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13TH ANNUAL G20 INTERNATIONAL CONFERENCE

13TH ANNUAL G20 INTERNATIONAL CONFERENCE

Context:

On October 6, 2021, the 13th annual G20 international conference was held. India was represented by Finance Minister (FM) Nirmala Sitharaman.

Key Highlights of the Meeting:

  • During the meeting, FM noted that India was working to find vacuum areas in coordinating international policies, in the backdrop of assuming the G20 presidency in 2023.
  • According to FM, the G20 presidency will provide India's best platform to prioritize its vision for a sustainable future, innovation, inclusiveness and justice.
  • The road to the Indian presidency in 2023 is exciting and challenging.
  • India is also working to strengthen the operations of institutions such as the FATF (Financial Action Task Force) and the IMF (International Monetary Fund).
  • The emerging economy will hold the G20 presidency as President until 2025. Indonesia will host it in 2022 while India in 2023.

G20:

  • It is an intergovernmental forum comprising 19 countries and the European Union.
  • It works to address major issues related to the global economy, such as international financial stability, sustainable development and climate change mitigation.
  • As of 2021, there are 20 members of the group: Argentina, Australia, Brazil, Canada, China, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, the European Union, France, Germany, India, Indonesia, Turkey, the United Kingdom, and the United States. Spain is a permanent guest invitee.

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