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Explore the history and relevance of the G20, including India's leadership. Learn about the lack of progress made by the G20 on global issues such as coal power plants, corporate tax overhaul, and IMF reform.
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Quick takeaways
- The G20, with its recent inclusion of the African Union, now represents around 85% of global GDP, over 75% of global trade, and about 70% of the global population, making it a more relevant and inclusive platform for global decision-making than the G7.
- Despite some successes, the G20 has faced criticism for its response to the COVID-19 pandemic and delays in establishing a pandemic preparedness fund, highlighting the need for the organization to prioritize action and actualize commitments.
Deep dives
Importance of G21 and the decline of G7
The G20, which emerged during the global financial crisis, has become a more important forum than the G7. With the recent inclusion of the African Union (AU), the G20 now represents around 85% of global GDP, over 75% of global trade, and about 70% of the global population. This move challenges the significance of the G7, an informal organization initially formed by Western non-communist nations in 1975. The G20 has expanded its agenda to include not only economic affairs but also foreign policy and climate change, making it a more relevant and inclusive platform for global decision-making.
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