G-20: Meaning, Establishment, Membership, and More
G-20, abbreviated from "Group of Twenty," is an international forum for governments and central bank governors from 19 countries and the European Union (EU). Here's everything you need to know about G-20:
Q1. What does the English alphabet "G" mean in G-20?
- Ans: The "G" stands for "Group."
Q2. When was G-20 established?
- Ans: G-20 was established in 1999.
Q3. Who gave the idea of G-20?
- Ans: The idea for G-20 was proposed by the Canadian Finance Minister Paul Martin.
Q4. Where was the first G-20 summit held?
- Ans: The first G-20 summit took place in Washington, D.C., USA, in 2008.
Q5. How many countries are members of G-20?
- Ans: G-20 consists of 19 countries and the European Union. The member countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States.
Q6. How many G-20 summits have been held to date?
- Ans: There have been 17 G-20 summits held thus far.
Q7. Where is the headquarters of G-20?
- Ans: The headquarters of G-20 is located in Cancun, Mexico.
Q8. What percentage of the world population does G-20 represent?
- Ans: G-20 represents approximately 60% of the world's population.
Q9. What is the theme of the G-20 summit being held in India?
- Ans: The theme of the G-20 summit being held in India is "Vasudhaiva Kutumbakam" in Sanskrit, which translates to "One Earth, One Family, and One Future."
Q10. Which country holds the presidency of G-20 at the moment?
- Ans: Currently, India holds the presidency of G-20 from December 1, 2022, to November 30, 2023.
Q11. After how many years is the G-20 Summit held?
- Ans: The G-20 Summit is held annually, once every year.
Q12. From which country has India taken over the presidency of G-20?
- Ans: India took over the presidency of G-20 from Indonesia.
Q13. Who is the present Chairman of G-20?
- Ans: The Prime Minister of India is the present Chairman of G-20.
Q14. When did India join G-20?
- Ans: India joined G-20 in 1999 and is one of the founding members of the group.
Q15. What are the primary objectives of G-20?
Ans: The primary objectives of G-20 include promoting global economic growth, enhancing international financial stability, addressing financial market vulnerabilities, fostering job creation, and reducing poverty.
Q16. How are the host countries for G-20 summits selected?
Ans: The host country for G-20 summits is selected through a rotational system among the member countries. Each year, a different member country takes on the responsibility of hosting the summit.
Q17. What is the role of the European Union in G-20?
Ans: The European Union (EU) is a member of G-20 and actively participates in its discussions. The EU represents its member states in G-20 and contributes to the decision-making process, particularly on matters related to economic and financial policies.
Q18. How does G-20 promote international trade and investment?
Ans: G-20 promotes international trade and investment by advocating for open markets, resisting protectionism, and supporting a rules-based multilateral trading system. G-20 members work towards reducing trade barriers and improving the business environment to facilitate global trade and investment flows.
Q19. What are the key initiatives undertaken by G-20 to address global economic challenges?
Ans: G-20 has undertaken various initiatives to address global economic challenges. Some key initiatives include financial regulatory reforms, strengthening the international financial architecture, combating tax evasion and money laundering, promoting infrastructure investment, and enhancing cooperation in areas such as digital economy and sustainable development.
Q20. How does G-20 address issues related to climate change and sustainable development?
Ans: G-20 recognizes the importance of addressing climate change and sustainable development. While climate change is primarily addressed through separate international agreements like the Paris Agreement, G-20 members discuss and coordinate policies on climate change mitigation, adaptation, and financing. G-20 also emphasizes sustainable development as an integral part of its agenda, focusing on areas such as energy transition, sustainable infrastructure, and inclusive economic growth.
G-20 serves as a platform for dialogue and cooperation on various global economic and financial issues, aiming to promote international financial stability and sustainable economic growth. The regular summits provide an opportunity for world leaders to discuss key challenges and formulate coordinated policies to address them.
The G20 is composed of most of the world's largest economies finance ministries, including both industrialised and developing nations; it accounts for around 80% of gross world product (GWP), 75% of international trade, two-thirds of the global population, and 60% of the world's land area.
The G20 was founded in 1999 in response to several world economic crises. Since 2008, it has convened at least once a year, with summits involving each member's head of government or state, finance minister, or foreign minister, and other high-ranking officials; the EU is represented by the European Commission and the European Central Bank. Other countries, international organizations, and nongovernmental organizations are invited to attend the summits, some on a permanent basis.
Source: Wikipedia
