G20

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Context:  In a significant development, Jammu and Kashmir will be hosting the 2023 meetings of G-20, an influential grouping that brings together the world’s major economies, with the Union Territory government Thursday setting up a five-member high-level committee for overall coordination.

More on the news:

• This will be the first major international summit to be held in Jammu and Kashmir after the erstwhile state’s special status guaranteed under Article 370 of the Constitution was withdrawn and it was divided into two union territories in August 2019.
• In September last year, Union Commerce and Industry Minister Piyush Goyal was appointed as India’s Sherpa for the G20.
• The Ministry of External Affairs had said that India will hold the G20 presidency from December 1, 2022, and will convene the G20 leaders’ summit in 2023 for the first time.
• Prime Minister Modi has been leading India’s representation at G20 summits since 2014. India has been a member of the G20 since its inception in 1999.
• According to the MEA, India will be part of the G20 Troika (preceding, current, and incoming G20 Presidencies) from December 1, 2021 till November 30, 2024.
• G20 brings together 19 of the world’ leading economies and the European Union, with its members accounting for more than 80 per cent of global GDP, 75 percent of global trade and 60 percent of the global population, according to the MEA.

India’s G20 Presidency:

India will steer the international body as its President from December 1, 2022 to November 30, 2023.

About G-20:

• It is the premier forum for international economic cooperation, which reflects a recognition that global prosperity is interdependent and our economic opportunities and challenges are interlinked.
• G20 countries have come together to better prepare for the future.
• As a founding member of the G20, India has used the platform to raise issues of vital importance and those that impact on the most vulnerable around the world.
• Apart from the G7 countries, the G20 comprises Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea, and Turkey.
• Together, the G20 countries make up around 80% of the world’s economy and two-thirds of the world’s population.

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