LINKAGE BETWEEN G20 AND Y20
Dr. Nabanita Debnath,
Department of Economics,
G20 is a forum which has been developed for international economic cooperation. It actually plays an important role in shaping and strengthening the global architecture and governance on all the major international economic issues.
G20 was formed on 26th September 1999 after Asian financial crisis as a forum for Finance Ministers and Central Bank Governors to discuss on various kinds of global economic and financial problems.
In 2008, G20 was upgraded to level of Heads of State / Government Summits in the wake of the global economic and financial crisis of 2007 and in 2009 it was designated the premier forum for the international economic cooperation.
G20 comprises of nineteen (19) countries which include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom and United States and also the European Union.
G20 members basically represent around 85% of global GDP over 75%of global trade and about 2/3rd of the world population.
This G20 initially focuses largely on broad macroeconomic issues but later expanded its agenda which includes trade, sustainable development, health, agriculture, energy, environment, climate change and anti-corruption.
To discuss on the above mentioned issues, G20 was divided into two channels namely the financial track and the Sherpa track-
The financial channel which consists of Finance Ministers and Central Bank Governors from all G20 members specifically addresses a number of agendas related to the financial sector.
Meanwhile, the Sherpa track addresses other agendas that are outside the financial sector as well as preparing various documents to be discussed at the Summit. Therefore, Sherpas are generally appointed directly by Head of Govt./ Country and are seen as their representation at various G20 meeting in addition to the Summit.
G20 does not have a permanent secretariat. In the process and system of its work, G20 has a Presidency determined by Consensus by its members based on regional rotation and changes every year.
Therefore, every year the ‘Troika’- which consists of previous presidency, current year presidency and upcoming presidency and also conducts intensive communication and coordination to ensure the continuity of G20 agenda.
India has assumed the G20 presidency on 1st of December 2022 from Indonesia and will continue till 30th of November 2023. This year, the Host of 18th G20 summit 2023 schedule will be India which will be held on 9th and 10th September 2023 in Pragati Maidan, New Delhi.
The motto or the recently unveiled theme for G20 summit 2023 schedule is ‘One Earth One Family One Future’. This is one of the famous mottos in India and this will be used in G20 2023 summit summit. The motto is derived from Sanskrit text Vasudhaiva Kutumbakam. This theme underlines and emphasizes the message of interconnectedness of various forms of life including humans, animals, plants and microorganisms as well as their significance both on Earth and in the larger cosmos.
In the upcoming summit, the main discussion among all member countries will include issues related to women’s empowerment, digital public infrastructure, health, agriculture, education, culture, tourism, climate change, global food security, energy security, green hydrogen, disaster risk reduction and resilience, fight against economic crime and multilateral reforms.
India will host the global leaders through 200 meetings dealing with 32 different sectors across the country over the year.
A major challenge G20 session in India will involve the ongoing crisis in Ukraine which has vitiated relation between Russia and industrialized nations of West, most of which are members of G20 which represents 85% of global GDP and 75% of international trade.
Apart from this, India will also face several challenges which will require delicate balancing while navigating through its self interests and global interests. This G20 presidency can also provide India and opportunity to test its mettle in dealing with the changing global order and will definitely take India a step closer to creating further global prominence. So, India is eagerly looking forward to progress its efforts towards an action oriented 2023 G20 ahead.
The Youth 20 (Y20) Inception meeting 2023 under G20 began in Guwahati on 6th of February 2023. More than 1500 people including 250 foreign and Indian delegates, 400 college students from Assam participated in this Y20 Inception Meeting.
This Y20 is the Youth Version of the G20 summits and it is the only officially recognized platform for the young people to engage with G20 and it is one of the most influential international diplomatic forums for the young leaders. It is also considered as one of the eight (8) official engagement groups under G20 umbrella.
This youth summit is hosted as a forum to know what the youths are thinking and how they can incorporate their suggestions in their policy proposals. It is actually an attempt to create a connecting point between G20 governments and their local youths.
So, accordingly five (5) themes of Y20 were discussed in these three (3) day events (i.e., from 6th February 2023 to 8th February 2023) and these themes are-
a) Future of Work: Industry, Innovation and 21st Century
b) Climate Change and Disaster Risk Reduction: Making sustainability as a way of life
c) Peace building and reconciliation ushering in an era of no war
d) Shared future: Youth in democracy and governance
e) Health, wellbeing and sports: agenda for youth.
So, the primary goal of Y20 event is to give the young people a platform on which they can voice their concerns about the problems in the current or contemporary society and technology has given the youths a platform to express their views, mobilize and engage with each other and with decision- makers.
Thus, we all are very much hopeful that the Y20 summit will definitely bring together the trustees of our future generations from all across the G20 countries to give some deliberate, discuss and deduce the innovative, sustainable and actionable solutions, especially in the realm of prosperous, inclusive and a developed society.
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6) Taróssy, Istvàn (2014). “G20 Governance for a Globalized World,” book review. Round Table 103(3): 362-64