G20 Summit 2023: Everything You Need to Know

The G20 Summit is a prestigious forum for international economic cooperation, bringing together leaders from the world’s largest economies to discuss and shape global economic policies. In 2023, India has the honor of hosting the G20 Summit for the first time in its history. This article provides an in-depth overview of the G20 Summit 2023, its significance, member countries, working mechanisms, schedule, and venue details.

What is the G20 and Why is it Important?

The Group of Twenty (G20) is a premier forum that focuses on international economic cooperation and governance. It plays a crucial role in shaping global economic policies and addressing major economic challenges. The G20 provides a platform for member countries to collaborate and find solutions to issues such as economic growth, trade, finance, and sustainable development.

History and Formation of the G20

The G20 was established in 1999 in response to the Asian financial crisis. Initially, it consisted of finance ministers and central bank governors from 19 countries and the European Union. Over time, the G20 evolved into a platform for leaders of member countries to engage in discussions on a broader range of economic issues.

G20 Member Countries

The G20 comprises 19 countries and the European Union. The member countries include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States. Together, these countries represent a significant share of the global economy, trade, and population.

How Does the G20 Work?

The G20 operates through two parallel tracks: the Finance Track and the Sherpa Track. The Finance Track is led by finance ministers and central bank governors who discuss and negotiate economic policies. The Sherpa Track is led by Sherpas who represent the heads of state or government. They work on policy coordination and prepare the agenda for the leaders’ summit.

G20 Summit 2023: Schedule and Venue Details

The G20 Summit 2023 is scheduled to take place over two days, on September 9 and 10. The summit will be hosted in Delhi, the capital city of India. The main event will be held at the state-of-the-art Bharat Mandapam Convention Centre located in Pragati Maidan. Leaders and delegates from 40 countries, including the G20 member states, are expected to attend the summit.

Preparations for the G20 Summit

The preparations for the G20 Summit have been extensive, with both the central government and the Aam Aadmi Party (AAP) government in Delhi working together to ensure a successful event. The city has undergone beautification, with plants, lights, and billboards adorning the roads. Special attention has been given to prominent areas such as Connaught Place and South Delhi. The aim is to create a welcoming and vibrant atmosphere for the visiting leaders and delegates.

Impact on Transportation

The G20 Summit has resulted in some changes to transportation in Delhi. Northern Railways has temporarily canceled and diverted over 200 passenger train services from September 8 to 11. Additionally, the Delhi International Airport Ltd (DIAL) has received requests from airlines to cancel a significant number of domestic flights during the summit. These measures have been taken to ensure smooth logistics and security during the event.

India’s Role in the G20 Summit

India’s presidency of the G20 Summit provides a platform for the country to showcase its rich culture, cuisine, and economic potential to the world. As the host, India has the opportunity to shape the G20 agenda and highlight important issues faced by developing countries. The Indian government has emphasized the needs of the Global South and aims to give a voice to the voiceless countries in the international arena.

Absence of the Official “Family Photo”

This year, there will not be an official “family photo” of world leaders, a tradition at previous G20 Summits. This decision stems from widespread discomfort regarding Russia’s presence at the summit due to the ongoing conflict in Ukraine.

Conclusion

The G20 Summit 2023 in Delhi marks a significant milestone for India as it hosts the prestigious forum for the first time. The summit brings together leaders from the world’s largest economies to discuss and shape global economic policies.

With extensive preparations and a focus on showcasing India’s culture and potential, the G20 Summit is set to be a landmark event. It provides a platform for collaborative efforts in addressing economic challenges and fostering international cooperation.