Major Tracks of G20
The G20 Summit, an annual gathering of world leaders, will take place in New Delhi on September 9 and 10. It is the culmination of various G20 processes held throughout the year, involving ministers, government officials, and civil society representatives.
Established in 1999, the G20 initially consisted of finance ministers and central bank governors but evolved into a leaders’ forum after the 2008 financial crisis due to the need for high-level discussions on global economic challenges and policy coordination. This shift allowed heads of state to address broader socio-economic issues. The G20 currently operates in three major tracks: the Finance Track, Sherpa Track, and Engagement Groups.
What is the role of the Finance Track in the G20?
The Finance Track, led by finance ministers and central bank governors, focuses on issues such as the global economy, financial regulation, and international taxation. It plays a crucial role in coordinating fiscal and monetary policies among member countries.
How does the Sherpa Track contribute to the G20 Summit?
The Sherpa Track, composed of representatives of heads of state, addresses a wide range of socio-economic issues, including agriculture, climate, education, and trade. It formulates recommendations and strategies for leaders’ discussions at the summit.
What role do the Engagement Groups play in the G20 process?
Engagement Groups are unofficial civil society groups that draft recommendations for G20 leaders. They cover diverse sectors such as business, labor, science, and youth, contributing to the policy-making process and ensuring a broader range of perspectives are considered.
Category: International / World Current Affairs