G-20 Summit

G-20 Summit

Subject – IR

Context – G-20 Summit adopts Rome Declaration

Concept –

• The G20 or Group of Twenty is an intergovernmental forum comprising 19 countries and the European Union (EU).
• It works to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development.
• The G20 is composed of most of the world’s largest economies, including both industrialized and developing nations. The group collectively accounts for around 90% of gross world product (GWP), 75–80% of international trade, two-thirds of the world’s population, and roughly half the world’s land area.
• The G20 was founded in 1999 in response to several world economic crises.
• Since 2008, the group convenes at least once a year, with summits involving each member’s head of government or state, finance minister, foreign minister, and other high-ranking officials; the EU is represented by the European Commission and the European Central Bank.
  • Other countries, international organizations, and nongovernmental organizations are invited to attend the summits, some on a permanent basis.
• In addition to the Summit, ministerial meetings, Sherpa meetings (in charge of carrying out negotiations and building consensus among Leaders), working groups and special events are organized throughout the year.
• At its 2009 summit, the G20 declared itself the primary venue for international economic and financial cooperation.
• The G20 does not have a permanent secretariat: its agenda and activities are established by the rotating Presidencies, in cooperation with the membership.
• A “Troika”, represented by the country that holds the Presidency, its predecessor and its successor, works to ensure continuity within the G20.
• The theme of the 16th G20 Summit 2021 is ‘People, Planet, and Prosperity’

Rome Declaration

The Rome Declaration consists of 16 mutually agreed principles, which aims to guide joint action for preventing future health crises and to build a safer, equitable and sustainable world.