B20 Indonesia Global Dialogue

B20 Indonesia Global Dialogue- Relevance for UPSC Exam

• GS Paper 2: International Relations- Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.

 

B20 Indonesia Global Dialogue in News

• Recently, Department for Promotion of Industry and Internal Trade (DPIIT) hosted Conference on B20 Indonesia Global Dialogue in partnership with Confederation of Indian Industry (CII) in New Delhi.

 

B20 Indonesia Global Dialogue

• B20 Indonesia Global Dialogue 2022 was hosted by India with the aim of aligning the perspectives of Indian industry with the policy recommendations of B20 Indonesia.
• The B20 Indonesia Global Dialogue conference would set tone for the deliberations to ensure that the Indian perspectives are well represented in the policy recommendation of B20 Indonesia.
• Participation: More than 20 business delegates from Indonesia attended the conference.
  • The Indian Government side was represented by Shri Amitabh Kant, India’s Sherpa to G20, Shri Anurag Jain, Secretary, Department of Promotion of Industry and Internal Trade and other senior officers from DPIIT and other concerned Ministries.
• Themes for Discussion: Perspectives from B20 Indonesia was followed by perspectives from Indian Industry and Government of India on following themes-
  • Trade & Investment
  • Energy, Sustainability & Climate
  • Digitisation and
  • Finance and Infrastructure

 

What is Business 20 (B20)?

• About: Business 20 (B20), formed in 2010, is the official G20 dialogue forum with the global business community.
• Mandate: B20 aims to deliver concrete actionable policy recommendations on the priorities by each rotating presidency to spur economic growth and development.

 

G20 Summit 2022

• Background: The G20 was formed in 1999 in the backdrop of the financial crisis of the late 1990s that hit East Asia and Southeast Asia in particular.
  • The first G20 Summit took place in 2008 in Washington DC, US.
• About: G20 is a global grouping that aims to secure global financial stability by involving middle-income countries.
  • In addition to G20 Summits, the Sherpa meetings (that help in negotiations and building consensus), and other events are also organised throughout the year.
• G20 Members: Full members of G20 are- 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 and the European Union.
  • Each year, the presidency invites guest countries.
• G20 Secretariat: The G20 has no permanent secretariat.
• G20 Sherpas: The agenda and work are coordinated by representatives of the G20 countries, known as ‘Sherpas’, who work together with the finance ministers and governors of the central banks.
  • India recently said ex-NITI Aayog CEO Amitabh Kant would be the G20 Sherpa after Piyush Goyal.
• Significance: Together, the G20 countries include 60 per cent of the world’s population, 80 per cent of global GDP, and 75 per cent of global trade.
• G20 Presidency: The presidency of the G20 rotates every year among members. Presently Indonesia have the G20 Presidency.
  • G20 Presidency 2023: India will inherit the G20 Presidency for the year 2023.
• G20 Troika: Country holding the G20 presidency, together with the previous and next presidency-holder, forms the ‘Troika’ to ensure continuity of the G20 agenda.
  • Italy, Indonesia, and India are the Troika countries right now.

India’s presidency of the G20-Opportunity for India’s growth