G20 Summit 2023: A Must-Know for Competitive Exams

20 Important Questions and Answers for Competitive Exams

Cooperation across borders is essential to solving global problems in today’s linked society. The G20, which represents two-thirds of the world’s population and a large share of global GDP, is a major venue for such collaboration. This site provides in-depth information on the G20, its relevance, priorities, successes, problems, and more for competitive test prep students. Competitive test applicants may question why this matters. comprehending the G20 and its dynamics is about comprehending our world’s intricacies, not simply winning points. We’ll discuss 20 key G20 Summit 2023 questions and answers in this blog to broaden your understanding. Let’s explore the G20 Summit’s significance and some important questions.

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What is G20?

The G-20, or the Group of Twenty, is an international forum for governments and central bank governors from 19 countries and the European Union (EU). It was established in 1999 to promote international financial stability and facilitate discussions on a wide range of global economic issues. G20 was formed in response to global economic challenges. It began with finance ministers and central bank governors and grew to leaders’ summits. The G20 promotes economic cooperation, financial market stability, and sustainable global development.

 G20 Member Nations:

The G20 includes 19 nations and the EU. Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the EU are members.

Origin and Composition of G20:

The G20 had its roots in the Asian Financial Crisis of 1997-1999 when the G7 invited both developed and developing economies to participate in addressing global economic issues. It officially came into being with the first finance ministers and central bank governors meeting in 1999.

Today, it comprises 19 member countries and the European Union. Spain also participates as a permanent non-member invitee. The G20 in Numbers: Represents over two-thirds of the world’s population. Accounts for 85% of global GDP. Holds 80% of global investment. Engages in over 75% of global trade. Structure and Functioning: The G20 operates on a rotational presidency system, ensuring regional balance over time. Each year, a new country takes the helm. India, part of Group 2, rotates its presidency with Russia, South Africa, and Turkey. There is no permanent secretariat for the G20. The sitting president takes responsibility for setting the agenda and responding to global economic events.

Key Areas of G20 Cooperation

1. Financial Stability: The G20 played a vital role during the 2008 financial crisis by deploying emergency measures and improving global financial regulations.
2. Trade and Investment: It advocates for open and fair trade, striving to remove barriers and promote economic growth.
3. Development: G20 addresses various development issues, focusing on poverty reduction, inclusive growth, and sustainable development.
4. Climate Change and Environment: With a commitment to the Paris Agreement, G20 members discuss climate policies and environmental sustainability.
5. Global Health: Especially in light of the COVID-19 pandemic, the G20 has become a platform for international cooperation on health-related issues.

Other Key Issues Addressed by G20:  Tax and Fiscal Policy, Trade. Agriculture,  Employment,  Energy, Anti-corruption, Women’s advancement, Sustainable Development Agenda 2030, Anti-terrorism, Inclusive entrepreneurship. 

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India’s Priorities within the G20

India has consistently pursued several key priorities within the G20 framework:

1. Fighting Corruption: Investigating tax evasion and money laundering to combat corruption.
2. Terrorism Financing: Taking measures to block funds used for terrorism activities.
3. Trade Access: Advocating for market access for essential drugs and trade reforms at the WTO.
4. Sustainable Development: Aligning with the Sustainable Development Agenda 2030.

G20 Achievements

Over the years, the G20 has achieved significant milestones, including:

1. Flexible Response: G20’s agility allows for quick decisions and adaptability in the face of crises.
2. Inclusivity: The involvement of non-members, international organizations, and civil society ensures a broader perspective.
3. Coordinated Action: Enhancing financial regulations and fostering international tax reforms.
4. Global Trade: Promoting the Trade Facilitation Agreement to boost global trade.

Challenges Faced by the G20:

The G20 encounters challenges like:

1. No Enforcement Mechanism: Lack of binding enforcement mechanisms limits its impact.
2. Legally Non-binding: Declarations and agreements reached are not legally binding.

Significance of the G20:

The G20 plays a crucial role in:

1. Global Economic Stability: Fostering a stable global economy through cooperation.
2. Inclusivity: Encouraging inclusive global growth and development.
3. Addressing Global Challenges: Tackling pressing global issues like climate change and pandemics.

20 Crucial Q&A for Competitive Exams

Question 1: When was the inaugural G20 Summit held and which is the inaugural country?

Answer: The first G20 Summit took place in 2008. The United States hosted the first G20 Summit.

Question 2: In which city will the 2023 G20 Summit be held?

Answer: The 2023 G20 Summit will take place in New Delhi.

Question 3: What is the theme of the 2023 G20 Summit?

Answer: The theme of the 2023 G20 Summit is “One Earth, One Family, One Future” or “Vasudhaiva Kutumbakam.”

Question 4: How frequently is the G20 Summit convened?

Answer: The G20 Summit is held annually.

Question 5: In which year did G20 declare itself the primary venue for international economic and financial cooperation?

Answer: G20 declared itself the primary venue for international economic and financial cooperation in 2009.

Question 6: Which G20 member boasts the largest economy?

Answer: The United States has the largest economy among G20 members.

Question 7: Which G20 member has the highest population?

Answer: India surpassed China to become the most populous G20 nation in April 2023.

Question 8: Among G20 nations, which country has the smallest economy?

Answer: South Africa has the smallest economy within the G20.

Question 9: What criteria are used to select G20 member countries?

Answer: G20 countries are selected based on their economic importance.

Question 10: When did India officially assume the G20 Presidency?

Answer: India took over the G20 Presidency on December 1, 2022.

Question: 11 Why did Joe Biden advocate for Russia’s exclusion from the G20 in 2022?

Answer: Joe Biden called for Russia’s removal from the G20 due to its invasion of Ukraine, a breach of international norms.

Question 12. Which G20 nation has the largest economy?

Answer: The United States boasts the largest economy among G20 members.

Question: 13 When was the G20 founded?

Answer: The G20 was established in 1999 as a vital international forum.

Question: 14  What stance does the G20 adopt toward international trade?

Answer: The G20 supports open and fair international trade, striving to reduce trade barriers.

Question 15. Which G20 nation has the highest population?

Answer: India holds the highest population among G20 countries.

Question 16  What is the G20’s stance on global health crises, such as the COVID-19 pandemic?

Answer: The G20 acknowledges the need for global cooperation in addressing health crises and has taken actions to support vaccine distribution and healthcare infrastructure.

Question-17  Which G20 member country is known for its distinctive maple leaf flag?

Answer: Canada is known for its distinctive maple leaf flag.

Question 18  Which G-20 member has the largest economy, and which one has the highest population?

Answer: The USA has the largest economy, while India has the highest population among G-20 countries.

Question-19 Why did Joe Biden call for Russia’s removal from the G-20 in 2022?

Answer: Joe Biden called for Russia’s removal due to its invasion of Ukraine, violating international norms.

Question-20  What is the theme of the 2023 G20 Summit?

Answer: The theme of the 2023 G20 Summit is “One Earth, One Family, One Future” or “Vasudhaiva Kutumbakam.

Conclusion

The G20 Summit 2023 links governments, economies, and people in the global fabric. After exploring this summit’s 20 key questions, remember that keeping informed is about being an involved global citizen, not merely taking tests. Our leaders meet at the G20 Summit 2023 to debate economic stability, policy, and our future. Whether you’re taking a difficult test or debating international affairs with friends, this information will always be useful. Take the chance to learn about the globe to join “One Earth, One Family, One Future.”.

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Tanu Bhatnagar

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