G20 meet in Bali

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.