The G20 Summit in New Delhi marked the 18th annual summit since the inception of the premier grouping. G22, an early iteration of the G20, was established in 1998 in response to the financial crisis that swept through East Asian economies and later spread to Latin America. Initially conceived as a one-time crisis-response gathering, it evolved to include 33 members by early 1999. Late that year, the G20, in its current composition, was formally established as a forum for Finance Ministers and Central Bank Governors, convening annually. Between 1999 and 2008, the G20 operated with limited public attention; however, the global financial crisis of 2008 propelled G20 to its current prominence. Blitz India takes a quick look-back at the past summits:
Washington, US, 2008
The inaugural G20 summit on November 14-15, 2008, in Washington DC, yielded significant results. Leaders united under the banner of the ‘Summit on Financial Markets and the World Economy.’ Their primary accomplishments included the establishment of common principles for revamping global financial markets and the launch of a comprehensive action plan to enact these reforms. These principles encompassed enhancing transparency and accountability, reinforcing regulatory frameworks, promoting ethical standards in financial markets, fostering international cooperation, and reforming IFIs.
London, UK, 2009
The second summit of G20 on April 2, 2009, yielded three pivotal outcomes. First, the G20 nations collectively injected an unprecedented $5 trillion into the global economy to counter plummeting global demand. Secondly, member countries pledged an additional $1 trillion to strengthen the IMF and enhance its role in global finance. Lastly, the leaders committed to bolstering institutions responsible for overseeing, supervising, and regulating financial markets and institutions.
Pittsburgh, US, 2009
Interestingly, the G20’s next gathering of 2009 was convened on September 24 and 25 in Pittsburgh, right after the completion of the London meeting. At this meet, the G20 received official recognition as a “premier forum for international economic co-operation.” The new designation acknowledged that the G8 had become a relic of the past, unable to adequately represent emerging economic powers of China, India, South Africa, Mexico, and Brazil.
Toronto, Canada, 2010
The Toronto meet, on June 26 and 27, took place against the backdrop of a fragile and uneven global economy, still reeling from the 2008 financial crisis. Leaders from advanced economies committed to a bold plan: slashing their deficits by half by the year 2013 and setting a course to stabilise or reduce their debt burdens by 2016.
Seoul, South Korea, 2011
The fifth G20 summit, held on November 11 and 12, 2010, marked a significant departure from its previous agendas. In a historic shift, development policy issues took centerstage, collectively known as the ‘Seoul Development Consensus for Shared Growth.’ This pivot reflected the G20’s evolving role and its commitment to addressing broader global challenges beyond traditional economic concerns.
Cannes, France, 2011
On November 3 and 4, 2011, the G20 summit convened with a primary agenda: reforming the international monetary system, as outlined in an official Indian Government document. A noteworthy achievement of this gathering was the creation of the Agricultural Market Information System (AMIS). The development marked a significant step towards addressing global food security and market stability.
Los Cabos, Mexico, 2012
The summit, held on June 18 and 19, 2012, tackled pressing global issues. Its foremost mission was to combat youth unemployment by creating quality jobs with social security coverage and equitable incomes. Additionally, the gathering emphasised the interconnectedness of the development agenda, agricultural policies, and environmentally sustainable economic growth.
Saint Petersburg, Russia, 2013
In Saint Petersburg, Russia, on September 5 and 6, 2013, the G20 Summit addressed critical financial issues. Leaders achieved a significant milestone by agreeing to implement the automatic exchange of tax information. Furthermore, they adopted the Action Plan on Base Erosion and Profit Shifting (BEPS). This strategic plan aimed to establish regulatory policies to monitor multinational corporations engaged in tax evasion. It marked a pivotal step in combating corporate tax avoidance on an international scale
Brisbane, Australia, 2014
The Brisbane summit that took place on November 15 and 16 made headlines with its ambitious objectives. Leaders left the meeting with a bold commitment: to boost the collective GDP of G20 nations by an extra two per cent. Additionally, they aimed to make significant strides in gender equality by targeting a 25 pc reduction in the gender gap within the global labour force by the year 2025.
Antalya, Turkey, 2015
The 10th G20 summit, held in Antalya, Turkey, on November 15 and 16, 2015, put spotlight on the pressing migration and refugee crisis. It was the first time G20 member nations collectively addressed this critical issue. Beyond that, leaders rallied around the cause of financial sector reforms and bolstered support for climate-change mitigation plans. Notably, a joint statement titled ‘Fight against Terrorism’ underscored their commitment to combatting global security threats.
Hangzhou, China, 2016
Hosted on September 4 and 5, the summit witnessed two significant milestones. First, the digital economy was integrated into the G20 agenda for the very first time. Secondly, leaders adopted the ‘G20 Action Plan on 2030 Agenda for Sustainable Development.’ This strategic plan aimed to propel member countries towards achieving SDGs.
Hamburg, Germany, 2017
On July 7 and 8, 2017, the G20 Summit took centerstage with a strong focus on counter-terrorism efforts. The summit’s joint declaration reaffirmed the paramount significance of the Paris Agreement, a pivotal international treaty on climate change adopted in 2015, emphasising its “irreversible” nature. The summit underscored the ongoing commitment to combat terrorism and tackle the global challenge of climate change on the international stage.
Buenos Aires, Argentina, 2018
The Buenos Aires G20 summit of November 30 and December 1, 2018, made headlines with its trio of messages. First and foremost, the joint statement reaffirmed unwavering support for the UN Agenda 2030 for Sustainable Development. Secondly, it placed a strong emphasis on intensifying efforts to combat climate change; and lastly the G20 leaders underscored their recognition of the importance of a multilateral approach to international trade and called for reforms within the WTO.
Osaka, Japan, 2019
The 2019 G20 summit convened in Osaka, Japan, on June 28 and 29, with a significant focus on combating online terrorism. Key leaders united in a crucial statement, urging online platforms to take a stand against terrorism and content conducive to violent extremism. They called for measures to prevent the streaming, uploading, or re-uploading of such harmful content.
Virtual Summit, Saudi Arabia, 2020
The summit, originally planned for November 21 and 22, adapted to the unprecedented challenges posed by Covid-19 pandemic by shifting to a virtual format. During this historic online gathering, world leaders made a collective commitment to unite in their efforts to combat the pandemic, revive global economic growth, and construct a future that is characterised by inclusivity, sustainability, and resilience.
Rome, Italy, 2021
The 16th G20 summit, held on October 30 and 31, focused on the urgent battle against climate change. Following intensive discussions, world leaders came up with a resolute commitment: to persist in the fight to limit global warming to a maximum of 1.5 degrees Celsius compared to pre-industrial levels. This ambitious goal aimed to stave off the worst effects of climate change. Furthermore, the leaders made a collective pledge to attain global net-zero greenhouse gas emissions by roughly mid-century.
Bali, Indonesia, 2022
The summit held in Bali on November 15 and 16 marked several significant milestones. It was the first G20 gathering since the Russian invasion of Ukraine and the first fully physical meeting since the pandemic began. Member countries came together in their joint statement to voice support for the principles of respecting state sovereignty and international borders, emphasising the importance of avoiding war and conflicts. Additionally, the statement underscored their collective stance against the use of nuclear weapons or any threats thereof