India to assume G20 Presidency, host summit in September 2023
India is all set to assume the Presidency of the G20 for one year from December 1, 2022, succeeding Indonesia, the Ministry of External Affairs said in a press release on Tuesday. India will host the next G20 Summit in New Delhi in September 2023. In the run-up to the summit, India is expected to organize 200 meetings across the country starting in December.
Why does this story matter?
The G20 (Group of Twenty) is an intergovernmental forum of the world's largest economies. Globally, it accounts for 85% of the GDP, 75% of worldwide trade, and two-thirds of the global population. The G20 comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the European Union (EU).
First-ever G20 Troika to have all developing countries
The Presidency of the G20 is rotated every year among the members. Notably, the previous, current, and upcoming members to hold the presidency form the "G20 Troika." Once India assumes the G20 Presidency, the troika will, for the first time, comprise all developing countries—namely Indonesia, India, and Brazil, respectively. This will provide the emerging economies a greater voice, the MEA said in its release.
Take a look at MEA's press release on G20 Presidency
This year's summit in November in Bali
The current holder of the G20 Presidency, Indonesia, will host the G20 Summit in Bali in November this year before handing over the reins to India. India earlier swapped the Presidency twice—with Italy in 2021 and with Indonesia in 2022. Interestingly, Indonesia has invited Russia and Ukraine—which are embroiled in a conflict—to the summit, which has sparked tensions among other members in preparatory meetings.
Amitabh Kant is the new G20 Sherpa
An exercise to identify suitable venues for hosting the G20-related meetings is underway across the country. Until July, Union minister Piyush Goyal was India's G20 representative—also known as Sherpa. However, former NITI Aayog CEO Amitabh Kant was appointed the new Sherpa the same month and will preside over meetings regarding the G20 agenda until the presidency is handed over to Brazil after November 2023.
India likely to invite Bangladesh, Egypt, UAE, among others
Apart from its members, the G20 Summit has a tradition of inviting guest countries and international organizations like the United Nations (UN), International Monetary Fund (IMF), and World Bank, among others. Next year, India is likely to invite Bangladesh, Egypt, Mauritius, the Netherlands, Nigeria, Oman, Singapore, Spain, and UAE alongside international and regional organizations. Spain is included in the G20 as a "permanent guest."
