Essay on G20 Summit: The G20 also known as The Group of Twenty, is an international platform in which many nations participate and discuss the cardinal points regarding the financial and economic agendas worldwide. Moreover, one of the main objectives of this forum is to bring together all the economies which are emerging with the world’s advanced economies.
Furthermore, the Group of Twenty provides a forum for International Cooperation regarding economics. The G20 group was introduced in the year 1999.
Regarding the current scenario, India is the presidential candidate of G20 beginning from the 1st of December, 2022 to the 30th of November, 2023. In this article, we have provided essays on the G20 summit. The essay has been divided into three sections of 500, 200 and 100 words in the forthcoming paragraphs.
500 Words Essay on G20 Summit
The Group of Twenty, also known as G20, is an international platform for economic cooperation. The G20 forum plays a crucial role in reinforcing the global architecture along with the governance or administration of all the economic issues which have been doing rounds worldwide. The presidency of G20 for the year 2024 is handed over to Brazil, which will be held on 18 and 19 November 2024 in Rio De Janeiro. In 2023 the 20 summit was headed by India.
Moreover, discussing establishing the G20 summit, the Group of Twenty was founded in 1999. It was established in the wake of the Asian Financial Crisis.G20 is a platform in which the Central Bank Governors and the Finance Ministers of many countries participate in the summit to discuss the financial and economic issues worldwide.
The G20 summit is held once every year under the leadership of the presidency, which is rotated among all the participating countries. The G20 comprises 19 countries in the current situation. The participating countries are as follows Indonesia, Argentina, Canada, Australia, Japan, Mexico, South Africa, United Kingdom, Türkiye, the United States, the Republic of Korea, Australia, China, Germany, France, Saudi Arabia, Brazil, Russia, Italy and the European Union. In terms of GDP, 85% of the world GDP is represented by the G20 members. Along with this, global trade of over 75% is also done by the G20 members. The various G20 summits held in the previous years have been stated below:
- The First Summit was held in the year 2008 and was hosted by the US in Washington.
- The Second Summit was held in April 2009 and was held in London.
- The Third Summit was held in September 2009 in Pittsburgh.
- The Fourth Summit was held in June 2010 in Toronto.
- The Fifth Summit was held in November 2010 in Seoul.
- The Sixth Summit of G20 was held in November 2011 in Cannes.
- The Seventh Summit of G20 was held in June 2012 in Mexico.
The above-mentioned summits are the G20 summit held in 2012. However, after 2012 also, the G20 summit was held every year. The 2023 G20 summit will be held in India and this will be the 18th G20 summit. The 17th G20 summit was held in Bali i.e. the G20 summit of 2022.
As we have mentioned earlier, this year the G20 summit will be held in India. The theme of the G20 Summit 2023 will be ‘One Earth · One Family · One Future’ or ‘Vasudhaiva Kutumbakam’.The inspiration for the theme has been from the ancient Sanskrit text i.e. Maha Upanishad. The theme indicates the importance of life for each and every creature present on the earth. The objective of the G20 summit 2023 is as follows:
- To discuss the policies regarding global economic stability as well as sustainable growth.
- To discuss the crisis of the climate.
- Apart from this, the G20 members are expected to discuss the recovery of many nations from the recent pandemic and the impact of the pandemic on jobs.
- Discussing the Ukraine-Russia Conflict.
200 Words Essay on G20 Summit
The G20 summit to be held in the year 2023 will be very much important for India. The primary point of the discussion for the participating countries will be as follows.
- Economic Growth: The G20 platform is one of the biggest platforms for many developing and developed countries. From this perspective of India, it will provide India with the opportunity to get engaged with many larger and more developed economies all over the world. India will get the opportunity to attract investment into the country, and it will help the nation in its overall development along with its economic growth.
- Financial Stability: Regarding financial stability, India can gain from the discussion regarding financial stability and regulations at the G20 Summit to be held in India.
- Global Issues: The G20 summit is always considered an important platform for discussing global issues. Therefore, India can be considered a platform in which it can address various issues such as the Ukraine-Russia conflict. The G20 summit 2023 can be a game changer regarding this conflict.
100 Words Essay on G20 Summit
The G20 is a forum mainly regarding economic cooperation. Since its inception and implementation, it has played an important role in strengthening world architecture. In addition to this, it has also helped in governing the major economic issues countered by the world. Furthermore, this year the G20 summit will be held in India.
The G20 summit will be from the 9th of September to the 10th of September, 2023 in New Delhi. It will be held under the presidency of India only. The theme of the G20 Summit 2023 will be ‘ One Earth. One Family. One Future’ and ‘Vasudhaiva Kutumbakam’.The G20 Summit 2023 will be important for India from many perspectives.
For more updates on this, you can also follow the G20 India Official Twitter Page.
Which Country will host the G20 Summit in 2024?
G20 Summit 2024 will be headed by Brazil.
Which country host the G20 in 2023?
India hosts the g20 summit for 2023.
When G20 summit will be held in 2024?
It is scheduled for 18 and 19 November 2024.