Navigating Global Challenges: Highlights from the 2023 G20 Summit
What exactly is a G20 Summit?
The G20 Summit is an international forum for the leaders of the world’s 20 most emerging economies to come together and discuss global issues. This gathering includes 19 individual countries and the European Union. It was established in 1999 to promote international financial stability and economic growth among the world’s major economies.
What happens in the summit?
The G20 Summit covers a large agenda of global issues. These include discussions on financial regulations, trade between countries, climate change, sustainable energy, digitalization, healthcare and pandemic response, inclusivity and gender equality, geopolitical conflicts, crises, etc. Each year the agenda might change based on the global context of the year. The main theme for this year’s gathering was economic recovery and stability.
Who participates in the G20 Summit?
The Summit includes 19 individual countries, which are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States of America. The European Union is represented as its entity. Each year the host nation rotates, i.e., one of the member countries hosts it one year, and another member the next.
This year, the G20 Summit was held in our prestigious New Delhi, India at the Bharat Mandapam International Exhibition Centre on the 10th of September.
The 2024 G20 is said to be held in Rio de Janeiro, Portugal
Topics discussed in the 2023 G20 Summit?
This year, there were discussions about regulating cryptocurrencies, increasing loans to developing nations from the multilateral institutions and reforming international debt structures. Another topic discussed was the impact of geopolitical uncertainties on food and energy security, such as the Russia-Ukraine crisis. Trade and investments between nations were made stronger and are on track to boost their economies mutually.
As the world continues to regain its strong economic foothold, G20 members discuss the importance of health infrastructure, vaccine distribution and pandemic preparedness.
The meeting significantly emphasised sustainability and the need to reduce greenhouse gas emissions and establish renewable energy.
Just like every year, the G20 summit served as a platform for addressing some of the world’s most concerning issues. As the world progresses, world crises are sure to surface. This is why the G20 summit remains one beacon of hope, offering a platform where leading nations can come together and find a common ground to sort the issues out.
Akshar Sunil Shinde
CMR NPUC, BTM Layout