ITALY HOSTED G-20 FOREIGN MINISTERS' MEETING
Recently, Italy hosted the G-20 foreign ministers’ meeting to discuss the fight against Covid-19 and how to speed up the recovery of the global economy and boost sustainable development in Africa. Currently, Italy holds the presidency of G-20. The G-20 summit is scheduled to be held in Italy in October, 2021. India is expected to hold the presidency of the G-20 in 2023.
ABOUT G-20 (GROUP OF TWENTY)
The G20 is an informal group of 19 countries and the European Union, with representatives of the International Monetary Fund and the World Bank. The G20 membership comprises a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85% of global gross domestic product, 80% of global investment and over 75% of global trade.
Origin: 1997-1999 ASIAN Financial Crisis: This was a ministerial-level forum which emerged after G7 invited both developed and developing economies. The finance ministers and central bank governors began meeting in 1999. Amid 2008 Financial Crisis the world saw the need for a new consensus building at the highest political level. It was decided that the G20 leaders would begin meeting once annually. To help prepare these summits, the G20 finance ministers and central bank governors continue to meet on their own twice a year. They meet at the same time as the International Monetary Fund and The World Bank.
The work of G20 is divided into two tracks:
The finance track comprises all meetings with G20 finance ministers and central bank governors and their deputies. Meeting several times throughout the year they focus on monetary and fiscal issues, financial regulations, etc. The Sherpa track focuses on broader issues such as political engagement, anti-corruption, development, energy, etc. Each G20 country is represented by its Sherpa; who plans, guides, implements, etc. on behalf of the leader of their respective country. (Indian Sherpa, at the G20 in Argentina, 2018 was Shri Shaktikanta Das)
MEMBERSHIP OF G-20
The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union. Spain as a permanent, non-member invitee, also attends leader summits.
KEY HIGHLIGHTS OF THE MEETING:
On Covid-19: Criticized China and Russia for engaging in vaccine diplomacy. Vaccine diplomacy is the branch of global health diplomacy in which a nation uses the development or delivery of vaccines to strengthen ties with other nations. Promoting a science-based holistic One Health approach. 'One Health' is an approach to designing and implementing programmes, policies, legislation and research in which multiple sectors communicate and work together to achieve better public health outcomes.
- On Climate Change: Increased climate variability and extreme weather events impact agriculture output and are among the forces driving the rise in global hunger.
- On Africa: The Covid-19 pandemic, conflict, drought, economic woes, and extreme weather are reversing years of progress. In the whole of Africa, 250 million people were experiencing hunger, which is nearly 20% of the population (as of 2019).
INDIA'S STAND IN THE MEETING
Flagged the issue of “vaccine equity”. This came in the wake of the European Union’s (EU) opposition to India’s and South Africa’s proposal to increase large-scale manufacturing of vaccines by waiving some parts of the intellectual property rules under the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement). These rules prevent international firms with the capacity to produce approved vaccinations owing to issues with licencing. Economy needs decentralised globalisation, including in manufacturing, food and health. Resilient supply chains must develop in parallel. Today, the world is much more interlinked and interdependent. But it should not be that globalisation should apply only to resources and markets while production centres remain concentrated in the hands of a few. Many countries, including India, faced difficulties getting medical equipment during the pandemic and faced disruption in a number of areas - such as a computer chip shortage and stalling automobile production.
G20 ON VACCINE EQUITY
About: It entails both affordability of vaccines and access opportunities for populations across the world, irrespective of geography and geopolitics.
Need: Inequitable vaccine distribution is not only leaving untold millions of people vulnerable to the virus but also allowing deadly variants to emerge and bounce back across the world. As variants continue to spread, even countries with advanced vaccination programs have been forced to reimpose stricter public health measures, and some have implemented travel restrictions.
Initiative to Ensure Vaccine Equity:
COVAX: It is a global initiative aimed at equitable access to Covid-19 vaccines led by UNICEF, Gavi (The Vaccine Alliance), the World Health Organization, the Coalition for Epidemic Preparedness and others. India also began its ‘Vaccine Maitri’ to supply Covid vaccine to different nations.
TEST YOURSELF
Q.1 Which of the following countries hosted the G-20 foreign ministers’ meeting as it holds the presidency of G-20?
- Italy: ANSWER
- Saudi Arabia
- United Arab Emirates
- None of the following
Q.2 Consider the given statements & state which of the following is/are correct in the reference to the above mentioned passage?
- The G-20 summit is scheduled to be held in Saudi Arabia in October, 2021. India is expected to hold the presidency of the G-20 in 2023.
- The leaders in the meeting promoted a science-based holistic One Health approach which is an approach to designing and implementing programmes, policies, legislation and research in which multiple sectors communicate and work together to achieve better public health outcomes.
- Only I follows
- Only II follows: ANSWER
- Both I & II follows
- None of the above
Q.3 Which of the following statements is not correct regarding the G 20?
- The G20 summits are attended by the Finance Ministers and Central Bank Governors of the member countries only.
- India never hosted any G20 summit.
- Its main aim is to eliminate poverty from the world: ANSWER
- Its meetings are held annually.
Q.4 Which of the following is the theme of the 15th G20 summit leader's summit recently held in November 2020?
- Shaping an Interconnected World
- Fighting poverty with rigidity
- Making the world together
- Realizing Opportunities of the 21st Century for All: ANSWER
Q.5 Consider the given statements & state which of the following is/are correct in the reference to the Group of Seven (G-7) nations?
- It is an intergovernmental organization that was formed in 1995 & meets annually to discuss issues of common interest like global economic governance, international security and energy policy.
- The Group of Seven (G-7) countries includes the United Kingdom, China, India, Germany, Italy, Japan and the US.
- Only I follows
- Only II follows
- Both I & II follows
- None of the above: ANSWER
