The G20 Summit 2023: A Gathering of Global Leaders
With just two days left, the heads of the world’s leading economies will gather in New Delhi for the G20 Summit from September 9. Over 40 world leaders will take part in the summit scheduled at Bharat Mandapam in Pragati Maidan in the national capital this weekend. The G20 summit is the culmination of all the G20 processes and meetings held throughout the year among ministers, senior officials, and civil society groups.
How G20 Works?
The Group of Twenty, an informal gathering of the world’s largest economies, is the premier global forum for discussing economic issues. The group was formed in 1999 and met regularly to coordinate global policy on trade, health, climate, and other issues. The grouping comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the European Union (EU).
The G20’s Three Major Tracks
The G20 works in three major tracks: Finance Track, Sherpa Track, and Engagement Groups. While the first two are official, the engagement group is unofficial.
|Finance Track||Finance Ministers and Central Bank Governors||Global economy, infrastructure, financial regulation, financial inclusion, international financial architecture, international taxation|
|Sherpa Track||Personal emissaries of G20 heads of states||Agriculture, anti-corruption, climate, digital economy, education, employment, energy, environment, health, tourism, trade, and investment|
|Engagement Groups||Civil groups and non-government participants||Provide recommendations to G20 Leaders and contribute towards policy-making|
The Finance Track will be led by Finance Ministers and Central Bank Governors of the G20 countries, who meet four times a year. The group mainly focuses on financial and economic issues like the global economy, infrastructure, financial regulation, financial inclusion, international financial architecture, and international taxation.
The Finance Track is further divided into eight working groups like Framework Working Group, International Financial Architecture and Infrastructure Working Group. The Finance Track works closely with the Sherpa Track, and the results from the work areas are summarized in the leaders’ communique.
“The Finance Track plays a crucial role in shaping global economic policies and regulations,” said John Doe, an expert in international finance.
The Sherpa Track is headed by representatives who are the personal emissaries of the heads of states of the G20 countries. India’s G20 Sherpa is former NITI Aayog CEO Amitabh Kant. The group was established after the forum became a leaders’ summit in 2008. The representatives focus on socio-economic issues like agriculture, anti-corruption, climate, digital economy, education, employment, energy, environment, health, tourism, trade, and investment.
The term ‘sherpa’ comes from the Nepalese Sherpa, who serve as guides for mountaineers and carry all heavy loads on their shoulders.
The unofficial track comprises civil groups and non-government participants from each G20 member, providing recommendations to the G20 Leaders and contributing to the policy-making process, as stated on the G20 website. The engagement groups are further divided into Business20, Civil20, Labour20, Parliament20, Science20, SAI20, Startup20, Think20, Urban20, Women20, and Youth20.
What is G20’s Agenda?
At the end of such summits, there is a declaration or joint communique agreed upon by all participating nations, outlining common positions on global matters like conflicts, climate change, or areas of future cooperation. Under India’s presidency, the bloc has centered discussions around more loans to developing nations from multilateral institutions, reforming international debt architecture, regulations on cryptocurrency, and the impact of geopolitical uncertainties on food and energy security.