G20’s Troika

In News 

• Recently, India joined the G20 Troika comprising the current, previous and incoming presidencies of the grouping.
  • A “Troika”, represented by the country that holds the Presidency, its predecessor and its successor, works to ensure continuity within the G20.
  • Currently, Italy, Indonesia, and India are the Troika countries.

More in News 

• Indonesia has assumed the G20 Presidency and will convene various G20 meetings throughout the year culminating with the G20 Leaders’ Summit in October 2022 under the overall theme of Recover Together Recover Stronger.

• India will assume the G20 Presidency in December 2022 from Indonesia and will convene the G20 Leaders’ Summit for the first time in the country in 2023.

(Image Courtesy: HBS)

About the G20

• The G20 is a premier forum for international economic cooperation. 
• It is a strategic multilateral platform connecting the world’s major developed and emerging economies. 
• The G20 holds a strategic role in securing future global economic growth and prosperity. 
• Origins of the G20:
  • 1999: In the wake of the 1997 economic crisis, the G7 Finance Ministers announced the creation of the “Group of 20”, aimed at including other countries in their discussions related to global economics and finance. 
  • The first official meeting of the G20 was held in Berlin in December 1999.
  • 2009: At the Pittsburgh Summit, it was decided to institutionalize the G20 as the main forum for global economic and financial cooperation.
  • 2010: The G20 Leaders have met every year since 2010.
• Contribution: 
  • The G20 members represent more than 80 per cent of world GDP, 75 per cent of international trade and 60 per cent of the world population. 
  • The G20 has evolved into a yearly summit involving the Head of State and Government. 
  • In addition to that, the Sherpa meetings (in charge of carrying out negotiations and building consensus among Leaders), working groups, and special events are also organized throughout the year.
• Presidency: 
  • It rotates every year among its members, with the country that holds the presidency working together with its predecessor and successor, also known as Troika, to ensure the continuity of the agenda. 
• Secretariat: 
  • The G20 has no permanent secretariat. Agenda and the work coordination is completed by G20 leaders’ personal representatives, known as sherpas together with finance ministers and central bank governors.
• Participants:
  • Members: Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, India, Indonesia, Italy, Mexico, Russia, South Africa, Saudi Arabia, South Korea, Turkey, the United Kingdom, the United States, and the European Union. Spain is also invited as a permanent guest.
  • Others: Each year, the Presidency invites guest countries, which take full part in the G20 exercise. Several international and regional organizations also participate, granting the forum an even broader representation. 
• Objectives:
  • Policy coordination between its members in order to achieve global economic stability, sustainable growth;
  • To promote financial regulations that reduce risks and prevent future financial crises; and
  • To create a new international financial architecture.

• Other involvement of G20: 
  • G20 Innovation League: It is a unique event dedicated to sharing views and innovative solutions to key global challenges and to fostering international cooperation.
    • Hosted by the G20 Italian Presidency.

• G20 Alliance for the Empowerment and Progression of Women’s Economic Representation (G20 EMPOWER). Launched during the 2019 G20 Summit in Japan.
  • It aims at accelerating women’s leadership and empowerment in the private sector by leveraging its unique alliance among business leaders and governments across the G20 countries. 
• G20 leaders on Afghanistan: An extraordinary meeting of G20 leaders on Afghanistan was held under Italy’s Presidency of the G20.
• G20 Ministers for Agriculture Meeting: The G20 Ministers of Agriculture met for the first time in Paris in 2011 to address the impact of the economic crisis on the agricultural sector threatened by price volatility. 

• Since 2015, they have met annually to discuss food security, nutrition and global agricultural development.

• Major G20 Environment Related Initiatives
  • Global Coral Reef Research and Development Accelerator Platform to accelerate scientific knowledge and technology development in support of coral reef survival, conservation, resilience, adaptation and restoration.
  • Circular Carbon Economy (CCE) Platform as a tool towards affordable, reliable, and secure energy and economic growth.

•  COVID-19 
  • The G20 has mobilised resources to address the immediate financing needs in global health to support the research, development, manufacturing, and distribution of safe and effective COVID-19 diagnostics, therapeutics and vaccines, 

Source: TH