New Delhi is all set to host the annual G20 summit in 2018 as India will chair the economic forum that year. According to the Finance Ministry, the G20 member nations took the decision for the chair earlier in September. This year’s G20 summit will be hosted by Turkey, followed by China in 2016, Germany in 2017 and finally passed on to India in 2018.
What is the G20?
The Group of 20 (G20) is an international forum from the Governments and Central Bank Governors from 20 major economies. The G-20 Summit was created as a response both to the financial crisis of 2007–2010 and to a growing recognition that key emerging countries were not adequately included in the core of global economic discussion and governance. The countries which are a part of G20 include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States—along with the European Union (EU). The EU is represented by the European Commission and by the European Central Bank.
Collectively, the G-20 economies account for around 85% of the gross world product (GWP), 80% of world trade (or, if excluding EU intra-trade, 75%), and two-thirds of the world population. One nation holds the chair every year and it is rotated. Each member of G20 is represented by its head of state at the Leaders’ Summit. Leaders are assisted by their Finance Ministers and Central Bank Governors, and Sherpas. India recently announced the appointment of NITI Aayog Vice-Chairman Arvind Panagariya as G20 Sherpa.
What happened in G20 Summit 2014?
The 2014 G20 Brisbane summit was the ninth meeting of the G20 heads of government. It was held in Brisbane, the capital city of Queensland, Australia, on 15–16 November 2014. The hosting venue was the Brisbane Convention & Exhibition Centre at South Brisbane. The main issue discussed was the recovery of global economy after the financial crisis , coordinated growth strategies, tax reforms and anti corruption measures. Other topics such as energy supply, climate change and the Ebola virus epidemic in West Africa were also discussed .
At the end of the summit, the global leaders reached to a common agreement to set out a goal of increasing economic growth by an extra 2% through commitments made at the summit, and of increasing infrastructure investment through the creation of a four-year infrastructure hub, linking government, private sector, development banks and interested international organisations.