Daily Current Affairs International Relations

Group of 20 (G20)

Context: Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman participated virtually in the First Group of 20 (G20)  Finance Ministers and Central Bank Governors (FMCBG) meeting under the Italian Presidency. 

  • India joined the G20 Troika, a three-member country committee chaired by the current G20 summit presidency (Saudi Arabia), the 2021 presidency of Italy and India, the future summit Presidency when it hosts the meetings in 2022.

Analysis of g20 Countries List

  • Group of 20 (G20) is an international body created in 1999 that provides a forum for strategic economic communication between industrialized and developing countries. 
  • The G20 originated as a response to the economic crises of the late 1990s.
  • It expanded on the work of the Group of Seven (G7) by including countries that previously had been left out of the global discussion. 
  • G7: Canada, U.S., U.K., Italy, France, Germany and Japan – the seven largest advanced economies.
  • Earlier it was G-8 when Russia was suspended from it because of Russia’s annexation of Crimea, a part of Ukraine.
    • Its membership comprises 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States) and the European Union (EU). 
    • The countries are represented by finance ministers and central bank governors, while the EU is represented by the European Central Bank and a rotating council presidency. 
    • The World Bank and the International Monetary Fund also participate. 
    • Meetings are held annually, and each summit meeting is hosted and chaired by a different member. 
    • In addition, emergency summit meetings may be called. 
  • The issues that have been addressed by the group include terrorism, economic circumstances, corruption, tax transparency, economic inequality, renewable energy, and sustainable development. 

 

 

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