Japan Host the G-20 Summit 2019 in Osaka

G-20 Summit 2019 in Osaka

Japan Host the G-20 Summit 2019 in Osaka: The G-20 Leaders’ Summit is the most vital event of the year for the G-20 as it focuses on various global issues with the participation of twenty countries. The summit brings together heads of government from G-20 member states in a forum and it allows face-to-face communication among various heads. It comprises of twenty of the world’s largest economies and it quintessentially focuses on addressing global economic challenges. It basically brings together systemically important industrialized and developing economies

 

Bilateral meeting will be scheduled between Indian PM Narendra Modi and US President Donald Trump on Friday, June 28 in Japan, will be trilateral meeting if Japan PM Shinzo Abe Joined.

The theme of G-20 2019:

To host the G-20 2019 Japan selected the western city of Osaka. This is the first time that Japan is going to hold such a gathering. Osaka Prefecture and The City of Osaka jointly submitted a proposal to Japan’s Foreign Minister to host the G-20 Summit at the Intex Osaka Convention Centre. The main theme of G-20 2019 is: ‘Toward Sustainable Agro-Food Sector: Emerging Issues and Good Practices’. It mainly focuses on the sustainable development of the Agro-Food Sector alongside the emerging problems and the ways to resolve them with the inclusion of some good practices.

There are other issues to be discussed in this summit are an innovation of human resources and new and unique technologies, Food Value Chains and other benefits of FVC stakeholders’, contribution to achieving the SDGs.

History of G-20:

The G-20 or the Group of Twenty is a government and center bank governors’ international forum from 19 countries and the European Union. It comprises of twenty of the world’s largest economies and it quintessentially focuses on addressing global economic challenges. It basically brings together systemically important industrialized and developing economies to discuss main issues and find various solutions and ways to resolve them in the global economy.

Following the Asian financial crisis, the G-20 started in the same year of 1999. It becomes a forum for finance ministers and central bank governors to discuss various global financial issues.

The G-20 Leaders’ Summit is the most vital event of the year for the G-20 as it focuses on various global issues with the participation of twenty countries. The summit brings together heads of government from G-20 member states in a forum and it allows face-to-face communication among various heads of the Government about pressing global economic and financial issues.

The objectives of the G20 are:

  1. a) Policy coordination between its members in order to achieve global economic stability and sustainable growth
  2. b) To promote financial regulations that reduce risks and prevents future financial crises
  3. c) To create a brand new international financial architecture

Apart from this, there are several meetings happened in the past years focussing on various issues and coming up with solutions. Those meetings mainly focused on “Climate change and global trade”, “terrorist attack in Paris”, “Russia’s attack on Ukraine”, “increase of GDP growth to 2.1%”.

Participating Countries:

The members of G-20 include nineteen countries: Argentina, Indonesia, Australia, Brazil, Canada, China, Germany, France, India, Italy, Japan, Mexico, Russia, Saudi Arabia,  South Korea, Turkey, the United Kingdom and the United States—and the European Union, South Africa.

Argentina is hosting this year’s Leaders’ Summit as it is currently holding the annually rotating presidency of the G20. The current G20 president of Germany and Japan works in a “troika” with the previous and the following presidencies. They are responsible for hosting the G20 meetings throughout the year. This year, Argentina elected to invite Chile and the Netherlands as it can also invite non-member countries to attend meetings at its own discretion.

Indian Participation & possible meeting of Indian delegation with other nation or representatives:

Bilateral meeting will be scheduled between  PM Narendra Modi and US President Donald Trump on Friday, June 28 in Japan, will be trilateral meeting if Japan PM Shinzo Abe Joined. After the Upper House General elections in India. This would be the first meeting between Modi and Trump Trump.

In Bilateral meeting, it is the main discussion held on the current tariff issue between two major nations. Currently, India raised tariffs on some 28 products to include almond and walnuts as the US imposes a higher duty on some products include Steel and Almunium. After the US dropped India from GSP Trade Program

Union minister Suresh Prabhu will be India’s sherpa at the G20 meet announce by The Indian ministry. A sherpa is the personal representative of a head of state or government who prepares an international summit, particularly the annual G7 and G20 summits.

“The issues of importance for India at G20 includes energy security, financial stability, disaster resilient infrastructure, reformed multilateralism, WTO reforms, countering terrorism, the return of economic fugitives, food security, the democratization of technologies and portable social security schemes,” the government said in a statement.

In this G-20 Leaders’ Summit, there is huge participation of India as Commerce minister Piyush Goyal will discuss the global trade scenario, digital trade, and World Trade Organisation matters during a two-day G20 ministerial meeting which is going to be held in Japan in Tsukuba city. Goyal will hold dialogue with other participating trade ministers on recent international trade and investments, as he is leading the Indian delegation on trade and the digital economy. Goyal will take this opportunity to interact with various trade ministers of participating countries after he visited abroad after assuming charge.

In order to sensitize India’s core interests in trade and investment issues, the commerce minister will hold bilateral meetings on the sidelines of G20 and build a coalition with like-minded countries. They will do it for defending the interests of developing countries. India has been actively participating in the meetings ever since the G-20 was formed. It sets the agenda for multilateral trade relations although there are no binding commitments in G20.

The development in the Global trade situations will be discussed by the Minister and with that, the WTO matters and digital trade will also be discussed. He will also conduct conversations with other participating Trade Ministers on current international trade and investments. Our Ministers corresponding to the Ministry of Electronics and Information Technology (MeitY) and Commerce will participate in a joint session on Digital Economy for the first time at the G20 Ministerial Meeting.

Also read: Donald Trump: The Journey from Real Estate Mogul to President

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