This is an essay on essay on G20 summit. Given that India is currently holding the G20 presidency, essays on the G20 have emerged as the most crucial essay subjects for all competitive exams. The examinations includes the descriptive essays for the UPSC, State PSC, SBI PO, IBPS PO, SIDBI, NABARD, SEBI, and other banking exams. Here is an essay on the G20 that you can use as practice for writing essays. See the essay on the G20.
Essay on G20 summit in 500 words
G20 Summit 2023
Every year, leaders of the world’s leading economies, including those from developed and developing countries, assemble for the G20 Summit. The summit’s objectives are to solve the world’s economic concerns, advance financial stability. It also encourages global collaboration on a variety of topics, including as trade, finance, climate change, and international health.
Currently, India is in charge of the G20, an international organization made up of 19 nations plus the European Union. The 18th G20 (Group of Twenty) summit will take place in New Delhi, India, during September 9 and 10, 2023, at the Bharat Mandapam International Exhibition Convention Center in Pragati Maidan.
The formal journey of the “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future” theme of India’s G20 Presidency began on December 1, 2022, when India assumed the G20 Presidency. The G20 Summit in 2023 will be the first one to take place both in South Asia and India.
What is G20 ?
The Group of Twenty (G20) is a leading intergovernmental organization made up of the European Union and 19 other nations. It aims to promote global economic cooperation. This esteemed forum contributes significantly to the development and reinforcement of the global governance and architecture on all significant international economic issues. The G20 members account for almost two-thirds of the world’s population. It is more than 75% of global trade, and 85% of the world’s GDP.
Argentina, Australia, Brazil, Canada, China, France, Germany, Greece, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom & United States, and the European Union are all members of The Group of Twenty (G20).
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Function of G20
The G20 focuses on addressing important global economic concerns such international financial stability, reducing greenhouse gas emissions, and sustainable development. Every year, a rotating Presidency, which controls the G20 agenda for a year and organizes the Summit, preside over the G20 Summit.
The G20 was established in 1999 with the intention of addressing various global economic challenges. Since 2008, it has met at least once a year under the direction of a rotating Presidency made up of the head of government or state, the finance minister, the foreign minister, or another senior official from each member country. The G20 designated itself the principal forum for global economic and financial cooperation at its 2009 summit in London. India currently holds the G20 presidency.
The seventeenth gathering of the Group of Twenty, known as the G20 Summit 2022, took place in Nusa Dua, Bali, Indonesia, on November 15–16. The next nineteenth gathering of the Group of Twenty (G20) is slated to take place in Rio de Janeiro, Brazil, in 2024.
The G20 Summit in India in 2023 will be a big deal for the nation. The chance to highlight India’s economic and geopolitical relevance on the international arena would arise from its role as host. It provides India with a forum to interact with other significant economies and work together to address important global challenges. The G20 Summit agenda often includes a wide range of themes, reflecting the interconnectedness of the world economy and the demand for coordinated action among states. The policies and cooperation of nations may be significantly impacted by these debates.