G-20 Summit:
Context:
The 20th G-20 Leaders' Summit is scheduled to be held in 2025 under the presidency of South Africa.
South Africa officially assumed the G20 Presidency on December 1, 2024, taking over from Brazil.
This marks the first time a G20 Summit will be hosted on the African continent.
20th G20 Summit:
The theme (2025) is Solidarity, Equality and Sustainability.
South Africa has outlined four overarching priorities:
Strengthening Disaster Resilience.
Debt Sustainability
Just Energy Transition
Critical Minerals
About G-20 Grouping:
It was founded in 1999 after the Asian Financial Crisis as a forum for Finance Ministers and Central Bank Governors.
It was elevated to the level of Heads of State/Government in 2008 during the global financial crisis.
It comprises 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, UK, USA) plus the European Union (EU) and the African Union (AU)).
The AU was previously an invited organisation, and it became a full member at the 2023 summit in New Delhi.
The grouping represents around 85% of the global GDP, over 75% of global trade, and about two-thirds of the world population.
Structure & Functioning:
The presidency rotates annually among members.
The agenda is ensured continuity by a "Troika" consisting of the past, present, and future presidencies (currently Brazil, South Africa, and the USA).
Two Tracks:
Finance Track is led by Finance Ministers and Central Bank Governors.
Sherpa Track is led by "Sherpas" (representatives of leaders) who focus on broader socio-economic issues like agriculture, health, and climate change.