1. G 20
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- The Group of Twenty (G20) is an international forum for the governments and central bank governors from 19 countries and the European Union and African Union (AU was added in 18th G20 Summit which was hosted by India in 2023).
- The G20 was founded in 1999 in response to several world economic crises.
- Its members represent the world’s major economies, both developed and emerging.
- It accounts for around 80% of gross world product (GWP), 75% of international trade, two-thirds of the global population, and 60% of the world’s land area.
- It works to address major issues related to the global economy, such as international financial stability, climate change mitigation and sustainable development.
- The G20 operates without a permanent secretariat or staff and is supported by the previous, current, and future holders of the presidency, known as the troika.
- G20 Troika 2024: India, Brazil, South Africa
Chair Rotation
All the members have been divided into 5 group of countries (Except EU and AU)
All countries within a group are eligible to take over the G20 Presidency when it is their group’s turn. Therefore, the states within the relevant group need to negotiate among themselves to select the next G20 President.
18th G20 Summit 2023 (New Delhi)
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- The African Union joined the G20 as a permanent member, the first since the G20’s formation in 1999.
- A new organization called the Global Biofuel Alliance (GBA) was launched, to promote the development and adoption of sustainable biofuels, and set relevant standards and certification.
- A group of countries made a joint agreement to build a rail and shipping corridor linking India with the Middle East and Europe called the India-Middle East-Europe Economic Corridor. The group comprises India, Saudi Arabia, the United Arab Emirates, Jordan, Israel and the European Union.
2. ASEAN (HQ: Jakarta, Indonesia)
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- ASEAN, a regional organisation comprising 10 Southeast Asian states, fosters intergovernmental cooperation and economic integration among its members.
- ASEAN was established on 8th August 1967 in Bangkok, Thailand with the signing of the Bangkok Declaration.
- Member nations consist of Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Cambodia, Laos, Myanmar, and Vietnam.
- Its core goals include boosting economic growth, social progress, and cultural development while safeguarding regional stability.
- ASEAN became ASEAN Plus Ten with additional countries: China, Japan, South Korea, Australia, New Zealand and India.
- India: Dialogue Partner
- ASEAN-India Summit – ASEAN and India hold annual summits since 2002 to elevate political, security, economic and socio-cultural ties.
3. BRICS
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- BRICS is an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates.
- All five are G-20 members.
- It represents over 40% of the world’s population and accounts for 22% of global GDP.
BRICS Summit 2023 (15th BRICS Summit)
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- Transformation from the BRICS to the BRICS+ with Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates were invited to join the bloc. Full membership was scheduled to take effect on 1 January 2024.
- However, Argentina withdrew from the membership.
