G20 Country UK: Major Player In Multilateral Institutions

Despite the challenges posed by Brexit and domestic concerns, the UK remains a pivotal member of the G20.

G20 Country United Kingdom Prime Minister Rishi Sunak

Source : Getty

Prime Minister: Rishi Sunak

---

A former investment banker, Rishi Sunak became UK's first Indian-origin Prime Minister in 2022 amid a spiraling economic crisis. The son-in-law of Infosys founder Narayana Murthy, Sunak and his wife are reportedly richer than Britain's monarch King Charles.

The United Kingdom (UK) has a long history of being a major player in international affairs and fulfils an important role in multilateral institutions like the G20, the United Nations and NATO.

The UK's participation in the G20 is marked by its significant economic influence and active role in shaping international policies. Despite the challenges posed by Brexit and domestic concerns, the UK remains a pivotal member of the G20, contributing to discussions on critical global issues and participating in efforts to foster economic stability, sustainability, and cooperation on the world stage.

The country hosted the G20 Summit in 2009 in London amid the Great Recession of 2008-2009. In a bid to restore growth and employment, the summit saw the G20 nations mobilising a monetary stimulus package up to US $5 trillion. The G20 countries also pledged an additional $1 trillion in resources to the International Monetary Fund and promised to "strengthen its role in global finance and reform its governance".

At the summit, the nations also agreed on increasing resources of international financial institutions to assist  developing and emerging economies in times of crisis. The summit was characterised by pathbreaking decisions in the fight against tax havens, hedge funds and credit rating agencies. The G20 members also committed to oppose trade protectionism.

UK Prime Minister Rishi Sunak is set to attend the summit in Delhi — his second G20 engagement after he assumed charge last year.

At the Bali summit, the bilateral meet between Prime Minister Narendra Modi and Sunak hogged the limelight, with the UK PM saying he was committed to a trade deal with India.  

Sunak also approved 3,000 visas for young professionals from India to work in the UK each year under the UK-India Young Professionals Scheme.

Since Sunak assumed office, Britain's strategy has been to foster closer relations with emerging economies in Asia and increase its engagement in the Indo-Pacific.

Earlier in 2023, under the Aukus pact, the UK, the US and Australia decided to create a new fleet of nuclear-powered submarines in a bid to counter China's growing influence in the Indo-Pacific region.