India to chair G20 in 2018, Modi to attend Turkey summit

India’s capital is all set to chair the annual G20 summit in 2018. Turkey is hosting the G20 summit this year followed by China in 2016 and Germany in 2017.

Prime Minister Narendra Modi will travel to Antalya resort to attend the G20 summit November 15-16.

The G20 summit in Turkey will have a host of issues on the table, with strengthening of the global recovery through macro policy cooperation, investment, employment and trade, topping the agenda. Enhancing resilience through healthy and stable financial system, an effective and efficient international financial architecture, a smoothly functioning and fair international tax system along with a fair and level playing field for businesses are essential for the resilience of the global economy. The summit will also aim at buttressing stability in the global economy by focusing on the issues of development, energy and climate change finance.

The G20 is an international fora of the world’s 20 major economies which comprise Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, U.K., the U.S and the EU. The G20 economies account for around 80% of world trade (or, if excluding EU intra-trade, 75%), and two-thirds of the world population. The G20 was created in response to the 2008 global financial crisis.

Each member of the G20 is represented by its head of state or government at the Leaders’ Summit, while the leaders are assisted by their Finance Ministers and Central Bank Governors, and Sherpas. During the G20 summit in 2014 in Brisbane, the main issues discussed were the recovery of the global economy after the financial crisis, coordinated growth strategies, tax reforms and anti-corruption measures. Topics such as energy supply, climate change and the Ebola virus epidemic in West Africa were also discussed in addition to the major issues.

In the 2014 summit the G20 leaders set the target increasing economic growth by an extra 2 percent through commitments made at the summit, along with agreements such as increase infrastructure investment through the creation of a four-year infrastructure hub, linking government, private sector, development banks and interested international organisations.

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