HIGHLIGHTS:
- Union Cabinet approved the establishment of a G20 Secretariat
- An apex committee, led by Prime Minister, would advise the G20 Secretariat
- From December 1, 2022, to November 30, 2023, India will serve as the G20 President
Prime Minister Narendra Modi’s Union Cabinet approved the establishment of a G20 Secretariat and associated reporting structures.
G20 Secretariat
The G20 Secretariat will be responsible for implementing broad policy decisions and arrangements in place to guide India’s next G20 presidency.
It will be responsible for all work connected to India’s G20 presidency, including substantive/content/knowledge media, technical, security, and logistical issues.
It will be staffed by personnel from the Ministry of External Affairs, the Ministry of Finance, and other line Ministries and Departments, as well as topic specialists.
The Secretariat will continue to operate until February 2024.
Who will guide the secretariat?
An apex committee, led by Prime Minister, would advise the G20 Secretariat. There will also be a Finance Minister, an External Affairs Minister, a Home Minister, and a G20 Sherpa on the panel (Commerce & Industry Minister). It will advise India’s G20 presidency on a broad scale.
Coordination Committee
In addition, a coordination committee would be formed to oversee G20 preparations and report to the apex committee.
The G20 Presidency of India
From December 1, 2022, to November 30, 2023, India will serve as the G20 President. The G20 Summit in India in 2023 will be the culmination of the process.
Concerning the G20
The G20 is an intergovernmental organization composed of 19 countries and the European Union (EU). It strives to address important global economic concerns such as climate change mitigation, international financial stability, and long-term development. It is made up of the majority of the world’s greatest economies, both developed and developing. It produces 90% of the world’s gross domestic product (GDP), 75–80% of international trade, half of the world’s land area, and two-thirds of the world’s people.
When was G20 founded?
In 1999, the G20 was established. It has met at least once a year since 2008. Each member state’s head of government or state, foreign minister, finance minister, and other senior officials attend the summits. The European Commission and the European Central Bank represent the EU.
Troika of the G20
The G20 troika currently consists of Italy, Indonesia, and India.
Also Read: G20 TROIKA: INDIA TO ASSUME G20 PRESIDENCY
