G20 2023 Summit: What is the G20 and what are the key issues for the 2023 summit?
G20 Summit, scheduled to commence in India's capital, New Delhi, on September 9. This marks the first occasion that India plays host to this formidable assembly of global leaders.
As a testament to the grand occasion, the capital city has been adorned with ornate flowers and fountains adorning traffic roundabouts, while public edifices and walkways have been given a fresh coat of paint.
The summit's security is a top priority, with measures including anti-drone systems, strategically placed langur cutouts to deter monkeys, and a deployment of 130,000 police and para-military personnel.
What exactly is the G20?
The G20, or Group of Twenty, was established in the aftermath of the Asian financial crisis in 1999. The awareness that economic crises could no longer be confined within the borders of a single nation necessitated increased international economic cooperation was the driving force for its founding.
Today, this alliance consists of 20 major countries that collectively account for a staggering 80% of global GDP and 75% of worldwide trade.
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union are G20 members.
Initially, only treasury chiefs convened; however, post the 2008 financial crisis, the heads of all member nations decided to hold an annual leaders' summit.
Key issues on the agenda
During India's year-long presidency, the G20 has centered its discussions on several critical topics. These include extending loans to developing nations through multilateral institutions, reshaping the international debt architecture, establishing regulations for
