G20 Summit: With only two days remaining, the leaders of the world’s leading economies will convene in New Delhi on September 9 for the G20 Summit. This weekend, more than forty world leaders will attend the summit at Bharat Mandapam in Pragati Maidan in the nation’s capital.
The G20 summit is the culmination of all G20 processes and meetings conducted throughout the year between ministers, senior officials, and civil society organisations.
HOW G20 OPERATES?
The Group of Twenty, an informal gathering of the world’s twenty largest economies, is the primary forum for discussing economic issues on a global scale. The group was established in 1999 and has held regular meetings to coordinate global policy on trade, health, climate, and other matters.
This group consists of 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 (UK), the United States (US), and the European Union (EU).
The G20 works in three main tracks: Finance Track, Sherpa Track and Engagement Groups. While the first two groups are official, the third group is not.
Four times a year, the Finance Track will be led by the Finance Ministers and Central Bank Governors of the G20 nations. Financial and economic issues such as the global economy, infrastructure, financial regulation, financial inclusion, international financial architecture, and international taxation are the primary focus of the group.
The Finance Track is subdivided into eight working groups, including the Framework Working Group, the International Financial Architecture Working Group, and the Infrastructure Working Group.