The G20 and what it has done for our world

Arsh Tikku

October 27, 2023

In the past month, leaders from around the world of the most economically powerful countries met in New Delhi, India. They discussed topics regarding the future of the world economy. Topics included financial stability, climate change mitigation, and sustainable development. But what is the G20 Summit? G20 stands for “Group of 20,” and it is a forum for 19 countries and the European Union. Before G20, there used to be G7, but after the Asian Financial Crisis in the 90s, this version didn’t seem to cut it anymore, and the leaders decided to invite more nations to make it more effective. Ever since then, it's been called the G20.

The focus of the 2023 G20 meeting was “One Earth, One Family, One Future.” They did well on this as they invited many more nations to the meeting than ever before, including the African Union (Which has now become a full-time member), Egypt, Spain, The Netherlands, and others. That increased the effectiveness of the conference. That was also good for diplomacy, as the new nations finally had a voice on such a platform. 

There were a few outcomes this year. An organization called the “Global Biofuel Alliance” was launched. Its purpose is to increase the use of biofuels to decrease fossil fuel emissions around the world.

Another outcome was a joint agreement between several countries to build a rail and shipping corridor between India, Europe, and the Middle East called the  India-Middle East-Europe Economic Corridor. This project will include India, Saudi Arabia, the United Arab Emirates, Jordan, Israel, and the European Union. This project is to increase the ease of trade between these countries. 

Finally, the “New Delhi Leaders Declaration” was adopted. This was a non-binding agreement between all of the leaders at the meeting which expressed their intent to produce strong, sustainable, balanced, and inclusive growth.

The recent G20 was a diplomatic success that let leaders of the most economically powerful countries in the world voice their opinions and thoughts about the future. Though the outcomes were mediocre, it improved relations between countries and promoted diplomacy. Continuous meetings like these impact the world and set the stage for a promising future.