G-7
The Group of Seven (G7) is a political forum between the governments of the United States, Canada, France, Germany, Italy, Japan, the United Kingdom, and the European Union (EU), which is also a "non-enumerated member". It is structured around the common values of liberal democracy, pluralism, and representative government. In international affairs, its members continue to retain close political, economic, diplomatic, and military ties.
The G7 began as an impromptu meeting of finance ministers in 1973 and has since developed into a formal, prominent forum for debating and coordinating solutions to significant global concerns, particularly in the fields of trade, security, economics, and climate change. At the annual G7 Summit, the heads of state or government of each member country, as well as the presidents of the European Commission and European Council, get together. Other senior G7 and EU officials also hold regular meetings. Russia was a formal member (as a member of the G8) from 1997 until its expulsion in 2014, and representatives of other nations and international organizations are frequently welcomed as guests.
The G7 has no permanent staff or office and is not founded on a treaty. It is run through an annual rotation of the member states holding the presidency, with Japan holding the presidency through 2023. The presiding state sets the group's priorities and hosts the summit. The G7 is regarded as having significant international influence despite having no institutional or legal foundation; it has catalyzed or led numerous significant global initiatives, such as those to fight the HIV/AIDS pandemic, give money to developing nations, and address climate change through the 2015 Paris Agreement. However, the organization has come under fire from observers for what they claim to be its outmoded and restricted membership, low worldwide representation, and ineffectiveness.
G-20
The G20, sometimes known as the Group of 20, is an intergovernmental organization made up of the European Union (EU) and 19 other nations. It strives to address important global economic concerns like international financial stability, reducing greenhouse gas emissions, and sustainable development.
Around 80% of the gross world product (GWP),75% of global trade, two-thirds of the world's population and 60% of its geographical area are represented by the G20, which is made up of the finance ministries of the majority of the world's largest economies, including both industrialized and developing countries.
Members of G 20
As of 2023, there are 20 members in the group : Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, South Korea, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union. Guest invitees include, amongst others, Spain, the United Nations, the World Bank, the African Union and ASEAN.
The theme of India's G20 presidency, borrowed from the ancient Sanskrit scripture of the Maha Upanishad, is "वसुधैव कुटुम्बकम्", in Sanskrit, or "One Earth, One Family, One Future" in English. India has held the G20 presidency since 1 December 2022. The subject emphasizes the importance of all life—human, animal, plant, and microorganism—and their interdependence on Earth and in the larger world. Next G-20 summit will be held in New Delhi between 3 Sep 2023 to 6th Sep. 2023.
G 20 WORKS
· The G20 Presidency steers the G20 agenda for one year and hosts the Summit. The G20 consists of two parallel tracks: the Finance Track and the Sherpa Track. Finance Ministers and Central Bank Governors lead the Finance Track while Sherpas lead the Sherpa Track.
· The G20 process from the Sherpa side is coordinated by the Sherpas of member countries, who are personal emissaries of the Leaders. Finance Track is led by Finance Ministers and Central Bank Governors of the member countries. Within the two tracks, there are thematically oriented working groups in which representatives from the relevant ministries of the members as well as from invited/guest countries and various international organisations participate.
· The Finance Track is mainly led by the Ministry of Finance. These working groups meet regularly throughout the term of each Presidency. The Sherpas oversee negotiations over the course of the year, discussing agenda items for the Summit and coordinating the substantive work of the G20.
· In addition, there are Engagement Groups which bring together civil societies, parliamentarians, think tanks, women, youth, labour, businesses and researchers of the G20 countries.
· The Group does not have a permanent secretariat. The Presidency is supported by the Troika - previous, current and incoming Presidency. During India’s Presidency, the troika will comprise Indonesia, India and Brazil, respectively.
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