It's the biggest week in India's diplomatic calendar this year. After more than 200 meetings of ministers and bureaucrats and business leaders and experts, it's time for the main G20 summit. Leaders of some of the largest economies in the world in one room. And this year, that room is in Delhi.
Before world leaders begin converging in India's capital city, here's everything you need to know - What's the G20; is it important; if yes, then why; and what is India trying to achieve through the G20 this year?
WHAT'S THE G20?
It is a grouping of 20 of the world's largest economies. It was formed in 1999 to act on global financial stability. While the G20 began as a forum for finance ministers and central bankers, the heads of state and government began holding annual summits from 2008. It has a system of annual rotational presidency among the member-states. In the past, the G20 has discussed important issues like the 2008 financial crisis, the Covid pandemic, Iran's nuclear program, and the Syria civil war.
But there are already a lot of such groups with different combinations of countries, not to mention the United Nations itself. So is there anything special about the G20, or is it just another platform for leaders to meet, say platitudes, and leave?
WHY IS G20 IMPORTANT?
The G20 is considered one of the more representative global groupings. Its members include both rich and developing nations. G20 members represent around 60% of the world's population and account for 80% of global economic output, and 75% of global exports. Bilateral meetings held on the sidelines of G20 summits are also significant. Donald Trump as US President met Putin for the first time at the G20 meeting in Germany. Similarly, Joe Biden as President met Xi Jinping for the first time at last year's G20 summit in Indonesia.
Away from the high-profile photo ops, if we look at G20's report card, its performance has been patchy. The high point for the group was the 2008 financial crisis, when the member-countries took some concrete steps to stabilise the global economy. But the same level of coordination has been missing on other issues, even those as important as the Covid pandemic.
G20 members did give relief on debt repayment to poor countries, but experts say that Covid response strategies were largely local and uncoordinated. One example is vaccine distribution. Some poorer countries feel that the richer nations used their money power to hoard vaccines at some of the worst points of the pandemic. It's a similar story regarding climate change.
So the G20 has potential, but the challenge is tapping that power. As the G20 president this year, how successful has India been in making the group productive? First, let's see the agenda which Delhi pursued at the G20.
INDIA'S G20 PRESIDENCY: THE AGENDA
The main aim has been to raise and address issues affecting the Global South, which includes lesser-developed countries. Some big concerns for the Global South currently are high inflation and food insecurity, fuelled by events like the Ukraine war. Another item on the table has been a discussion on measures to tackle climate change and weather disasters, which hit poorer countries the hardest. Also, India has been pushing to make the African Union a G20 member. There are also talks on rising debt levels, especially among developing nations, and the Covid pandemic derailing the Sustainable Development Goal campaign.
India's agenda is ambitious, but the challenges are significant too.
INDIA'S G20 PRESIDENCY: THE CHALLENGES
The biggest cloud over G20 events this year has been the Ukraine war, which is causing lack of consensus on the contents of the joint statement. If this is not sorted out by the end of the summit and no declaration is issued, then this would be the first time in G20's history. Another big challenge is ensuring cooperation among members while the US and China are engaged in an economic and geopolitical contest.
On India's advocacy of the African Union, there could be possible opposition from ASEAN, Switzerland, Spain, and other countries and groups which want to become G20 members. Challenge number 4 is how to address the distress caused by Covid and the Ukraine war which has led to around a hundred countries seeking IMF help so far. A related issue is the G20's common framework for debt treatment failing to take off. Only 4 countries have sought debt relief under this so far.
There is another headache for India. Summits of world leaders are high on optics. And for such meetings to be seen as a success, what's important is the physical presence of all the leaders. But Russia President Vladimir Putin and his Chinese counterpart Xi Jinping have confirmed that they would not be coming to Delhi. While this may not be help India's 'vishwaguru' image, it would keep the spotlight on G20's real agenda, instead of the rivalry between Russia, China and the West.
After all, India's agenda at the G20 is development-oriented, not jostling for global supremacy.