How do the world’s most developed economies strike a balance between rivalry and cooperation? What systems are in place to make this work possible?
The Group of 20, or G20 for short, is a global alliance that unites the most powerful countries and economies in the world as well as the most populous ones. But does a gathering of the most influential political figures in the world always result in amity, harmony, and concerted action for the common good? Let’s investigate!
What is the G20?
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The twenty largest economies in the world meet frequently to discuss the most important issues affecting the global economy in the G20 forum. Together, the G20 countries represent more than 80% of the global GDP, 75% of international trade, and 60% of the world’s population.
Members of the G20
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Nineteen nations and the European Union make up the G20’s twenty members. More than 80% of the world’s GDP, 75% of its trade, and 60% of its people are represented by the G20 members. 3. Statistics demonstrate just how powerful this group is.
In addition to providing a forum for meetings between countries of the smaller G7 grouping of (mostly) Western nations, the G20 also plays an important role in bringing together nations that are frequently in competition with one another, whether on the economic or political fronts. For instance, the Russian Federation was officially expelled from what was then the G8 in 2017 after being suspended from it in 2014. However, Russia continues to be a part of the larger G20 alliance. Here is a list of every G20 participant as of right now:
America’s United States
By inviting them as guests, the Group can also include other nations in G20 discussions. Re-invitations to guests can turn them into G20 members-at-large. Despite not being a G20 member, Spain receives a recurring invitations to summits.
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Every year, ministerial-level meetings are held for the G20 members’ officials. The annual G20 Summit is where leaders discuss and bargain over solutions to the issues arising from these meetings.
In 2008, the G20 established the Leader’s Summit. The Rome Declaration was published at the conclusion of the final one, which took place in Italy in October 2021.
Some experts emphasize how flexible the G20 is in comparison to other multilateral organizations or groups. A CFR analyst named Stewart M. Patrick, for instance, claims that the G20 could “help shake up a sometimes rigid geopolitical order”1. Due to this flexibility, heads of state are able to meet informally throughout the Summit to discuss specific bilateral issues or other topics that aren’t on the formal agenda.
Executives of the G20
The President of the European Council and the President of the European Commission, who together represent the EU, are also referred to as G20 leaders. The G20 leaders are the heads of state and government of the member nations.
Every year, the members alternate holding the G20 presidency. Presently in charge of hosting the summit, which will take place in Bali in November 2022, is Indonesia.
“Recover together, recover stronger” was the Indonesian presidency’s catchphrase, and the following issues were emphasized at the most recent conference: The post-pandemic recovery, climate change, and the impact of Russia’s invasion of Ukraine are just a few of the challenges and economic issues that the Indonesian G20 Presidency has had to deal with. Indonesia, which currently holds the G20 presidency, will host the following summit in Bali, one of Java Island’s most well-known cities. The coordination of the nation’s members and their finance ministers is one of the presidency’s other responsibilities.
The “Troika,” a term coined to designate the temporary presidency member, its predecessor, and its successor, is in charge of maintaining the Group’s continuity. The purpose of the Troika is to maintain the G20’s agenda. Since many of the G20’s policies or priorities can only be addressed over a number of years, the Troika makes sure that the group’s emphasis on particular issues is maintained.
Italy, Indonesia, and India make up the G20’s current Troika, and they will hold this position for the entire calendar year.The three nations that currently, previously, and subsequently hold the G20 presidency are collectively referred to as the “Troika.” They are in charge of maintaining the G20’s existence.
As was previously stated, the Troika is made up of individuals who have held the presidency. In any case, it is not democratic and has been planned out ever since the Group was founded. In order for the founding members of the G20 to take turns holding the Group’s presidency, they decided on a system akin to a rota with the members listed in order. Consider the current Troika: Italy came before Indonesia in the ranking, and India will follow both of them.
Italy came before Indonesia in the current Troika of the Group, followed by India, who will then assume the presidency, and so on.
G20: Key conclusions
- Heads of state, finance ministers, and central bank ministers from all over the world make up the international and intergovernmental group known as the Group of Twenty or G20.
- Every year, the members alternate holding the G20 presidency. Indonesia currently holds the presidency, and Bali will serve as the summit’s location in 2022. “Recover together, recover stronger” is the catchphrase for the Indonesian presidency.
- Every year, ministerial-level meetings are held for the G20 members’ officials. The outcomes of these meetings are handled at the yearly G20 Summit, where the world’s most illustrious leaders discuss and bargain over the major economic issues and problems on the global stage.
- The G20 is led by a group of heads of state and government representatives from the member nations.
- The EU, Germany, Japan, Italy, the UK, France, the United States, Canada, Argentina, Brazil, Russia, China, Mexico, Australia, India, Saudi Arabia, Indonesia, Turkey, South Korea, and South Africa are members of the G20.