Economic cooperation: India joins the G-20 Troika
New Delhi: India has joined the presidency of the Group of Twenty (G-20) Troika, a key international platform for global economic cooperation.
As a Troika-member, India (incoming) will work closely with Indonesia (present) and Italy (past president) to ensure consistency and continuity of the G-20’s agenda, the Ministry of External Affairs (MEA) said.
India will assume the G-20 Presidency on December 1, 2022, from Indonesia, and will convene the G-20 Leaders’ Summit for the first time in India in 2023.
The G-20 is the world’s leading forum for international economic cooperation, envisaging that global prosperity is intertwined with economic possibilities and problems and brings together the world’s biggest industrialized and emerging economies.
The forum has a critical role in ensuring global economic growth and prosperity in the future. The G-20 countries collectively account for over 80 percent of global GDP, 75 percent of international trade, and 60 percent of the world’s population.
In a statement, the MEA stated that India, as a founding member of the G-20, has used the forum to discuss problems of critical relevance and those that affect the world’s most vulnerable people.
The G-20 began in 1999 as a gathering of finance ministers and central bank governors and has since grown into a yearly summit attended by the heads of state and government. Besides, during the year, Sherpa meetings (charged with carrying out talks and achieving consensus among leaders), working groups, and special events are held.
Indonesia, which took over as the new President on Wednesday, will host a series of G-20 meetings throughout the year, culminating in the G-20 Leaders’ Summit on October 30-31, 2022, with the theme “Recover Together, Recover Stronger”.
India, as a Troika member, would work closely with Indonesia and Italy to ensure the G-20 agenda’s coherence and continuity.
(Venkatesh Iyer)
