In News
- The G20 summit was recently concluded in Bali, Indonesia.
More about the news
- India’s Presidency:
- Indonesia handed over the G20 presidency to India for the coming year as the Bali summit of the grouping ended with the member states finalising the joint declaration.
- Bali Leaders’ Declaration:
- War in Ukraine
- Threats to security:
- The G20 declaration also called upon the international community to “step up” efforts to counter
- Threats to security:
- Money laundering,
- Terrorism financing and
- Proliferation financing
- The declaration also urged the Financial Action Task Force (FATF) and FATF Style Regional Bodies to “lead global action” to respond to these threats.
- Multilateral Trading System (MTS):
- The leaders also said the “rules-based, non-discriminatory, free, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system (MTS) with the WTO [World Trade Organisation] at its core, is indispensable” to advancing inclusive growth among the member states.
Know about G20
- Origin:
- The G20 was formed in 1999 in the backdrop of the financial crisis of the late 1990s that hit East Asia and Southeast Asia in particular.
- Its aim was to secure global financial stability by involving middle-income countries.
- As stated by the official G20 Website:
- “On the advice of the G7 Finance Ministers, the G20 Finance Ministers and Central Bank Governors began holding meetings to discuss the response to the global financial crisis that occurred,”
- Objectives:
- Members & guests:
- 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
- Members:
