G20 Summit 2023: How did India get the G20 Presidency and who will get it next?

The G20 consists of 19 countries and accounts for approximately 85 percent of the global GDP, 75 percent of global trade, and two-thirds of the world's population

With India currently holding the G20 Presidency, preparations are in full swing for the summit. Many world leaders will attend the G20 Summit 2023, to be held on September 9 and 10, including US President Joe Biden, French President Emmanuel Macron, UK Prime Minister Rishi Sunak, and Canadian Prime Minister Justin Trudeau.

Presidency of the G20 is a prestigious honour and responsibility, as is evident. However, how was the G20 presidency decided and how did India win it?

Background

In 1999, the Group of Twenty G20 grouping was formed to serve as a forum for international economic cooperation following the Asian financial crisis. Finance ministers and central bank governors discussed financial and economic issues at the forum.

As a result, the Presidency is responsible for bringing together the G20 agenda for the development of the global economy with the help of other members. December 1, 2022, marked the start of India's Presidency, which it will hold until November 30, 2023.

In the G20 grouping, the presidency rotates among five groups of member countries. At the turn of each group, each country becomes eligible to assume the Presidency. It is up to the eligible countries to negotiate and determine who will be the group's president.

The G20 Presidency sets the agenda for the year and hosts the summit. Additionally, the presidency is supported by the 'Troika' - the previous, current, and upcoming Presidency.

The upcoming Presidency will be held by Brazil. Therefore, the Troika consists of India, the current Presidency; Indonesia, the former Presidency; and Brazil, the upcoming Presidency.

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The G20 is divided into the Finance and Sherpa tracks for those who are unfamiliar. Finance ministers and central bank governors lead the Finance Track, while Sherpas, or emissaries of state leaders, lead the Sherpa Track.

Various international organisations and government representatives participate in thematically oriented working groups within these tracks. A Finance Track is led by the Ministry of Finance, and the Sherpas coordinate substantive work for the G20 summit.

Additionally, there are engagement groups that bring together women, youth, labour, businesses, researchers, civil society, and parliamentarians.

The G20 consists of 19 countries - Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States along with the European Union. Approximately 85 percent of the global GDP, 75 percent of global trade, and two-thirds of the world's population are represented by this grouping.