India joins G20 Troika

Context

  • Recently, India joins G20 Troika on December 1, 2021 with Indonesia and Italy.

About G20 Troika

  • With this move, India has started the procedure for taking over the G20 presidency next year.
    • Troika refers to the top grouping within the G20 that consists of the current, previous and the incoming presidencies Indonesia, Italy and India.
  • India will assume the G20 presidency on December 1, 2022 from Indonesia, and will convene the G20 Leaders’ Summit for the first time in India in 2023.
  • Italy hosted the G20 summit during October 30-31 that was attended by Prime Minister where India had raised the issue of Afghanistan’s future following the takeover by the Taliban.
  • Indonesia took over the G20 presidency on Wednesday.
  • In the coming months, Indonesia will hold rounds of discussion at various levels among the members of the G20 before convening the G20 Leaders’ Summit scheduled for October 30-31, 2022.
    • Next year’s summit will be organised along the overall theme of “Recover Together, Recover Stronger”.
  • As a G20 Troika member, India will work closely with Indonesia and Italy to ensure consistency and continuity of the G20’s agenda.

About G20 Countries

India joins G20 Troika

  • Formed in 1999, the G20 is an international forum of the governments and central bank governors from 20 major economies.
  • Collectively, the G20 economies account for around 85 percent of the Gross World Product (GWP), 80 percent of world trade.
  • The members of the G20 consist of 19 individual countries plus the European Union (EU).
    • The 19 member countries of the forum are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom and the United States.
    • The European Union is represented by the European Commission and by the European Central Bank.
  • India has been a member of the G20 since its inception in 1999.

Know More about G20 Group of Nations: Click Here

Source: TH

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