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Sep 9, 2023

G20 Summit begins in New Delhi

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FA News Desk
G-20 Map. Courtesy Australian Government.
G-20 Map. Courtesy Australian Government.

Leaders of the richest countries are gathering in New Delhi for a two day G20 Summit that kicks off on Saturday.

The Summit is to close up on Sunday.

Hosted by Prime Minister Narendra Modi, the G20 summit is being attended among others are U.S. France, South Korea, Indonesia, Türkiye, South Africa, Brazil, Mexico, Argentina Presidents while UK, Japan, Italy, Canada, Australia Prime Minister Germany Chancellor, and with missing Chinese President Xi Jinping and Russian President Vladimir Putin both of them were absent.

Saudi Arabia is being attending by its Prince.

China is being attending by the Prime Minister whereas Russian has send its Foreign Minister.

Leaders of the world’s largest economies are expected to discuss world’s biggest issues including climate change, Russia’s invasion of Ukraine, and mounting debt in low-income countries. to discuss global economic, security and climate issues.

Since India took over the G20 presidency for 2023, it hasn’t been able to build consensus for a joint statement in any of the previous key discussion points. One of the main hurdles has been Russia and China’s objections to the wording referring to Moscow’s full-scale invasion of Ukraine.

The prospect of the summit ending with the usual agreement between member states and a joint leaders’ declaration may seem dim, but that’s all the more reason to keep an eye on what goes on at the weekend.

The group admits the African Union as a permanent member, giving it the same status as the European Union.

Modi hopes to use the summit as a chance to demonstrate India’s ability to shape world events while acting as a pivot point between industrialized nations and the Global South.

Founded on September 26, 1999, the members of the G20 are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the United Kingdom, the United States, and the European Union.

Each year, the presidency invites guest countries to participate. Spain is invited as a permanent guest.

The G20 brings together the world’s major and systemically important economies. Its members represent 85% of global GDP, 75% of international trade and two-thirds of the world’s population.

The forum has met every year since its inception in 1999 after the Global Financial Crisis of 1997-98, with leaders meeting for an annual G20 Leaders’ Summit since 2008.

As the premier forum for international economic cooperation, the Group of Twenty (G20) plays a critical role in steering the global economy through the significant challenges it faces.