G20 Summit 2023 Schedule: Date, Venue, Theme, Logo, Member Countries, Purpose, History & Latest News

G20 means “Group of 20.” It comprises the group of 19 countries plus European Union which represents 2/3rd of world’s population, over 75% of global trade and these countries contribute in 85% of world’s GDP (Gross Domestic Product).

The Group of Twenty (G20) is the perfect backdrop for business cooperation on a global scale. On all significant international economic issues, it plays a significant part in forming and strengthening the global architecture and governance.

The G20 Summit will be presided over by India in 2023. India took the G20 presidency from Indonesia on December 1, 2022, and the presidency will remain in India until November 30, 2023. The presidency of the G20 rotates among the member countries.

Three countries are responsible for successfully running the G20 agenda: the past president, the current president, and the future president. The current president is India and before India it was Indonesia and after India the G20 presidency will be passed to Brazil.

Membering Countries of G20

The G20 comprises of 19 countries like, Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, USA, and the European Union (EU).

G20 India 2023: Logo & Theme

The logo of G20 draws it’s inspiration from India’s national flag. Same as our tricolour, the logo of G20 also is a mixture of saffron, white, green, and blue. It juxtaposes planet Earth with the lotus, India’s national flower that reflects growth amid challenges.

The Earth reflects India’s pro-planet approach to life, one in perfect harmony with nature. Below the G20 logo is “Bharat”, written in the Devanagari script.

“Vasudhaiva Kutumbakam,” or “One Earth, One Family, One Future,” is the motto of India’s G20 Leadership. The overall message of the subject is that all life—human, animal, plant, and microorganism—is valuable and interconnected both on Earth and throughout the cosmos.

G20 Summit India Schedule 2022-23

G20 Summit Date and Venue

On September 9–10, 2023, the Pragati Maidan in New Delhi will host the 18th meeting of the G20 Leaders of State and Government. All of the G20 meetings and gatherings of ministers, senior government officials, and members of civil society organisations that took place throughout the year will culminate in the summit.

A G20 Leaders’ Declaration outlining the commitment of the Leaders to the priorities discussed and decided during the corresponding ministerial and working group meetings will be approved at the conclusion of the New Delhi Summit.

Why G20 Presidency is Important for India

During India’s G20 presidency, it has plans to host around 200 meetings. India is the G20 president, which gives it some authority and power.One of them could be India, which can invite some of the countries that are not part of the G20 group.

Inviting the countries that are not part of the G20 will promote friendship between the countries and help improve relations among the G20 countries and the countries that are invited.

This year, India has sent special invitations to countries like Bangladesh, Mauritius, Singapore, Egypt, the Netherlands, Nigeria, Oman, and Spain.

How does G20 Work

The G20 Presidency steers the G20 agenda for one year and hosts the Summit. The G20 consists of two parallel tracks: the Finance Track and the Sherpa Track. Finance Ministers and Central Bank Governors lead the Finance Track, while Sherpas lead the Sherpa Track.

Financial Track: The Financial Track is led by the Finance Ministers and Central Bank Governors of the member countries. The main focus of Financial Track is on points like:

• Financial regulatory reforms

• Tax information exchange
• Global economic growth
• Financial inclusion
• Fossil Fuel Subsidies
• Remittances across the world
• Green Finance
• Anti-terrorism Financing

Sherpa Track: Sherpa Track is coordinated by the sherpas of member countries, who are personal emissaries of the leaders. The Sherpa Track oversees inputs from 13 working groups and two initiatives. The Sherpa Track focuses on pointers like:

• Employment
• Agriculture and food security
• Anti-corruption measures
• Climate change
• Improvement in healthcare sector
• United Nations sustainable development goals

G20 History

Before the G20, there was a group called the G7 (Group of 7), which still exists. It is an informal group of 7 western countries, namely the United States, Britain, Canada, France, Germany, Italy, and Japan. Also, representatives from the European Union attend.

Earlier, Russia used to be a member of the G7, but in 2014, Russia was suspended because of its annexation of Crimea from Ukraine.

So the inspiration for G20 is G7. But the group of G7 only included developed countries or countries from the western front. These countries only understood their economies and benefits. However, we live in a globalised world, and a problem that arises in one part of the world affects the rest of the world as well.

In 1997, South East Asia experienced a financial crisis that began in Thailand but spread throughout the Asian continent. Then, in 1999, the G20 came into existence as a forum for the finance ministers and central bank governors to discuss global economic and financial issues.

What is the Purpose of G20

The G20 initially focused largely on broad macroeconomic issues, but it has since expanded its agenda to, inter alia, include trade, sustainable development, health, agriculture, energy, the environment, climate change, and anti-corruption.

Policy coordination among its members in order to achieve global economic stability and sustainable growth. To promote financial regulations that reduce risks and prevent future financial crises. To establish a new global financial architecture. 

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