This day marked the final day of the G20 Summit 2024 hosted by Indonesia. A joint declaration was to be issued, but tensions erupted between the U.S. and Russia regarding the Ukraine war. Even after 15 rounds of negotiations, no agreement could be reached on the issuance of the declaration.

Prior to the issuance of the summit’s declaration, Russian Foreign Minister Sergey Lavrov left. Subsequently, Western nations issued a declaration according to their terms. For the first time, a group photo of all heads of state could not be taken together.

India faced a similar challenge last year, but it managed to secure 100% consensus among all countries for its declaration. The New Delhi announcement tried also Russia’s intrusion into Ukraine.

However, this was not easy. To reach a consensus, a team of Indian diplomats held over 300 meetings and engaged in more than 200 hours of non-stop discussion. This finished in the planning of the announcement. This is significant because any summit is considered successful only when a joint declaration is issued.

“The G20 must lead by example,” stressed UN Secretary General Antonio Guterres, in a press conference today before the G20 2024 leaders’ summit in Rio de Janeiro. pic.twitter.com/U1C387rCmL

— G20 Brasil (@g20org) November 17, 2024

First, let’s understand how the G20 Summit was formed

The global economic crisis of 2008 is well-remembered worldwide. Eleven years prior, in 1997, an economic crisis also struck Asia, known as the Asian Financial Crisis. This crisis began in Thailand and spread to other Asian countries.

Due to the downturn, ASEAN countries saw their debt increase to 167% compared to their GDP. A vast number of people became unemployed. In the first six months of the crisis, the value of Indonesia’s currency plummeted by 80%, and Thailand’s currency fell by 50% against the dollar.

To ensure that developed countries were not adversely affected, the G7 nations held a meeting and decided to create a forum to discuss issues related to the global economy. This is how the G20 was initiated. Countries with rapidly growing economies or the potential for rapid growth were identified and brought together on one platform.

Until 2007, only the finance ministers of member countries participated in these meetings. However, the financial crises in Western and affluent nations in 2007 and 2008 compelled them to elevate discussions to the level of heads of state.

Since then, every year, leaders from all member countries gather to discuss important issues. Initially, the U.S. opposed this idea. However, given the circumstances, it later agreed to the summit meetings. The First G20 event done in Washington, D.C.

To date, there have been a total of 18 G20 meetings. The 19th meeting is being held in Brazil. In addition to member countries, every year, the host country invites several nations and organizations as guests.

The guest countries for G20 2024 are Angola, Egypt, Nigeria, Norway, Portugal, Singapore, Spain, and the UAE.

What is the role of the G20?

Initially, G20 focused on discussions related to economic matters. However, over time, its scope has broadened. Now, G20 meetings also cover issues related to health, agriculture, energy, the environment, climate change, and preventing corruption.

How is the G20 presidency determined? The G20 administration turns among part nations every year. The decision on where the meeting will be held is made by the Troika, which consists of the past, present, and future president countries.

This time, the Carriage comprises India, Brazil, and Indonesia. The G20 summit was held in India in 2023. In 2024, it will take place in Brazil. The summit in South Africa in 2025 will mark the conclusion of this Troika.

By the time it is held in South Africa, every country will have had the opportunity to hold the G20 presidency. After this, the U.S. will again assume the G20 presidency starting in 2026.

The U.S. is the main country that has facilitated the G20 highest point two times (in 2008 and 2009). In the beginning, the G20 meetings were held twice a year. However, since 2011, they have been held once a year.

What was special about the New Delhi Declaration?

– There was no notice of the Ukraine war. It appealed for each country to respect the territorial integrity, sovereignty, and international humanitarian law of other nations following international law.
– All countries condemned all forms of terrorism in the New Delhi G20 Declaration.
– The announcement of the India-Middle East-Europe Economic Corridor included India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany, and the U.S.
– Agreement was reached to fund rapidly developing cities around the world.
– There was an emphasis on prioritizing the Global South.