What is G20?

What's the deal with the G20, and how does it actually work?

Transcript

00:00Delhi got a makeover, people got a long weekend,

00:03gold and silver plated tableware was going to be used for leaders of the world visiting India for G20.

00:09But what is G20?

00:10And was it a big deal that India was hosting the G20 summit?

00:14It is a very big deal.

00:17It is a very big deal because in our diplomatic history,

00:22we have never had this many powerful nations.

00:27Their leaders come to India.

00:29G20 or the group of 20 comprised 19 countries and the European Union.

00:35Because so many countries were in this group, it made for two-thirds of the world population.

00:40Some of the world's largest economies were part of this group.

00:43Altogether, the group accounted for 75% of international trade

00:48and 80% of the world's gross domestic production.

00:51This group met every year to discuss economic and financial issues.

00:56G20 was founded in 1999 as a response to the Asian financial crisis which began in Thailand.

01:02But the heads of all member countries actually met for the first time

01:06after the 2008 financial crisis.

01:08The group's discussions were not limited to just economics anymore.

01:12Over the last few years, they addressed the COVID crisis and Russia's invasion of Ukraine.

01:18India held the group's presidency in 2023,

01:21which meant it was leading the group and hosting its summit.

01:24It was looking to discuss development, climate action,

01:28and the problems of the global south, which meant developing countries.

01:32Root is at a circle in Mandi House, Delhi,

01:35where all the flags of the countries who are going to visit India during the G20 summit

01:40have been put up.

01:46The main task of the G20 summit was for all the countries to come to a consensus

01:50and release a declaration of the same.

01:53In Indonesia, which held the presidency before India,

01:56all the countries were able to come to a conclusion despite the Russia-Ukraine crisis.

02:02But more challenges lay ahead of India during its presidency,

02:05with the Chinese President Xi Jinping and Russian President Vladimir Putin

02:09sitting out of the summit.

02:11And the Russia-Ukraine war was yet another difficult discussion

02:15because the West and Russia were likely to have different stances on the war.

02:20This is a very difficult and challenging time for the world.

02:24It is a difficult time because the world is under great economic stress,

02:28under supply chain stress.

02:30There is very strong political polarization.

02:33Even to get all the major countries to sit around the table

02:38itself requires a lot of diplomacy.

02:40So for us to take up this responsibility at this time is something truly exceptional.