Why in News?
US President Donald Trump announced he will not attend the upcoming G20 Summit 2025 in Johannesburg, South Africa later this month, questioning South Africa’s place in the G20 grouping. South Africa currently holds the G20 Presidency, and the US will take over next year.
Description:
● Established: 1999 (as meeting of Finance Ministers + Central Bank Governors)
- Full form: Group of Twenty
- Members: 19 countries + European Union (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK, USA + EU)
- Level Upgrade: Became Summit of Heads of State/Government in 2008 after Global Financial Crisis.
- Nature: Informal forum, NOT a treaty based organisation → its decisions are not legally binding.
- Representation Share:
- ~85% of Global GDP
- ~75% of Global Trade
- ~2/3rd of World Population
- Key Objective Areas (Static):
- Promote international financial stability
- Macro-economic policy coordination
- Strengthen global financial architecture
- Address development + inequality issues at global level
- Platform bridging developed & developing economies → Global South voice included
- Important institutional difference vs others:
- Not like UN / WTO (no charter, no treaty obligation)
- G20 Presidency rotates annually
- Indian Presidency (Static)
- India held Presidency in 2023
- Theme: One Earth, One Family, One Future
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