “Vasudhaiva Kutumbakam” or “One Earth · One Family · One Future”. This famous Sanskrit text from Maha Upanishad essentially symbolises that all forms of life are interconnected with each other, the earth and the universe as a whole. It also highlights Lifestyle for the environment for a better future.
India’s presidency began on December 1st 2022, and the leaders summit will be held in Delhi on 9th to 10th September, 2023.
G20 Summit: Schedule
Organised by the Ministry of External Affairs, the G20 Summit will see a total of 250 meetings across 50 cities in India. 190 of these meetings will be attended by G20 nations’ nodal ministries discussing a wide range of issues including finance, health, trade and agriculture.
G20 Leader’s Summit will be held from 9th to 10th September 2023 at New Delhi’s Pragati Maidan. The summit is expected to be attended by over 30 leaders of the participating nations.
We at The LaLiT are extremely honoured to be a part of the prestigious G20 Summit 2023 in India. In the ongoing summit, The LaLiT Chandigarh welcomed changemakers from across the globe for the 1st International Financial Architecture Working Group Meeting. Delegates for the 1st Culture Working Group Meeting at Khajuraho convened at The LaLiT Temple View Khajuraho for a day of discussion and relaxation. We continue to look forward to welcoming changemakers from all over the world and provide them with the ultimate Indian hospitality experience.