G20 Co-operation
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Context
- External Affairs Minister S. Jaishankar met with Italian Foreign Minister Luigi Di Maio in Delhi as India's effort for closer ties with Europe continues.
What is the Background?
- The Ukraine crisis, climate change collaboration, and space cooperation between the two nations were all high on the agenda, as they were during Prime Minister Narendra Modi's journey to Germany, France, and Denmark for the Nordic Summit.
What is G20?
- It is an informal club comprising 19 nations and the European Union (EU), as well as officials from the World Bank and the International Monetary Fund.
- There is no fixed secretariat or headquarters for it.
- The members include a mix of the world's greatest advanced and emerging nations, accounting for over two-thirds of the global population, 80 percent of global GDP, 80 percent of worldwide investment, and over 75 percent of global commerce.
- Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, and the European Union are among its members.
- Each G20 country is represented by a Sherpa, who works on behalf of the country's leader to organise, guide, and implement projects.
How did G20 evolve?
- The G20's status as the primary crisis management and coordinating group was solidified during the Global Financial Crisis (2007-08).
- The conference of Finance Ministers and Central Bank Governors was raised to Heads of State by the United States, which held the G20 presidency in 2008.
- The summits in Washington, DC, London, and Pittsburgh laid the groundwork for some of the world's greatest long-lasting reforms:
- Implementing stricter controls on hedge funds and rating agencies, making the Financial Stability Board an effective supervisory and watchdog body for the global financial system, proposing stricter regulations for too-big-to-fail banks, and refraining members from imposing new trade barriers, among other things.
- The G20 had strayed from its initial objective by the time Covid-19 struck, and it had lost its concentration.
- Climate change, employment and social security challenges, inequality, agriculture, migration, corruption, terror funding, drug trafficking, food security and nutrition, disruptive technologies, and attaining the Sustainable Development Goals have all been added to the G20 agenda.
- G20 nations have made all the correct pledges in the aftermath of the epidemic, but there has been little action.
- They set four goals for the Riyadh Summit in October 2020:
- combating the pandemic,
- securing the global economy,
- resolving international trade disruptions, and
- increasing global collaboration.
- In 2021, the Italian Presidency focused on three broad, interrelated pillars of action: People, Planet, and Prosperity, committing to lead the worldwide response to the epidemic.
- Despite millions of fatalities, the G20 nations have refused to provide developing countries the legal authority to make vaccines.
What is the way forward?
- G20 leaders must have great international credentials. With India set to take over the presidency in 2022, it has a chance to rebuild global trust in multilateralism.
- The G20's status as the primary crisis management and coordinating group was solidified during the Global Financial Crisis (2007-08).
- The G20 must make fair vaccination deployment and patent waiver a top goal for emerging economies, as well as the United States.
- The G20 must improve its collaboration with international organisations such as the IMF, OECD, WHO, World Bank, and WTO, and assign the duty of progress monitoring to them.
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