G20 Summit: What is G20 and what are the key issues to be discussed at 2023 Summit in Delhi?

G20 Summit 2023: Leaders of the world's biggest economies assembled in New Delhi for a two-day G20 Summit beginning on Saturday (Sep 9). India is hosting the 18th edition of the G20 Summit and the capital city of New Delhi has been all decked up with elaborate arrangements.

Security measures are in placeas 130,000 police and paramilitary troops have been deployed in the city, along with anti-drone systems.

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The theme of this year’s G20 Summit is ‘Vasudhaiva Kutumbakam- One Earth, One Family, One Future’, which is a global roadmap for sustainable, inclusive and human-centric development. The theme also voices India’s efforts to contribute globally and find solutions to major world issues asone big family.

What is G20?

G20 is a Group of 20 major world economies, comprising 19 nations and the European Union (EU). The group accounts for around 80 per cent of thegross world product (GWP), 75 per cent of international trade, two-thirds of the global population and 60 per cent of the world’s land area.

It includes Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United States and the European Union.

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It was formed in 1999 after the Asian financial crisis on the understanding that crises spilling across borders needed better international economic co-operation to tackle them.

Although only treasury chiefs met in initial years, the heads of all member nations decided to meet once a year for a summit after the 2008 financial crisis.

What are the key issues to be discussed in Delhi Summit?

India’s year-long presidency has seen focused talks on issues such as more loans to developing nations or to the nations in the Global South by multilateral institutions, reform of international debt architecture, regulations on cryptocurrency and the impact of geopolitics on food and energy security.

One of the key concerns for the bloc remains the Russia-Ukraine conflict. The G20 has failed to draft a joint statement this year so far, as it is deeply divided over language referring to the ongoing war in Ukraine.

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While Russia and China oppose blaming Moscow for the war, Western countries, such as Canada, France and the United States, have sought a strong condemnation as a necessary condition for a joint statement.

A draft circulated among members on Friday left blank a paragraph on the geopolitical situation, suggesting that differences remained unresolved.

African Union formally joins G20 at Delhi summit

The major development at the G20 Summit on September 9 was the African Union (AU)’s permanent seat in the bloc. Prime Minister Narendra Modi invited the Head of the African Union, Azali Assoumani to take his seat as a permanent member of the G20 as the first session of the Summit begins.

After the G20 Summit 2023, India will hand the presidency to Brazil on December 1.

(With inputs from agencies)

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