G20 and India
This is a collection of articles archived for the excellence of their content. |
G20: a backgrounder
As in 2018
December 3, 2018: The Times of India
From: December 3, 2018: The Times of India
G20’s role in the global order
From: December 3, 2018: The Times of India
What’s G20’s role in the global order?
Founded in 1999, initially G20 or the Group of Twenty was a forum of Finance Ministers and Central Bank Governors of industrialized and developing economies to discuss key issues in the global economy. The group has expanded its agenda since 2008 and head of government and states along with their finance and foreign ministers often meet at the summits
Who constitutes the G20?
Although the group has 19 of the world’s largest economies as its members but it asserts of not having any formal criteria for membership. Apart from the G7 industrialised nations G20 also includes emerging economies. The 20th member is the European Union, which is represented by whichever country holds the EU presidency. The IMF and the World Bank also attend G20 meetings. The group had its first meeting in 1999 and the chairmanship rotates every year.
How big is the G20?
The G20 countries comprise an overwhelming chunk of global GDP, population and trade.
What does it do?
The official website states that the G20 convenes its members, guests countries, international organisations and engagement groups for dialogue on global affairs. Over many specialised meetings, which focus on a variety of issues, it builds consensus to develop global policies that address the challenges faced by humanity.
What have been its major achievements?
Major achievements of the G20 include quick deployment of emergency funding during the 2008 global financial crisis. It also works for reforms in international financial institutions by improving oversight of national financial institutions. Over the past few years G20 has also become a platform to discuss nearly all issues that affects the world.
What do the critics say?
The exclusivity of its membership has attracted criticism. The group represents a massive share of global economy and its decisions can impact non-member countries. Critics also point at disproportionate representation of African countries. In 2010, Norwegian foreign minister called the G20 “one of the greatest setbacks since the World War II”.
Trade:India and the G20
Jan 31 2015
Trading Places
The G-20 is a group of the world's 19 major economies and the European Union. Together, they account for about 80% of world trade. A comparison of exports from these economies shows that between 2002 and 2013, the compound annual growth rate (CAGR) of merchandise exports from India was 18.3%, second only to China, whose exports grew at 19% annually. Despite this, India's exports were only 1.7% of global exports, against 12% for China, which has the highest share. The US and Germany's shares were 8.6% and 7.9% respectively, second and third highest though the EU's share as a block was more.
