India joined the G20 ‘Troika’ and with this move India has started the procedure for taking over the G20 presidency in 2022.
GS-II: International Relations (Important International Groupings and Agreements, Foreign Policies affecting India’s Interests)
Dimensions of the Article:
- What is Troika? What is the need for Troika in G20?
- About India’s move for joining the G20 ‘Troika’
- About G20
- Structure and functioning of G20
What is Troika? What is the need for Troika in G20?
- Troika means a group of three people working together. It is an English word.
- The Troika of G20 is made of the current, next and immediate past host countries. The Troika ensures continuity and provides presidency support.
- The G20 operates without a permanent staff or secretariat. The chair of the group rotates annually among its members. The current chair establishes secretariat temporarily.
- This secretariat organises meetings and coordinates the working of the group. Thus, there is need for Troika to help with the secretariat so that there is continuity in the works of G20.
Formation of Troika
- In 2019, the G20 was hosted by Japan. In 2020, Italy hosted G20. In 2021, it is Indonesia. In 2022, 2023 and 2024, it will be hosted by Indonesia, India and Brazil.
- Thus, the following countries formed the Troika in G20
- 2020: Japan, Italy and Indonesia
- 2021: Italy, Indonesia and India
- 2022: Indonesia, India and Brazil
About India’s move for joining the 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 Narendra Modi where India had raised the issue of Afghanistan’s future following the takeover by the Taliban.
- Indonesia took over the G20 presidency on December 2, 2021. Next year’s summit will be organised along the overall theme of “Recover Together, Recover Stronger”.
- As a Troika member, India will work closely with Indonesia and Italy to ensure consistency and continuity of the G20’s agenda.
- 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, over 75% of global trade and roughly half the world’s land area.
- 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.
Structure and functioning of G20
- The G20 Presidency rotates annually according to a system that ensures a regional balance over time.
- For the selection of presidency, the 19 countries are divided into 5 groups, each having no more than 4 countries. The presidency rotates between each group.
- Every year the G20 selects a country from another group to be president.
- India is in Group 2 which also has Russia, South Africa and Turkey.
- The G20 does not have a permanent secretariat or Headquarters.
- 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.
- Since 2008, the group convenes at least once a year, with the summits involving each member’s head of government.
-Source: The Hindu