5 Points About World’s Biggest International Forum – G20!

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#1. A consortium of Finance Ministers and Central Bank Governors of 19 prime nations and European Union as a whole meet to discuss international economic cooperation and decision-making every year.

The predominant agendas of discussion are:

* strengthening of global economy,

* reforming the international financial institutions

* improvements in financial regulation

* implementation of key economic reforms

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#2. It all began after the repercussions of the Asian Financial Crisis in 1997 or the Asian Contagion. The government of Thailand made a decision to not peg their currency to US dollar as a consequence of which their currency markets failed. The waves spread throughout South Asia and some unwanted results were:

* stock market declines

* reduced import revenues

* government disturbances

* economic slump in the US, EU and Russia

Measures taken to deal with this situation were:

* Incorporation of protectionism

* Heavy buying of US treasuries

* Government reforms in Thailand, South Korea, Japan and Indonesia

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#3. The G20 countries work together to introduce trillions of dollars as fiscal stimulus packages as a bulwark against financial crisis so that jobs don’t get destroyed and business confidence remains intact.

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Some of the international organizations working in juxtaposition with the G20 are:

* Financial Stability Board

* International Labour Organisation

* International Monetary Fund

* Organisation for Economic Co-operation and Development

* United Nations

* World Bank

* World Trade Organization.

Some of their close associates are: B20, C20, L20, T20 and Y20, comprising

* business

* civil society

* organised labour

* academia

* youth

G20 Summit in Antalya
G20 Summit in Antalya

#4. As Turkey hosts the G20 this year, their prime goals are:

Strengthening the Global Recovery and Lifting the Potential

* Macro Policy Cooperation

* Investment

* Employment

* Trade

Enhancing Resilience

* Financial Regulation

* International Financial Architecture

* International Tax

* Anti-Corruption

Buttressing Sustainability

* Development

* Energy Sustainability

* Climate Change Finance

President Barack Obama speaks during a news conference following the G-20 Summit in Antalya, Turkey, Monday, Nov. 16, 2015. (AP Photo/Susan Walsh)
President Barack Obama speaks during a news conference following the G-20 Summit in Antalya, Turkey, Monday, Nov. 16, 2015. (AP Photo/Susan Walsh)

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#5. Indian representatives at the G20

* The Prime Minister represents India in the G20 Leaders’ Summit.

* The Finance Minister of India and the Governor of the Reserve Bank of India represent in the Finance Ministers and the Central Bank Governors meetings.

* Mr. Arvind Panagariya represents as India’s Sherpa in G20.

* Ministerial Meetings are represented by the Cabinet Ministers of the respective Ministries.

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* Secretary(Department of Economic Affairs) represents as Finance Deputy and the Joint Secretary (Multilateral Relations) Department of Economic Affairs and Joint Secretary(MER) Ministry of External Affairs represents as Sous-Sherpa.

* Other official level meetings are attended by the Joint Secretary, the Director and the Deputy Secretaries of the G20 Secretariat.

* There are various working Groups and Committees under the two tracks of G20. Officials belonging to the Ministries/ Departments dealing with the respective subjects of the groups and committees are nominated to represent India in these Groups and Committees.