South Africa assumes presidency of G20 and chair of B20

Sub: IR

Sec: Int Groupings

Context:

South Africa has assumed the presidency of the Group of 20 (G20) and is now leading the Business 20 (B20), the official private sector engagement group of the G20.

Theme for South Africa’s presidency:

The theme under South Africa’s G20 presidency is “Solidarity, Equality, and Sustainability.” This theme underscores the country’s commitment to fostering inclusive economic growth and promoting sustainability in global trade, with a focus on addressing climate challenges and promoting equality in agricultural development.

About G20:

The G20 is an informal grouping of 19 countries and two bodies, the African Union and the European Union.
The G20 membership comprises a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85% of global gross domestic product, 80% of global investment and over 75% of global trade.
The member countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States.
The G20 does not have a permanent secretariat or Headquarters.

G20 Presidency:

The G20 Presidency rotates annually according to a system that ensures a regional balance over time.
For the selection of presidency, the 19 countries are divided into 5 groups, each having no more than 4 countries. The presidency rotates between each group. Every year the G20 selects a country from another group to be president.
TROIKA: Every year when a new country takes on the presidency, it works hand in hand with the previous presidency sand the next presidency and this is collectively known as TROIKA. This ensures continuity and consistency of the group’s agenda.

About B20:

The Business 20 (B20) is the official private sector engagement group of the G20.
Established in 2010, B20 is among the most prominent Engagement Groups in G20, with companies and business organizations as participants.
The B20 formulates policy recommendations on key issues such as trade, innovation, sustainable development, digitalization, and climate change. These recommendations are presented to G20 leaders during their summits, aiming to shape the global economic agenda.
Each year, the G20 Presidency appoints a B20 Chair, who is supported by a B20 Sherpa and the B20 secretariat.