India joins G20’s Troika
- Apart from India, Troika consists of Indonesia and Italy.
- G20 countries have come together to better prepare for the future.
- India is slated to be the host in the year 2023.
- A “Troika”, represented by the country that holds the Presidency, its predecessor and its successor, works to ensure continuity within the G20.
- As a Troika-member, India will work closely with Indonesia and Italy to ensure consistency and continuity of the G20’s agenda
- India will assume the G20 Presidency on December 1, 2022, from Indonesia, and will convene the G20 Leaders’ Summit for the first time in India in 2023.
- Indonesia has assumed the G20 Presidency and will convene various G20 meetings throughout the year culminating with the G20 Leaders’ Summit on 30-31 October 2022 under the overall theme of “Recover Together Recover Stronger”.
- India will be part of the G20 Troika (preceding, current, and incoming G20 Presidencies) from 1 December 2022 till 30 November 2024.
- Italy hosted the G20 summit during October 30-31 that was attended by the Indian PM.
- In the G20 summit India had raised the issue of Afghanistan’s future following the takeover by the Taliban.
- The G20 is the premier global forum for international economic cooperation and its summit is hosted on a rotating basis by each of the members.
- The G20 comprises Argentina, Australia, Brazil, Canada, China, EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK and USA.
- The G20 Countries together represent around 90% of global GDP, 80% of global trade, and two thirds of the world’s population.
The objectives of the G20
- Policy coordination between its members in order to achieve global economicstability, sustainable growth;
- To promote financial regulations that reduce risks and prevent future financial crises; and
- To create a new international financial architecture.
India and G-20
- As a founding member of the G20, India has used the platform to raise issues of vital importance and those that impact on the most vulnerable around the world.
- India has been actively involved in the G20 preparatory process both at the Sherpas Track and the Financial Track since its inception.
- India’s agenda at the G20 Summits is driven by the need to bring in greater inclusivity in the financial system, to avoid protectionist tendencies and above all for ensuring that growth prospects of developing countries do not suffer.
- India has strived to ensure that the focus of the global community remains on the need to ensure adequate flow of finances to emerging economies to meet their developmental needs.
G20 summit 2021
- In 2021, G20 leaders summit hosted by the Italian G20 presidency in Rome.
- At the end of the meeting, the G20 leaders adopted a G20 Rome Leaders’ Declaration.
G20 Rome Leaders’ Declaration.
- Keep the goal of limiting global warming to 1.5 degrees compared to pre-industrial levels within reach
- Accelerate their actions towards achieving global net zero greenhouse gas emissions or carbon neutrality by or around mid-century
- Reaffirm developed countries' climate finance commitment to jointly mobilise $100 billion per year, and welcome new commitments by some G20 members
- Implement the new rules for a more stable and fairer international tax system, including a 15% global minimum corporate tax, by 2023
- Advance efforts to ensure better and more timely access to COVID-19 vaccines in low- and middle-income countries
- Establish a G20 Joint Finance-Health Task Force to ensure adequate financing of pandemic prevention, preparedness and response