G20 foreign minister's meeting | importance of G20 | Functions of G20 | Challenges of G20 | Way forward.

India is hosting the G20 foreign minister's meeting. In this content we shall know about the importance of G20, especially for India. 

What is the G20 ? 

It was founded in 1999, aimed to maintain global stability through meetings with finance ministers and governors of their central banks. In 2008, America joined the group, advocated helding of meetings of nation heads. The G20 also helped to overcome the economic crises came in 2008. 

G20 is a group of  twenty nations, 19 + European Union. The 17th G20 meeting was held in Bali, Indonesia, now the 18th G20 presidency has come to India from December 1, 2022 and 30 November 2023. And the next 19th G20 will be held in Brazil.

This 18th G20 meeting in India is being held in more than 60 cities with more than 200 meetings. The theme of the G20 meeting is "One Earth, One Family, One Future". 

The G20 accounts for 60% of the total world's population, 85% of the global GDP, and 75% of the Global trade. It works on many goals- climate change, employment and social security, and sustainable development., etc.

What are the burning issues in this G20 meeting.?

There are many issues like Russia-Ukraine war, Climate change, Third world loan, costs of foods and energy. etc.

India has clearly conveyed its stands that "This is not an era of War", India abstain from any war, have showned neutral approach. It appealed the world to abstain from futher escalations. Climate change would be also a major issue in this meeting of G20. The year 2016 was the first hottest year in a century and this results in rising of global warming. Rising of temperature might melts the glaciers, lead to rising up river levels, causing floods and further losses of resources. 

Function of G20 

G20 functions with two tracts. 1. Sherpa tracts 2. Financial tracts.

Issues including employment, education, food security, climate, tourism, energy, trade and investment fall in Sherpa tracks. Issues related to all financial matters come in Financial tracts. 

Challenges and Way forward.

Definitely G20 provides a platform where a number of issues are discusses and members hold key areas. 

 Less coordination between international institutions like IMF, WHO, World Bank, WTO. It is one of the biggest challenge , and it must be resolved in order to bring a peaceful resolution. 

Spearheading the G20 meeting in India will show India's prowess in the world and opens an opportunity, to shine themselves as an international leader.