Modi to attend G20 extraordinary meeting on Afghanistan
- Prime Minister Narendra Modi will attend an extraordinary virtual meeting of G20 leaders on Afghanistan to be held on October 12.
- The G20 meeting is likely to deliberate on both political as well as humanitarian issues regarding the country.
- Italy, is the current chair of G20.
- The G20 is an annual meeting of leaders from the countries with the largest and fastest-growing economies. Its members account for 85% of the world’s GDP, and two-thirds of its population.
- The G20 Summit is formally known as the “Summit on Financial Markets and the World Economy”.
- After the Asian Financial Crisis in 1997-1998, it was acknowledged that the participation of major emerging market countries is needed on discussions on the international financial system, and G7 finance ministers agreed to establish the G20 Finance Ministers and Central Bank Governors meeting in 1999.
Full membership of the G20:
- Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States and the European Union.
Significance of G20:
- As globalization progresses and various issues become more intricately intertwined, the recent G20 summits have focused not only on macroeconomy and trade, but also on a wide range of global issues which have an immense impact on the global economy, such as development, climate change and energy, health, counter-terrorism, as well as migration and refugees.
- The G20 has sought to realize an inclusive and sustainable world through its contributions towards resolving these global issues.
- Collectively, the G20 economies account for around 85% of the gross world product (GWP), 80% of world trade (or, if excluding EU intra-trade, 75%), and two-thirds of the world population.
- It can prove to be a forum for the reforms in the current financial institutions such as IMF, WB.
- Other issues related to the economics such as terror financing, post global economic order, money laundering etc. can be discussed from policy perspective.
- The platform is no longer only limited to economic issues and other issues such as agriculture, climate change, education, health, water etc. is also discussed.
- The G20 does not have permanent offices or employees.
- The country that presides over the group (in an year) takes care of all the organization and the logistical coordination of the meetings.