How Is G20 Structured? Understanding The Finance Track And Sherpa Track
G20 Summit: As the G20 bloc operates without a permanent secretariat or staff, the agenda and priorities of the summit are set by two main tracks of engagement - the Finance Track and Sherpa Track.
The 18th annual G20 Leaders' Summit, slated to be held at Bharat Mandapam in Delhi, is a watershed moment in India's history as it seeks to play an important role in the geopolitical arena. The G20 was formed in 1999 following the aftermath of the Asian financial crisis as a grouping to bring together finance ministers and Central bank governors of developed and developing economies.
However, in the wake of the global financial and economic crisis of 2008, its scope expanded and became a forum for world leaders.
The September 9-10 Leaders' Summit will be the culmination of processes and meetings conducted throughout the year by India, involving ministers, international organisations and various civil society groups.
As the G20 operates without a permanent secretariat or staff, the agenda and priorities of the summit are set by two main tracks of engagement — the Finance Track for finance ministers and central governors and the Sherpa Track.
We delve into the G20 summit's structure to explain how the forum functions.
What Is The Finance Track?
With G20 essentially being a platform for international economic cooperation, the Finance Track hold much significance.
It is headed by the finance ministers and central bank governors of the G20 member countries. They meet four times a year. Out of them, two meetings are held on the sidelines of the World Bank and International Monetary Fund (IMF) annual meetings.
The Finance Track focuses on fiscal and monetary policy issues such as global economy, infrastructure, financial regulation, financial inclusion, international financial architecture, and international taxation.
The working groups under the Finance Track are:
- Framework Working Group
- International Financial Architecture Working Group
- Infrastructure Working Group
- Sustainable Finance Working Group
- Global Partnership for Financial Inclusion
- Joint Finance and Health Task Force
- International taxation issues
- Financial Sector issues
What Is The Sherpa Track?
The Sherpa Track is headed by the representative or personal envoy of a G20 country's leader. India's G20 Sherpa is former NITI Aayog CEO Amitabh Kant.
Initially, when the G20 was formed, there was no Sherpa Track. It came into being after the forum was elevated to include world leaders in 2008.
The term comes from the Nepalese Sherpa, who serve as guides for mountaineers in the Himalayas and work as porters, doing all the heavy lifting.
Apart from engaging in planning and negotiation, the Sherpas, who are usually career diplomats or senior government officials, are responsible for advising and guiding the leader.
Sherpas also participate in pre-summit consultations to negotiate the positions of their respective leaders.
The Sherpa Track focuses on socio-economic issues such as agriculture, anti-corruption, climate, digital economy, education, employment, energy, environment, health, tourism, trade and investment.
The working groups under Sherpa Track include:
- Agriculture Working Group
- Anti-corruption Working Group
- Culture Working Group
- Development Working Group
- Digital Economy Working Group
- Disaster Risk Reduction Working Group
- Education Working Group
- Employment Working Group
- Energy Transitions Working Group
- Environment and Climate Sustainability Working Group
- Health Working Group
- Tourism Working Group
- Trade and Investment Working Group
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