Essay on G20 Summit in 100, 200, 300, 500 Words
Essay on G20 Summit
The essay on the G20 Summit is written in simple English and easy words for children and students. English essay on G20 Summit tells about G20 when it was established, and why it is special for us. Students are often asked to write essays on the G20 Summit in their schools and colleges. If you are also looking for the same, then we have given an essay on the G20 Summit in 100 – words, 200 – words, 300 – words, and 500 – words.
The G20 Summit 2023 was held in New Delhi, India. All countrymen and students should understand how important it is for our nation. Below we have given various essays on the G20 Summit, knowing which will increase your knowledge.
Short & Long Essay on G20 Summit
Essay – 100 Words
The G20 summit is an annual gathering of leaders of the European Union and the world’s 19 largest economies. The G20 was established in 1999 and serves as an important forum for global economic cooperation and shaping. During the G20 summit, the main leaders of all the countries discussed various issues including trade, economic growth, geopolitical stability, and climate change. These important forums have a significant impact on global economic and political development.
Ministers and important officials participate in the activities of the summit. When this summit ends, all the leaders of the G20 countries issue a statement to show that they are all committed to the important topics that they talked about and agreed upon during their meetings throughout the year.
Essay – 200 Words
G20 is an international forum also known as The Group of Twenty and many countries participate in it. The G20 summit discusses key points regarding the financial and economic agenda around the world. Also, one of the main objectives of this conference is to bring together all the economies that are emerging along with the advanced economies of the world.
This G20 summit i.e. Group of Twenty was established in the year 1999. This was done in the wake of the Asian financial crisis. G20 is basically an important forum that is attended by the Ministers or Finance Ministers of many countries. Hence the country participates in the G20 summit to discuss financial and economic issues.
This conference is organized every year under the leadership of the President and every year it is represented by different countries. Earlier G20 included 19 countries but by 2023 this group has 21 members and its member countries are as follows: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, and Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States, the European Union, and the African Union. When it comes to GDP, 85% of world GDP is represented by G20 members and more than 75% of global trade is done by G20 members.
Essay – 300 Words
The G20 Summit is an important international gathering where central bank governors and leaders of the world’s 20 most influential economies come together to discuss matters of global economic importance. It was established in 1999. The G20 summit was conceived to facilitate discussion on policy issues related to development and international economic cooperation.
G20 member states collectively have significant economic power, representing the majority of the global population and 85% of the world’s gross domestic product (GDP).
Any country with a rapidly growing economy, and substantial population, and to protect its interests can also take advantage of this platform to address global challenges like trade, climate change, and economic stability.
Thus, this summit is not just a gathering of nations, but a gathering of economic giants that aims to promote cooperation on the scale of global economic influence.
G20 Members
Earlier G20 included 19 countries but by 2023 this group has 21 members: its member countries are as follows: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States, the European Union, and the African Union.
Importance of G20 Summit
In this G20 summit, top leaders of all the countries exchange views and deliberate on policy solutions. Additionally, efforts to address various global challenges are discussed, including economic issues such as trade, recession, and investment, as well as social concerns such as inequality, poverty, and climate change.
The G20 summit is important because G20 members account for approximately 85% of the world’s gross economic output (GDP) and more than 75% of worldwide trade, as well as approximately two-thirds of the global population, making the G20 the center of international economic cooperation. Creates an important platform for.
Essay – 500 Words
Introduction
The G20 or Group of Twenty is a major forum for international cooperation that deliberates on the most important aspects of the international economic and financial agenda. These are the major advanced and emerging economies of the world which include Argentina, Australia, Brazil, Canada, China, EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK. And the USA is included. These countries together represent approximately 90% of global GDP, 80% of global trade, and two-thirds of the world’s population.
Objectives of G20
a) Promote financial regulations that reduce risks and prevent future financial crises.
b) To establish policy consistency, coordination, and sustainable development among its members to achieve global economic goals.
c) And building a new international financial architecture.
Origin and Development
The G20 was formed in response to a number of financial challenges. In the 1990s, some of the emerging economies were not adequately represented in the global economic discussion. So in December 1999, finance ministers and central bank governors of emerging countries of systemic importance met for the first time in Berlin, Germany, and held an informal dialogue on key issues for global economic stability. Since then, central bank governors and finance ministers have met annually.
Organizational Structure of G20
The formation operates without a permanent secretariat or staff, with its chair rotating annually. Their chairperson is elected from among the members and from a different regional group of countries. Their Chairman is part of a three-member management group that rotates past, present, and future.
G20 Leaders Summit
The first G20 summit was hosted by the US. The President developed a coordinated response in Washington in November 2008. In the first summit, all the leaders discussed the causes of the global economic and financial crisis and agreed to implement an action plan around it which had three main objectives, namely, (1) restoring global growth (2) international financial system strengthening and (3) reform of international financial institutions.
India and G-20
India’s participation in the G20 as a leader stems from the realization that developing economies have a significant stake in the stability of the international economy and financial system. India has been actively involved in the G20 process at both the Sherpa track and the financial track since its inception with the Prime Minister participating in all and has endeavored to ensure that the global community remains focused on the need and need to ensure an adequate flow of finance to emerging economies to meet their development. India has welcomed the inclusion of development as part of the G20 process.
Conclusion
The G20 or Group of Twenty, being a major forum for international cooperation, deliberates on the most important aspects of the international economic and financial agenda with the main objectives of restoring global growth, strengthening the international financial system, and reforming international financial institutions.
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