G-20
- INTERNATIONAL
News:
Lack of consensus on
Ukraine at G20 meet, Summit to take call
What's
in the news?
● The
third meeting of G20 Finance Ministers and Central Bank Governors (FMCBG) in
Gandhinagar with a Chair Summary and Outcome Document following lack of
consensus on the “language” of a communique regarding the Russia-Ukraine
conflict.
G-20:
● The
G20 was formed in 1999 in the
backdrop of the financial crisis of the late 1990s that hit East Asia and
Southeast Asia in particular.
● Its
aim was to secure global financial
stability by involving middle-income countries.
● Together,
the G20 countries include 60 percent of the world’s population, 80 percent of
global GDP, and 75 percent of global trade.
Members:
● Argentina,
Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy,
Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey,
the United Kingdom, the United States, and the European Union.
● Spain
is invited as a permanent guest.
Logo:
● The
logo bears a lotus and the message of ‘Vasudhaiva
Kutumbakam — One Earth, One Family, One Future’.
● The
lotus flower symbolizes our Puranic heritage, our aastha (belief) and boddhikta
(intellectualism).
Other
backdrops of G-20:
● The
presidency of the G20 rotates every year
among members.
● The
country holding the presidency, together with the previous and next
presidency-holder, forms the ‘Troika’ to ensure continuity of the G20 agenda.
○ Indonesia, India and Brazil are the
Troika countries right now.
● The
first G20 Summit took place in 2008 in Washington DC, US. In addition to
Summits, the Sherpa meetings (that help in negotiations and building
consensus), and other events are also organized throughout the year.
● Each
year, the presidency invites guest countries.
● The
G20 has no permanent secretariat.
● The
agenda and work are coordinated by representatives of the G20 countries, known
as ‘Sherpas’, who work together with
the finance ministers and governors of the central banks.
● India
recently appointed ex-NITI Aayog CEO Amitabh Kant as the G20 Sherpa after
Piyush Goyal.