G20 VIRTUAL SUMMIT (Syllabus: GS Paper 2 - IR)

News-CRUX-10     23rd November 2023        

Context: Recently, during the G20 virtual summit in India, the Prime Minister of India shed light on the fact that G20 members agreed on many issues, including the condemnation of terrorism and violence. He stated that India has zero tolerance for terrorism."

G20 Virtual Summit

  • Origin: Formed in 1999 in the backdrop of the financial crisis of the late 1990s that hit East Asia and Southeast Asia in particular.
  • Aim and objective: To secure global financial stability by involving middle-income countries.
  • Members: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the EU.
  • Presidency: The presidency of the G20 rotates every year among members, and the country holding the presidency, together with the previous and next presidency-holder, forms the ‘Troika’ to ensure continuity of the G20 agenda.
  • No permanent secretariat/Headquarter: The incumbent chair establishes a temporary secretariat for the duration of its term.