G20 Summit 2023: Date, Theme, Logo, Member Countries, Significance, History, and Latest News
India will host the G20 from 2022 to 2023. Here’s all you need to know about the G20 Summit’s schedule, venue, member countries, history, and other recent developments.
The G20 group of 19 nations plus the EU was formed on September 26, 1999. The primary goal of the G20 group’s founding was to examine worldwide economic and financial challenges. The G20 countries accounted for approximately two-thirds of the global population, 75% of global commerce, and 85% of worldwide GDP.
The Group of Twenty (G20) provides an ideal setting for worldwide economic cooperation. It is essential for developing and enhancing global governance and architecture for all significant global economic issues.
The G20 summit’s chairmanship alternates among member countries, and India is the president for the year 2022-23. India took up the G20 presidency from Indonesia on December 1, 2022, and will hold the position until November 30, 2023.
The G20 agenda is successfully handled by three countries: the previous president, the current president, and the future president. The current president is India, followed by Indonesia, and the G20 presidency will be given to Brazil following India.
Latest Meeting Updates
The G20 Development Ministers came to Varanasi, Uttar Pradesh, from June 12 to 14. The highlight of the first day of the summit was Prime Minister Modi’s address to all members in attendance. During his speech, Prime Minister Modi focused heavily on the democratisation of technology.
Digitalization has brought about a fundamental transformation in India.” Prime Minister Narendra Modi emphasised that the Sustainable Development Goals must be maintained, and that it is everyone’s responsibility to do so.
He went on to suggest that the Global South needs to make a strong message to the rest of the world about the course of action that was required to achieve this.
G20 membering countries
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 (US), and the European Union (EU) are among the 19 members of the G20.
G20 India 2023: The concept & Logo
The Indian national flag was used as inspiration for the G20 design. The G20 logo, like ours, is a combination of saffron, white, green, and blue. The lotus, the national flower of India and a symbol of growth in the face of adversity, is used to contrast the globe with it.
India’s pro-planet lifestyle, which is in perfect harmony with nature, is shown by the Earth. The word “Bharat” is inscribed in Devanagari script beneath the G20 logo.
“Vasudhaiva Kutumbakam,” or “One Earth, One Family, One Future,” is India’s G20 leadership’s motto. The core idea of the topic is that all life, including that of humans, animals, plants, and microorganisms, is valuable and interconnected, both on Earth and beyond in the universe.
G20 Summit Date and Location
On September 9–10, 2023, the Pragati Maidan in New Delhi will play home to the 18th summit of the G20 Leaders of State and Government. The summit will bring together all the G20 meetings and gatherings of ministers, senior government officials, and representatives of civil society organisations that took place during the year.
Following the New Delhi Summit, a G20 Leaders’ Declaration will be approved stating the Leaders’ commitment to the goals discussed and resolved during the relevant ministerial and working group sessions.
G20 History
Prior to the G20, there existed a group known as the G7 (Group of Seven), which still exists. It is an informal organisation of seven Western countries: the United States, the United Kingdom, Canada, France, Germany, Italy, and Japan. European Union representatives are also being present.
Previously, Russia was a member of the G7, but it was suspended in 2014 when it annexed Crimea from Ukraine.
So, the G7 is the basis for the G20. However, the G7 group only featured industrialised or Western-front countries. These countries only realised the value of their economies and advantages. However, we live in a globalised society in which a problem in one area of the world impacts the rest of the world.
Southeast Asia faced a financial crisis in 1997, which began in Thailand but expanded across the Asian continent. The G20 was formed in 1999 as a platform for finance ministers and central bank governors to address global economic and financial challenges.
How Does the G20 Function?
For one year, the G20 Presidency guides the G20 agenda and hosts the Summit. The G20 is split on two tracks: finance and sherpa.
Finance Ministers and Central Bank Governors lead the Finance Track, whilst Sherpas lead the Sherpa Track.
The Financial Track is led by the member nations’ Finance Ministers and Central Bank Governors. Financial Track focuses on issues such as:
1.Financial regulatory changes
2.Exchange of tax information
3.Global economic expansion
4.Inclusion of funds
5.Subsidies for fossil fuels
6.Remittances from across the world
7.Finance for the Environment
8.Financing for Counterterrorism
Sherpa Track is handled by Sherpas from member nations who serve as personal representatives to the leaders. The Sherpa Track manages the contributions of 13 working groups and two initiatives. The Sherpa Track focuses on factors such as:
1.Employment
2.Food security and agriculture
3.Anti-corruption policies
4.Changes in the climate
5.Healthcare sector advancement
6.The Sustainable Development Goals of the United Nations