G20 meet in Bali
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G20 meet in Bali
Subject :IR
Context:
- Recently PM heads to Bali for G-20 meet
What is G20 Summit:
- G-20 was a group of finance ministers and central bank governors from 19 individual countries and the European Union.
- It was established in 1999 and was elevated to a forum of Heads of Government in 2008 to effectively respond to the global financial crisis of 2008.
- G-20 is a forum, not a legislative body and its agreements and decisions have no legal impact, but they do influence countries’ policies and global cooperation..
- The G20 members includes USA, Canada, Mexico,Argentina, Brazil,EU, Germany, France, UK, Italy,South Africa, Saudi Arabia and Turkey,India; Indonesia; Australia,Russia, China, South Korea and Japan
- The G20 membership accounts for
- Two-thirds of the world’s population,
- 85% of global gross domestic product,
- 80% of global investment
- 75% of global trade.
- Contribute 79% of the world carbon emissions
- G20 does not have any permanent secretariat or headquarters.
- The G20 Summit is formally known as the “Summit on Financial Markets and the World Economy”.
- How G20 works:
- Since the G20 has no permanent secretariat.The agenda and work are coordinated by representatives of the G20 countries, known as ‘Sherpas’.
- The presidency of the G20 rotates every year among members, and the country holding the presidency, together with the previous and next presidency-holder, forms the ‘Troika’.
- Troika ensures continuity of the G20 agenda.
- During India’s presidency, India, Indonesia and Brazil will form the troika.
