Author:- Neha, a Student of Saraswati Institution of Law
The group of twenty (G20) is the premier forum for international economic cooperation. It plays an important role in shaping and strengthening global architecture and governance on all major international economic issues. India holds the presidency of the G20 from 1 December 2022 to 30 November 2023.
The OECD has supported the work of the G20 on a wide range of issues, reflecting the OECD’s multidisciplinary expertise in public policy, in order to pursue strong, sustainable and balanced growth and promote inclusiveness.
G20 leaders recognised the significant negative impact of corruption on economic growth, trade and development. The OECD has actively contributed to the G20 in key areas including foreign bribery, public sector integrity measurement of corruption and international cooperation.
The OECD has provided extensive support to the G20 to reduce the gender labour participation gap, increase youth employment and women’s leadership, improve job quality, boost the development and use of skills, and promote labour and social policies to manage megatrends such as migration and the technological revolution.
OECD WORK ON G20 ISUES
AGRICULTURE AND FOOD SECURITY
G20 leaders committed to address the challenge of improving global food security, nutrition and to rise productivity and the sustainability agriculture productivity. The OECD has been contributing to this agenda, in particular on food price volatility, sustainable agriculture productivity, ICT and innovation in agriculture and water efficiency.
ANTI-CORRUPTION
G20 leaders recognised the significant negative impact of corruption on economic growth, trade and development. The PECD has actively contributed to the G20 in key areas including foreign bribery, public sector integrity measurement of corruption and international cooperation.
THE ROLE OF INNATIONAL ORGANISATION IN THE G20
The OECD has acted as a strategic advisor to the G20. The OECD participates in all G20 Working Group meeting and provides data, analytical reports and proposals on specific topics, often jointly with other relevant international organisations. The G20 engages in multistakeholder dialogue by means of the Engagement (B20, L20, C20, T20, W20, Y20, U20), with a view to promote broader inclusion and participation in their design of global solutions.
The three main objectives as laid down in the OECD Convection were: 1. To achieve the highest sustainable economic growth and employment and a rising standard of living in member countries, while maintaining financial stability, and thus to contribute to the world economy; 2. To contribute to sound economic expansion in member as well as non-member countries in the process of economic development; 3. To contribute to the expansion of world trade on a multilateral, non-discriminatory basis in accordance with international objectives. The OECD therefore, represented a transformation and extension of the OECD.
CLIMATE SUSTAINABLITYAND ENERGY-20
The G20 recognise the importance of collective action in tackling environment challenges and climate change whirl promoting transitions towards more flexible, transparent and cleaner energy systems. The OECD supports the G20 presidency’s work, building on its extensive expertise in green growth, clean and climate-resilient infrastructure, fossil fuel subsidies, energy regulation, green finance and investment, environmental taxation and Environmental, Social and Governance (ESG).
KEY OUTCOMES OF THE 2023 G20 SUMMIT HELD IN INDIA
The 18th G20 summit of 2023 recently concluded in New Delhi, India, marketing the first-ever G20 summit hosted by the country. The summit’s theme, “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future” is rooted in ancient Sanskrit texts and the goal of sustainable development.
The G20 is a group of 20 major economies that meet regularly to discuss global economic and financial issues. The group has been criticized for a number of disadvantages, including:
- Lack of legitimacy
- Inability to reach consensus
- Dominance by a few countries
- Failure to address global challenges
Despite these disadvantages, the G20 remains an important forum for dialogue and cooperation among major economies. The group has been able to achieve some successes, such as coordinating a global response to the COVID-19 pandemic and launching the G20 Green Finance Principles. The G20 will continue to be a key player in global economic governance, and it will be important for the group to address the challenges it faces in order to be effective.
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