Summits in News: Jammu & Kashmir will be hosting the 2023 meetings of G20. This will be the first major international summit to be held in Jammu and Kashmir after the erstwhile state's special status guaranteed under Article 370 of the Constitution was withdrawn
Important Summits and Regional Economic Partnerships are importance part of Economics and Social Issue of RBI Grade B and NABARD Grade A Exam. Covering various RCEPs and Important summits with economic importance is very much needed but not easy to do, through this article we are solving this problem for you. Read our Summit in news related articles on regular basis to gain knowledge about these for RBI Grade B, NABARD Grade A Exam and even for UPSC Civil Service exams.
There was Four Questions in NABARD Grade A Prelim related to Summits in ESI
- Which of the following countries is NOT a member of Association of Southeast Asian Nations (ASEAN)? - India
- Which of the following country is NOT a member of Shanghai Cooperation Organization (SCO)?
- Which of the following statement is NOT correct regarding the New Development Bank (NDB)? - It cannot lend to countries other than BRICS members.
- Which of the following statement is NOT correct regarding Food and Agriculture Organization (FAO)?
In a significant development, Jammu and Kashmir will be hosting the 2023 meetings of G-20, an influential grouping that brings together the world’s major economies, with the Union Territory government Thursday setting up a five-member high level committee for overall coordination.
This will be the first major international summit to be held in Jammu and Kashmir after the erstwhile state’s special status guaranteed under Article 370 of the Constitution was withdrawn and it was divided into two union territories in August 2019.
In September last year, Union Commerce and Industry Minister Piyush Goyal was appointed as India’s Sherpa for the G20. The Ministry of External Affairs had said that India will hold the G20 presidency from December 1, 2022, and will convene the G20 leaders’ summit in 2023 for the first time.
“Sanction is hereby accorded to the constitution of a committee…for overall co-ordination of G-20 meetings to be held in the Union Territory of J&K,”the order issued by Principal Secretary, General Administration Department, Manoj Kumar Dwivedi said. The members of the committee include Commissioner Secretary (Transport), Administrative Secretary (Tourism), Administrative Secretary (Hospitality and Protocol) and Administrative Secretary (Culture).
“Further, principal secretary to the government, housing and urban development department is also nominated as UT level nodal officer to coordinate the arrangements for G-20 meetings in the Union Territory of J&K,” the order said.
- According to the MEA, India will be part of the G20 Troika (preceding, current, and incoming G20 Presidencies) from December 1, 2021 till November 30, 2024.
G20 brings together 19 of the world’ leading economies and the European Union, with its members accounting for more than 80 per cent of global GDP, 75 percent of global trade and 60 percent of the global population, according to the MEA.
What is G20?
The G20 is the international forum that brings together the world’s major economies. The members of G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, South Korea, South Africa, Russia, Saudi Arabia, Turkey, the UK, the US and the European Union (EU).
- Its members account for more than 80 per cent of world GDP, 75 per cent of global trade and 60 per cent of the population of the planet.
- India has been a member of the G20 since its inception in 1999.
- Prime Minister Modi has been leading India’s representation at G20 summits since 2014.
Genesis of G20
After the Asian Financial Crisis in 1997-1998, it was acknowledged that the participation of major emerging market countries is needed in discussions on the international financial system, and G-8 finance ministers agreed to establish the G20 finance ministers and central bank governors meeting in 1999.
The G20 finance ministers and central bank governors meetings were centered on major economic and monetary policy issues amongst major countries in the global financial system and aimed at promoting cooperation toward achieving stable and sustainable global economic growth for the benefit of all countries.
- The participating members in the meetings were the same as the current G20 members.
- Since then, finance ministers and central bank governors have met annually.
- India hosted a meeting of G20 finance ministers and central bank governors in 2002.
- In November 2008, the inaugural G20 Summit was held in Washington, D.C. in response to the global financial crisis that occurred in the wake of the collapse of the Lehman Brothers.
- The G20 meeting of finance ministers and central bank governors was upgraded to the head of state level, as a forum for leaders from major developed and emerging market countries.
- In September 2009, the third summit was held in Pittsburgh where the leaders designated the G20 as the “premier forum for international economic cooperation.”
- From thereon, the summit meetings were held semi-annually until 2010 and annually from 2011 onwards.
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