Overview of G20 Summit 2017
|SUMMIT HELD AT||HAMBURG, GERMANY|
|SUMMIT HELD ON||JULY 7 & 8, 2017|
|MOTTO||Shaping an interconnected world|
What is G20?
- The G20 is the central forum for international cooperation on financial and economic issues. It constitutes of world’s wealthiest 20 countries.
- The first G20 summit was held in Washington DC in 2008. The G20 summit is held annually. G20 Summit on 2016 was organized in Hangzhou, China. The next summit is proposed to be held in 2018 at Buenos Aires, Capital city of Argentina.
Members of G20:
The Group of Twenty is comprised of 19 countries plus the European Union. The countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States of America.
About two-thirds of the world’s population live in the G20 member states.
Several international organizations also regularly attend the G20 meetings, upon the invitation of each Presidency. These organizations include
- The International Labour Organization (ILO),
- The International Monetary Fund (IMF),
- The Financial Stability Board (FSB),
- The World Bank (WB),
- The World Trade Organization (WTO),
- The Organisation For Economic Cooperation And Development (OECD)
- The United Nations (UN).
The German G20 Presidency has also invited the World Health Organization (WHO) in 2017.
There are some permanent guests to attend the summit, like Spain. The Presidency can invite representatives of regional organizations to the G20 Summit. In the present summit, the German Presidency has invited
- Norway, Netherlands, and Singapore as partner countries to the G20 process
- The African Union (AU), represented by Guinea,
- The Asia‑Pacific Economic Cooperation (APEC), represented by Vietnam,
- The New Partnership for Africa’s Development (NEPAD), represented by Senegal.
- Agenda of G20:
- To ensure the rapid and comprehensive implementation of the 2030 Agenda for Sustainable Development
- To improve public sector integrity
- To ensure prevention and suppression of corruption
- To discuss about Migration and refugee flows and counter-terrorism
- To improve women’s economic empowerment
Highlights of 2017 summit:
The leaders of G 20 countries decided to take discrete actions on three important aims.
1. Sharing the Benefits of Globalisation
- Trade and Investment
- Excess Capacities
- Sustainable Global Supply Chains
- Harnessing Digitalisation
- Boosting Employment
2. Building Resilience
- Resilient Global Financial System
- International Financial Architecture
- International Tax Cooperation and Financial Transparency
- Safeguarding against Health Crises and Strengthening Health Systems
3. Improving Sustainable Livelihoods
- Energy and Climate
- Leading the Way Towards Sustainable Development
- Women’s Empowerment
- Towards Food Security, Water Sustainability and Rural Youth Employment
- Resource Efficiency and Marine Litter
India in G20 summit
G20 group praised the initiatives taken by India for promoting ease of doing business and labor reforms.
Facilitating external commercial borrowings (ECBs) by startups in India also earned a mention in the summit.
Upcoming G 20 Summits:
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