Key Takeaways from this article:
- Understanding the G20 presidency being carried by India.
- Understanding the agenda and working of the G20 2023 summit
- Government measures to promote the event.
- The impact of the forum on international trade and the country’s market image.
What is G20 Summit?
The G20 leadership summit is a forum of 20 countries around the globe that was initiated in 1999. The summit involves a forum of central bank governors and governments of these 20 economies all around. The main aim behind the leadership summit being held every year is to boost and maximize global significance. The agenda involves the study, review and promotion of high-level discussion on policy issues. In 2023, the 20 major economies will be going to experience G20 Summit in India. The annual summit of G20 is a mandate for heads of government and the state of the member economies.
The 20 countries involve the European Union, United States, Argentina, Brazil, Australia, United Kingdom, Canada, China, France, Germany, India, Indonesia, Japan, Italy, Russia, Saudi Arabia, Mexico, South Korea, Turkey and South Africa. G20 Summit in India is entirely directed towards Sustainable development and the motto is to create climatic liberty across the globe. These 20 countries present in the framework of the G20 summit are accountable for 80% of trade, 2/3rd of the world’s population, and 85% of the Gross Domestic Product of the whole world. The whole work is supervised by the Department of Foreign affairs and Trade.
In every annual summit, the Hosting country delivers the presidency to the country that is going to host G20 next year. The hosting country for the 2022 G20 was Indonesia whereas the country passed on the presidency to India on 16th November 2022. The day has been recorded as the G20 Bali leaders Declaration was also executed on that day. The 2024 G20 will be hosted by Brazil whereas the country that decided for hosting the 2025 G20 summit in South Africa.
The forum was established after the Asian financial crisis mainly to shape global financial and economic issues. The initial stage of the leadership summit accommodated central bank governors and finance ministers whereas as time passed what G20 countries performed led towards its elevation to Leader’s level in 2008. The globe experienced a financial crisis in 2007 which upgraded the level of G20 and accommodate the forum with heads of Government or state as a member of it. The forum was globally designated as the “premier forum for international economic cooperation”. The leadership of the global economic and financial forum G20 is known to be a leader of a rotating presidency. The prime focus of the G20 summit was the macroeconomic issues of the G20 countries which were expanded to other sectors which were climate change, sustainable development, trade, energy, climate change, health, agriculture and anti-corruption.
Apart from the 20 main countries, there are some guest countries that are part of the forum too. The guest countries are Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain and UAE.
The 2023 G20 summit in India
India got an opportunity to forge global solidarity and create its impact towards the enhancement of sustainable development. The country once known to be a golden bird is hosting the G20 summit in India.
The leadership forum can be a great opportunity for the nation to establish an impact globally and gain a quantum leap in technology advancement, financial power, tourism, trade, FDI and technology transfer. The G20 summit in India is like a Golden opportunity for the country to empower the discussion and roar the economic growth engine of the nation.
The G20 summit is scheduled in Delhi on 9-10 September 2023. The venue for the leadership forum is Pragati Maidan, Delhi and all the economies that are members of the forum will be a participant in the G20 summit in India.
The 2023 G20 summit in India follows the G20 Bali summit whereas it precedes the 2024 G20 Brazil summit. The presidency for the 2023 summit is transferred to Indian Prime Minister Narendra Modi from Indonesian President Joko Widodo on 1st December 2022 during the closing ceremony of the Bali summit.
The motto for the G20 summit in India is Vasudhaiva kutambkam which says that “The world is one Family”. The motive is One Earth, One Family and One Future.
The invited organizations in the G20 summit are generally IMF, WB, WHO, UN, ILO, WTO, FSB and OECD along with the regional organizations which are AUDA-NEPAD, ASEAN and AU. There are some more international organizations that are going to be the part of G20 summit in India which are CDRI, ISA and ADB whereas these organizations will be the Guest International organizations for the 2023 summit.
The preparation for the G20 summit is at its peak and the government is taking numerous measures to boost awareness related to the G20 summit. The honourable Prime Minister Mr Narendra Modi is doing a meeting for the G20 summit in India in every state to set an efficient framework for the leaders’ summit.
India is known as one of the largest populated countries and goes through several financial issues and challenges to enable sustainable development. Apart from maintaining a rich population of 140.76 crores (2021), the nation maintains a rich diversity and culture too which is evidence of the country being one of the oldest civilization in the world. Through the leaders’ summit in 2023, the country blues into the new era with the motive to sustain harmony along with development with nature.
The G20 summit in India involves two parallel tracks which are the Sherpa track as well as the Finance track. The Sherpa appointed for the 2023 summit from India is Sri Amitabh Kant. The man is a retired Indian Administrative Service (IAS) and was also the second chief executive officer of Niti Aayog.
The national arena of India can grasp the moment of opportunity through the G20 summit from a moment of chaos and turmoil.
External Link: https://youtu.be/UFz_AtrOEeQ
Agenda & Working of 2023 G20 Summit
“Vasudhaiv kutumbhkam” – The world is a Family. The base of the G20 summit in India is set based on these lines whereas each function is formulated to execute the motive of the line.
The G20 countries appoint one sherpa from their side and each sherpa coordinates with other sherpas appointed by each member country. The Indian Sherpa for the G20 summit Shri Amitabh Kant initiated a four-day sherpa gathering from 04-07 December 2022 where some issues were pointed out and acknowledged. The most pressing issues were classified into 5 prime sessions which involved green development, spotlighting women-led development, facilitation of resilient and inclusive growth, multilateral reforms, technological advancement and LiFE which is a lifestyle for the environment.
Mr Amitabh Kant ensured a unique Indian experience for all the sherpas of member countries. The meeting portrayed the rich heritage and culture of the country along with the need for sustainable development and the benefits of collaboration with former Golden bird India. Mr Kant performed the exposure of India’s financial track to 20 major economies along with the priorities of the country across 13 working groups. The Sherpa for G20 summit in India plays a great role in spreading awareness and building a market reputation of India among G20 countries.
The India Sherpa portrayed the merits of hosting the leadership summit in India by highlighting the role of the country in delivering a louder voice to the Global South and developing a healthy relationship between developed and developing countries through collaborations and deals.
India concentrated on digital transformation and its impact on the global economy and ways through which it can accelerate the global recovery in the Bali summit 2022 whereas Indonesia guaranteed full support to India in the 2023 Indian summit and the country will be focusing on the creation of new working groups under the G20 summit in India. Some of the new working groups which have been the highlight for G20 countries are Startup 20, Reduction and Disaster Risk Resilience working groups and culture working groups. The discussion is facing a dilemma in addressing the issues such as food, fertilizer and fuel. The next Sherpa meeting for the G20 summit is decided to be held in March 2023 in Cochin, Kerala.
The advisors and scholars suggested that India along with the 20 major economies was not prepared for the post-covid era and gearing up is a necessity.
One of the prime agendas for post covid era is to ensure adequate finances to set a resilient base for climatic justice. Also, banks and financial institutions can be treated as great vehicles for procuring climate action along with sustainable development goals.
India is going to lead a leadership summit for 20 countries including the European Union in 2023 which is the G20 summit in India. The summit is a paradox for the country as there are challenges as well as opportunities embedded in it. The GDP, trade and population of the country can be the biggest asset to mark a difference and may push the world toward sustainable development, harmony and prosperity.
“Digital Transformation is a new era”, Mr Modi conveyed in his speech that the coming G20 summit will be highly driven towards digital transformation. Also, G20 countries are responsible to ensure that the transformation is not limited to a particular arena of the human race. The benefits would be able to disperse with uniformity when digital access will be labelled as “truly inclusive”. The G20 summit in India will have a principle of “data for development” embedded in it and the principle will also be treated as the theme for the Indian G20 presidency. Digital transformation leads to socio-economic transformation along with climate justice.
Impact of the leadership summit on India’s International trade
The forum can prove to be highly beneficial in terms of international trade and investment. The country is focussing on building impactful and strong economic ties during the summit with other G20 economies which will attract huge foreign investment in the country.
India is focussing on some key sectors of the country’s investment and trade policy which involve:
- Promotion of e-commerce.
- Concentration on cooperation and economic integration among G20 economies.
- Supporting WTO- World trade organization and multilateral trading system.
- Promotion of investment flows and trade.
The country has a chance to showcase its potential of being an accurate destination for foreign investment. Focussing on the above key sectors may boost the global profile of India and will help in being a part of and framing the economic agenda globally. G20 is a crucial step for building effective and long-term foreign relations for the nation. More than the economic aspect Of the G20 summit in India, it catches the interest and attention of G20 countries which helps in elevating Foreign Direct Investment.
Numerous foreign giants are marking their onset in India such as Samsung, Microsoft, Apple, Amazon etc. The leadership summit may attract wide attention and showcase the country’s potential to these companies.
Logo Design and its relationship with the nation
Image Source: https://www.g20.org/en/g20-india-2023/logo-theme/
The Logo of the G20 summit in India represents the essence of India’s diversity and beauty to all the G20 countries. The Logo is majorly based on a poignant symbol Lotus which is the national flower of India. The logo also represents the national flag through its vibrant colours white, green, saffron and blue. The theme “Vasudhaiva Kutumbakam” and logo add up to an impactful message for the G20 countries to live in harmony with the surrounding ecosystem.
Marketing techniques to promote the G20 summit followed by the nation:
- Bilateral Meetings with sherpas and leaders of other G20 countries.
- Invitations to participate in the summit to Heads of state, ministers and other dignitaries.
- Websites and blogs give information about the forum.
- Press releases to international and national media outlets.
- Participating in diplomatic missions abroad and dealing with embassies to promote the summit and adhere international community.
- Social Media platforms such as Twitter, LinkedIn and Facebook to generate brand awareness.
- Roadshows in different countries for the participation of stakeholders and business executives.
Rupam Sharma
Content writer
Sanjay Mulchandani
Graphic designer
Sanskruti Wani
Editor
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