Amidst all the geo-political turmoil happening across the world, the presidency of G20 took a shift from Indonesia to India this week. India will head the Group of 20, popularly known as G20 nations for a period of 1 year from 1 December 2022, to 1 January 2023.
What is G20?
The Group of 20 (G20) was founded in 1999 as a forum for Finance Minters and Central Government Governors of 19 Countries and the European Union (EU) to discuss global economic and financial issues.
In 2008, the G20 was upgraded to the level of Head of State/Government in a wake of the global economical and financial crisis of 2007.
G20 Summit is held annually under the leadership of a rotational presidency.
Who are the G20 members? and How does G20 Presidency Works?
The Group of Twenty (G20) comprises 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom and United States) and the European Union. The G20 members constitute 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population.
The G20 does not have a permanent secretariat and is led by presidentship on a rotational basis from its member countries. The G20 President will steer the G20 agenda for 1 year and hosts the G20 Summit.
After India, Brazil will take over the presidency of the G20, followed by South Africa in 2025.