Leaders from the world’s most influential nations are set to convene in New Delhi for the G20 Heads of State and Government Summit scheduled for September 9-10. This high-profile event brings together the G20 member states, which collectively represent a staggering 85% of global gross domestic product (GDP), over 75% of global trade, and a significant two-thirds of the world’s population.
The G20, consisting of 19 major economies and the European Union as a bloc, comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States. These nations, each wielding substantial economic influence, come together to address critical global issues and promote international economic cooperation.
In addition to its member states, the G20 presidency extends invitations to guest countries each year. For its G20 presidency in 2023, India has invited a diverse group of nations, including Bangladesh, Egypt, Mauritius, the Netherlands, Nigeria, Oman, Singapore, Spain, and the UAE, to participate in G20 meetings and the Summit. This broadens the scope of discussions and brings in valuable perspectives from regions beyond the G20 membership.
The G20 member states are collectively home to more than 4.9 billion people, boasting an average life expectancy of 78 years and a median age of 39. This demographic diversity underscores the importance of their role in shaping global policies and addressing common challenges. Notably, India and China together account for over 35% of the world’s population, with the United States coming third at 4.25%, followed by Indonesia at 3.47%. In contrast, Australia is the least populous G20 member, contributing only 0.33% to the global population.
The G20 forum places international economic cooperation at the forefront of its agenda, aiming to address pressing issues that transcend national borders. With around 85% of global GDP within its purview, the G20 holds significant sway over economic policies and initiatives worldwide. Furthermore, India’s impressive average GDP growth rate of 6.1% for the years 2023 to 2026 positions it as the fastest-growing economy among the G20 nations. This robust economic performance enhances India’s standing on the global stage.
When examining India’s bilateral trade with G20 countries during the financial year 2022-23, the United States emerges as India’s largest trade partner among the G20 nations. Their merchandise trade reached $129 billion, with India enjoying a trade surplus of $27.7 billion. China follows closely as India’s second-largest trade partner, with total merchandise trade amounting to $113.8 billion. Saudi Arabia and Russia also maintain substantial trade relations with India, with trade volumes of $49.9 billion and $49.4 billion, respectively.
The European Union, the only regional group represented in the G20, holds a significant role in India’s trade landscape. India’s total merchandise trade with the EU reached $135.9 billion, resulting in a trade surplus of $13.8 billion. This underscores the importance of the EU as a vital trade partner for India and highlights the diverse economic relationships India maintains within the G20.
It’s important to note that the G20 operates without a centralized headquarters, and the presidency rotates among its member states. The previous G20 summit was hosted by Indonesia, and India is set to pass on the presidency to the next host nation, Brazil, in December.
The G20 Summit 2023 represents a critical gathering of the world’s most powerful nations, offering a platform to address global economic challenges and promote international cooperation. With its diverse membership and substantial economic influence, the G20 plays a pivotal role in shaping global economic policies and initiatives. India’s robust economic growth and trade relationships within the G20 further solidify its position as a key player in the global economic landscape. As leaders convene in New Delhi, the world watches with anticipation to see how these influential nations will collaborate to address pressing global issues.
News Mania Desk / Agnibeena Ghosh 9th September 2023
