G20 Summit 2023, G20 Member countries, List of Host Nations

 G20 Summit : 

The Group of Twenty, or G20, is an intergovernmental organization made up of the European Union and 19 other nations (EU). 

It strives to address important global economic concerns like international financial stability, reducing greenhouse gas emissions, and sustainable development.

G20 nations catered for 85 percent of world economy, 75 percent of world trade and 66 percent of world population.

G20 Summit: Key Points

• The majority of the world’s greatest economies, both industrialized and developing countries, make up the G20. 

• Together, they represent two-thirds of the world’s population, 80% of the gross world product (GWP), 75% of international trade, and 60% of the planet’s surface area.

• In 1999, the G20 was established in response to various global economic problems. It has met at least once a year since 2008, with summits attended by the heads of state or government, the finance minister, the foreign minister, and other top officials from each member; the European Union is represented by the European Commission and the European Central Bank. 

• The summits are open to participation from other nations, international organizations, and nonprofit organizations, some of which are invited on an ongoing basis.

• The G20 proclaimed itself the principal forum for global economic and financial cooperation during its summit in 2009.

• The group’s status has grown over the past ten years, and analysts now acknowledge its significant global influence.

• However, they also criticise it for having a small membership, having little enforcement authority, and allegedly undermining established international organizations. Protests against summits are common, especially from anti-globalization organizations.

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G20 group’s 20 members as of 2022 are:

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, South Korea, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, The European Union.

G20 Summit 2023 (India) :

The Group of Twenty (G20) will assemble for the eighteenth time in 2023, and the summit is expected to take place at New Delhi’s Pragati Maidan. India assumed the presidency on December 1, 2022, and held it until the summit in the third quarter of 2023. 

At the conclusion of the Bali summit, the G20 Presidency gavel was handed over from Indonesian President Joko Widodo to Indian Prime Minister Narendra Modi during a small ceremony.