Minister of Foreign Affairs S Jaishankar met with Chinese Foreign Minister and State Councilor Wang Yi on Thursday, July 7, at the G20 Foreign Ministers’ Meeting. On the sidelines of the two-day meeting that concluded on July 8 in Bali, Indonesia, the two ministers discussed border issues.
The 17th Summit of Heads of State and Government of the G20 will take place in November in Bali. After Indonesia, India will assume the presidency of the G20 from December 2022.
What is the G20?
The G20 was formed in 1999 in the context of the financial crisis of the late 1990s which particularly affected East Asia and Southeast Asia. Its aim was to ensure global financial stability by involving middle-income countries. Together, the G20 countries represent 60% of the world’s population, 80% of world GDP and 75% of world trade.
Its main members are: Australia, Brazil, China, France, Germany, India, Japan, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey , UK, US and EU. Spain is invited as a permanent guest.
The presidency of the G20 rotates between members every year, and the country holding the presidency, together with the past and the next president, forms the “troika” to ensure the continuity of the G20 agenda. Italy, Indonesia and India are currently Troika countries.
How does the G20 work?
The G20 does not have a permanent secretariat. The agenda and the proceedings are coordinated by representatives of the G20 countries, known as “sherpas”, who collaborate with finance ministers and central bank governors. India recently said former CEO of NITI Aayog Amitabh Kant would be the Sherpa of the G20 after Piyush Goyal.
“On the advice of the G7 finance ministers, G20 finance ministers and central bank governors have begun to hold meetings to discuss the response to the global financial crisis that has unfolded,” the website says. of the G20. Since 1999, an annual meeting of finance ministers has taken place.
The first G20 summit took place in 2008 in Washington DC, USA. In addition to summits, Sherpa meetings (which help with negotiations and consensus building) and other events are also held throughout the year. Each year, the presidency invites guest countries.