The Bharat Mandapam, a massive exhibition center in the middle of New Delhi near the ancient India Gate monument, was the site of the G20 summit on September 9 and 10, 2023. All of the G20 ministerial, senior official, and civil society meetings and processes over the past year will culminate at the 18th G20 Summit in New Delhi. At the conclusion of the G20 Summit, a G20 Leaders' Declaration will be adopted, reiterating the commitment of the Leaders to the priorities discussed and agreed upon throughout the ministerial and working group sessions. The United Nations Sustainable Development Goals, climate action and green development initiatives, multilateral financing, digital public infrastructure, artificial intelligence (AI), and international taxation were all prominent topics of discussion at the G20 Summit, which India successfully opened with a consensus around the New Delhi Declaration. The summit of the world's 20 largest economies, held in New Delhi, India, came to a close. India used its position as the world's sixth largest economy to secure approval of a Leaders' Declaration at the G20 Summit that acknowledged the war in Ukraine without identifying a party to it. Modi, who presided over the Summit, also pushed for the reform of global institutions like the United Nations Security Council (UNSC) to adapt to the evolving global order.
Following the Asian financial crisis in 1999, the world's 20 main countries formed an economic group with the premise that similar crises could no longer be kept within a nation's boundaries and that better international economic cooperation was required. The presidency of the G20 is rotated among its members and there is no G20 headquarters. The 2022 summit was held in Indonesia, and on December 1, India will take over the chairmanship to Brazil. The bloc today accounts for 80% of global GDP, 75% of international trade, and around two-thirds of the world's population. The G20 consists of the world's 19 wealthiest countries, as well as the European Union as a whole.
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 are among the G20 members.
Bangladesh, Egypt, Mauritius, the Netherlands, Nigeria, Oman, Singapore, Spain, and the United Arab Emirates have also been invited to this year's summit.
What is the G-20 and how does it differ from the G-7:
France, Germany, Italy, Japan, the United Kingdom, and the United States were the leading industrialized democracies that convened in 1975 to explore a coordinated response to the first oil crisis. With Canada's inclusion in 1976, the group became known as the G-7. In 1998, Russia joined the group, making it the G-8, but it was expelled in 2014 when it grabbed the Crimean peninsula from Ukraine. It was in response to the 1997–98 Asian financial crisis that the Group of Twenty (G-20) was established in 1999 as an informal gathering of the world's finance ministers and heads of central banks to discuss "economic and financial stability." It has been an annual event since the global financial crisis in 2008. The G-20 is substantially larger and includes the original BRICS members than the G-7, which consists mostly of the United States and its closest allies. Recent summits have been dominated by discussion of Russia's invasion of Ukraine. It's made it harder for the G-7 to negotiate a deal with the so-called Global South.
The 2023 G20 New Delhi Leaders' Declaration was agreed unanimously, attaining a stunning 100 percent unanimity, even with China and Russia in accord. The Sanskrit term "Vasudhaiva Kutumbakam" inspired India's G20 theme. The EU has yet to make a united statement because it is profoundly split over language alluding to the Ukraine conflict. Multiple agreements relevant to the Finance Track were embedded inside these 83 paragraphs. It also included eight paragraphs about the Ukrainian crisis and its economic consequences. The summit was notable for the absence of Chinese President Xi Jinping and Russian President Vladimir Putin. China was represented by Premier Li Qiang, while Russia was represented by Foreign Minister Sergey Lavrov. During the G20 Summit in New Delhi, the governments of India, the United States, Saudi Arabia, the European Union, the United Arab Emirates, France, Germany, and Italy signed a Memorandum of Understanding (MoU) to establish the India-Middle East-Europe Economic Corridor. Several international leaders congratulated Modi on the success of Chandrayaan-3 during the G20 Summit.