80% Of World GDP, 75% Of Global Trade: Why G20 Is Big Deal

New Delhi is all set to host the G20 Summit on September 9 and 10. The event will see the participation of all member countries and guest invitees.

The International Convention Centre 'Bharat Mandapam' the venue for the upcoming G20 Summit in New Delhi. ( Image Source :Getty )

Preparation is in full swing for the G20 summit to be held in New Delhi on September 9 and 10, with India as the chair. The event is going to witness the participation of all member countries and guest nations. The much-anticipated summit is the culmination of the year-long G20 deliberations and meetings.

India's presidency will be a significant milestone as it seeks to find practical global solutions for the benefit of all and embody the idea of "Vasudhaiva Kutumbakam," or "the world is one family."

The grouping presumes importance in the context of shaping and strengthening global architecture and governance on all major international economic issues as accounts for more than 80 per cent of the world GDP, 75 per cent of global trade, and 60 per cent of the global population.

Highlighting the importance of India chairing the summit this year, Prime Minister Modi in an interview with PTI said, "India’s G20 Presidency has also sowed the seeds of confidence in the countries of the so-called ‘Third World’. They are gaining greater confidence to shape the direction of the world in the coming years on many issues such as climate change and global institutional reforms. We will move faster towards a more representative and inclusive order where every voice is heard."
 
Apart from India, the other G20 members are Argentina, Australia, Brazil, Canada, China, France, Germany, Indonesia, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Turkey, the UK and the US, besides the European Union. 

India As Chair And G20's Rotating Presidency

India will convene the G20 Leaders' Summit for the first time in 2023 with the largest-ever participation of heads of states in the final New Delhi Summit. 

The G20 Summit is held annually with a rotating presidency, and in 2023, India will hold the presidency. The group does not have a permanent secretariat and is supported by the previous, current, and future holders of the presidency, known as the troika. In 2023, the troika consists of Indonesia, Brazil, and India.