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G-20 by Atrishekhar - Coggle Diagram
G-20 by Atrishekhar
MEMBERS
Members are Canada, France, Germany, Italy, Japan, UK, US, Russia, Australia, Canada, Saudi Arabia, India,
South Africa, Turkey, Argentina, Brazil, Mexico, China and Indonesia and EU&AU
In addition to the member countries, Spain is a permanent guest and always participates in the G20 summits.
Every year, the host country also chooses other guests.
There are two working channels of G20,
Finance Channel - It covers meetings between finance ministers and central bank presidents.
The Sherpas Channel – It covers non-financial issues, such as political commitment, the fight against corruption, development, gender equality, tradeand energy.
Civil societies through, Affinity groups participate in the G20 that seeks to enrich submit.
Achievements
● Future of global eco growth
● Global crisis as 2008 crisis
● Bringing tax reforms
● Recast bilateral ties
● HR development
Challenges
● Lack of effective power
● Absence of formal charter
● Protectionism
● Ineffective measures in CC,global threats
● Exclusivity of its membership
India & G20
● Founding member
● Terrorism
● Eco offenders
● Global taxation
● New digital tech
India hosts G20 in 2023
AGENDA
Redefining digital access as universal service
Avoiding strategic competition
Collaboration around science and technology
Reviving Global Financial Transaction Tax
Underlining the need for new framework
The theme of the summit was "Vasudhaiva Kutumbakam", which means "The world is one family".
G20 Leaders' New Delhi Declaration achieved unanimous consensus, addressing diverse global issues, from Russia-Ukraine tensions to sustainable development, food security, and launching the Global Biofuel Alliance.
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OUTCOMES
Admittance of the African Union (G20 now G21)
The G20 leaders agreed to admit the African Union as a permanent member of the G20, which is a major step towards increasing the representation of developing countries in the forum.
The Impact of AU's Inclusion in G20:
The AU's membership in the G20 offers an opportunity to reshape global trade, finance, and investment and would provide a greater voice to the Global South within the G20.
It allows African interests and perspectives to be heard and recognized within the G20.
Global Biofuels Alliance (GBA)
GBA is an India-led initiative that aims to develop an alliance of governments, international organizations, and industry to promote the adoption of biofuels.
The initiative seeks to position biofuels as a key component of the energy transition and contribute to job creation and economic growth.
It will help accelerate India’s existing biofuels programs such as PM-JIVANYojna, SATAT, and GOBARdhan scheme.
As per IEA, there will be 3.5-5x biofuels growth potential by 2050 due to Net Zero targets, creating a huge opportunity for India.
India – Middle East – Europe Economic Corridor (IMEC)
A Memorandum of Understanding (MoU) was signed between the Governments of India, the US, Saudi Arabia, the European Union, the UAE, France, Germany and Italy to establish the IMEC.
IMEC is part of a broader initiative called the Partnership for Global Infrastructure Investment (PGII).
The PGII was initially introduced during the G7 summit in the UK in June 2021.
PGII aims to finance infrastructure projects in developing countries through a combination of public and private investments.
IMEC is a significant infrastructure project connecting India, the Middle East, and Europe.
The project aims to establish a network of transport corridors, including railways and sea lanes.
IMEC is seen as a response to China's Belt and Road Initiative (BRI), providing an alternative infrastructure network.
Tripling the Global Renewable Energy Capacity By 2030:
Commitment to Global Food Security and Nutrition
G20 Global Partnership for Financial Document
Rapid Financial Inclusion
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The G20 Global Partnership for Financial Inclusion document prepared by the World Bank has lauded the transformative impact of India's Digital Public Infrastructure(DPI) over the past decade under the Central Government.
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Small Arms and Terrorist Safe Havens:
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Finance Track Agreements:
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India-Mercosur Preferential Trade Agreement (PTA)
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Climate Financing Commitment
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The G20 leaders recognize the importance of addressing rising commodity prices, including food and energy prices, which contribute to cost-of-living pressures.
They aim to eliminate hunger and malnutrition, acknowledging that global challenges like poverty, climate change, pandemics, and conflicts disproportionately affect vulnerable populations, particularly women and children.
The G20 declaration highlights the human suffering and impacts of the war in Ukraine on global food and energy security, supply chains, inflation, and economic stability.
G20 leaders called for the full, timely implementation of the Black Sea grain initiative.
The agriculture working group during the G20 Presidency reached a historic consensus on two aspects: Deccan G20 High-level principles on Food Security and Nutrition and the Millet initiative called MAHARISHI.(Millets And OtHer Ancient Grains International ReSearcH Initiative)
G20 countries promised to work towards tripling the global renewable energy capacity by 2030.
If met, this single step could avoid carbon dioxide emissions by seven billion tonnes between now and 2030, according to an assessment by the International Energy Agency (IEA).
Aligns with global efforts to limit global warming to 1.5 degrees Celsius.
Represents a significant shift away from fossil fuels towards cleaner energy alternatives.
The declaration acknowledges that current climate action is insufficient and highlights the need for trillions of dollars in financial resources to achieve the objectives of the Paris Agreement.
Expanding renewable energy capacity on this scale could avoid about 7 billion tonnes of CO2 emissions between 2023 and 2030.
India’s Cultural Showcase
Bharat Mandapam (inspired from Anubhav Mandapam).
Bronze statue of Lord Nataraja (Chola style).
Konark Chakra of Odisha’s Sun Temple and Image of Nalanda University (used as iconic backdrops).
Thanjavur Paintings and Dhokra art.
Brass statue of Lord Buddha sitting under Bodhi tree.
Diverse musical heritage (Hindustani, Folk, Carnatic, Devotional).
Transition of G20 Presidency
Prime Minister of India handed over the customary gavel of the G20 chair to Brazilian President Luiz Inacio Lula da Silva, who will officially take over the presidency on December 1, 2023.
Strategic multilateral platform connecting world’s major develped & emerging economies.
It was founded with the aim of studying, reviewing, and promoting high level discussion of policy issues pertaining to the promotion of international financialstability.
The group does not have permanent offices or employees.
The President is chosen by a rotation system amongst the member countries.
After 2008 financial crisis it was agreed by leaders at the Pittsburgh Summit in September 2009.
Together, the G20 members represent more than 95% of the world’s patents 80% of world GDP, 75% of international trade and 60% of the world population.