India likely to raise terror, financial crimes at G20 summit in Osaka

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  1. Prime Minister will attend the G-20 summit in Osaka,Japan from June 27-29,2019.
  2. The theme of the summit is “Human centred future society”.The summit will take up digital economy, artificial intelligence, global health, ageing and marine plastic waste as subjects of deliberation.
  3. The Government has said that former Union minister Suresh Prabhu would be the sherpa for the summit.A sherpa is a government representative who leads the preparations for a conference such as the G-20.
  4. The PM is likely to pitch for (a)tough measures to enable return of economic fugitives to their native countries (b)seek strong actions against terror financing and (c)focus on multilateralism and WTO reforms.
  5. G20 is an international forum of the governments and central bank governors from 20 major economies formed in 1999.The group accounts for 85% of world GDP and two-thirds of the population.They have no permanent staff of its own and its chairmanship rotates annually between nations divided into regional groupings.
  6. The members of the G20 consists of 19 individual countries plus the European Union (EU).The 19 member countries of the forum are Argentina, Australia, Brazil, Canada,China,France,Germany,India, Indonesia, Italy, Japan, Mexico, Russia,Saudi Arabia,South Africa,South Korea,Turkey,United Kingdom and the United States.
  7. The objectives of the G20 are:(a) Policy coordination between its members in order to achieve global economic stability, sustainable growth (b) To promote financial regulations that reduce risks and prevent future financial crises and (c)To create a new international financial architecture.

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