Introduction : What is G-20 ?
The Group of Twenty (G20), established in 1999, is a premier forum for international economic cooperation, comprising 19 countries and the European Union. It represents over 85% of the global GDP, 75% of international trade, and two-thirds of the world population. Initially focusing on macroeconomic stability, its scope has expanded to encompass trade, climate change, sustainable development, health, and global governance.
The G20 was formed in response to financial crises in the late 1990s to promote dialogue between advanced and emerging economies. Its primary aim is to foster international economic stability by addressing pressing global challenges collaboratively. The inclusion of diverse economies allows for balanced representation of global interests, enabling solutions that reflect both developed and developing countries’ perspectives.
Since its inception, the G20 has evolved significantly:
- 2008 Financial Crisis: Elevated to a leaders’ summit to address the global economic meltdown, coordinating recovery measures.
- Climate Action: Supported the Paris Agreement and emphasized green growth and sustainable energy transitions.
- Pandemic Response: Played a critical role in coordinating vaccine distribution and economic recovery post-COVID-19.
The 2024 G20 Summit in Rio de Janeiro, under Brazil’s presidency, focused on themes of inclusion, sustainability, and reform:
- Key Outcomes:
- Creation of the Global Alliance Against Hunger and Poverty, aimed at addressing food insecurity through collaborative efforts.
- Emphasis on climate action, with Brazilian President Lula advocating the establishment of a UN Climate Change Council and setting ambitious goals for COP30 in 2025.
- Advocacy for the reform of the UN Security Council and Bretton Woods institutions, reflecting demands for greater equity in global governance.
- Launch of the Favela 20 Recommendations, a unique initiative highlighting the role of marginalized communities in shaping policy.
- Geopolitical Impact:
- Strengthened focus on the Global South, pushing for an inclusive international order.
- Enhanced cooperation on sustainable energy transitions, reflecting Brazil’s leadership in this domain
India, a founding member of the G20, has consistently championed the interests of developing countries:
- Leadership: As the G20 President in 2023, India emphasized themes of “Vasudhaiva Kutumbakam” (One Earth, One Family, One Future), prioritizing digital transformation, climate action, and inclusive development.
- Advocacy: India advocates for equitable economic frameworks, such as reforming global financial institutions to empower emerging economies.
- Collaboration: Partnerships with nations like Brazil and South Africa underscore India’s commitment to fostering a Global South-centric narrative.
- World Politics: India’s active role in the G20 has reinforced its stature as a global leader, balancing power dynamics between the Global North and South.
- Economy: By promoting digital public infrastructure and sustainable growth, India contributes to equitable global economic recovery.
- Geopolitics: India’s emphasis on strategic autonomy and multipolarity aligns with G20’s goals, enabling it to bridge divides and foster dialogue on contentious issues such as trade protectionism and climate financing.
The G20 remains a critical forum for addressing complex global challenges. Recent advancements under Brazil’s leadership and India’s active participation exemplify the collective potential of member states. By driving inclusive growth and equitable governance reforms, the G20 continues to shape a more resilient and balanced global order
