19th G20 Summit Focuses on Hunger and Inequality

Why in the news?

The 19th G20 Summit, hosted by Brazil, emphasises launching the “Global Alliance against Hunger and Poverty” to tackle global disparities, with participation from world leaders including PM Modi and Joe Biden.

19th G20 Summit Focuses on Hunger and Inequality

Key Highlights of the Summit:

  • The 19th G20 Summit commenced in Brazil, hosted by President Luiz Inácio Lula da Silva.
  • The primary agenda includes tackling hunger, poverty, and inequality, with a focus on global collaboration.
  • President Lula welcomed heads of G20 member states, invitees, and international organisations for the 1st plenary session titled “Global Alliance against Hunger and Poverty.”

Launch of Global Alliance Against Hunger and Poverty

  • The Brazilian Presidency initiated the Global Alliance against Hunger and Poverty, officially launched during the summit.
  • This alliance aims to address pressing global challenges through coordinated efforts.
  • The initiative reflects Brazil’s leadership in promoting equitable and sustainable development.

Prominent Leaders in Attendance

  • The plenary session witnessed participation from Troika leaders:
    • South African President Cyril Ramaphosa
    • Brazilian President Lula da Silva
    • Indian Prime Minister Narendra Modi
  • Other global dignitaries included:
    • Chinese President Xi Jinping
    • US President Joe Biden
    • UK Prime Minister Keir Starmer

The summit highlights the commitment of G20 nations to unite against global disparities and enhance international cooperation in achieving inclusive growth.

Historical Background of G20 Summit:

  • Originated due to the 1997-98 Asian financial crisis.
  • Initially for Finance Ministers and Central Bank Governors.
  • Upgraded to a Leaders’ level after the 2008 global financial crisis.
  • Declared the “premier forum for international economic cooperation” in 2009.

G20 Countries List:

  • 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, UK, USA, and EU.
  • Representing 85% of world GDP, 75% of international trade, and two-thirds of global population.

Structure and Functioning:

  • Sherpa Track: Focuses on socio-economic issues (e.g., climate, trade, health).
  • Finance Track: Led by Finance Ministers, addressing fiscal policy, financial regulation, and taxation.
  • Troika: Comprising the previous, current, and incoming presidencies, guiding the agenda.
  • Non-binding decisions with collaboration from organisations like the IMF and WTO.

Sources Referred:

PIB, The Hindu, Indian Express, Hindustan Times