In 2022, Indonesia will host the G20 summit, which is also known as the Group of Twenty. This forum focuses on a wide range of global strategic topics.
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The High Level Conference (KTT) held in Rome, Italy in October 2021 determined Indonesia's hosting status. Indonesia has become the fifth Asian nation to host a G20 meeting.
What is G20?
In the G20, developed and developing countries get together to discuss global issues of strategic importance. 19 nations, the European Union, and officials from the International Monetary Fund (IMF) and the World Bank make up this informal organisation (WB).
Strategically, the G20 helps to ensure that the global economy will continue to expand and thrive for years to come. Around 65 per cent, 79 per cent and 85 per cent of the global economy are represented by the G20, according to the Indonesian G20 Secretariat quoted in this article.
Thanks to a recommendation by the G7 finance ministers, this forum had its start in 1999 with a meeting of central bank governors and finance ministers (US, UK, Italy, Japan, Germany, Canada, and France). They discussed the global financial crisis of 1997-1999 at the G20 summit.
In recent years, the summit has evolved into an annual event attended by the leaders of the twenty-first century's member nations.
G20 Members
The G20 members consist of 19 main countries and the European Union, as follows:
1. South Africa
2. United States of America
3. Saudi Arabia
4. Argentina
5. Australia
6. Brazil
7. China
8. India
9. Indonesia
10. United Kingdom
11. Italy
12. Japan
13. Germany
14. Canada
15. Mexico
16. South Korea
17. Russia
18. French
19. Turkey
20. European Union*
In the meanwhile, EU members include Austria, the Netherlands, Belgium, Bulgaria, the Czech Republic, Denmark, Estonia, Finland, Germany, France, Hungary, Ireland, Italy, Croatia, Latvia, Lithuania, Luxembourg, Malta, Poland, Portugal, Romania, Cyprus, Slovakia, Slovenia, Spain, Sweden, and Greece..
Goals of G20
The G20's original purpose was to examine measures aimed at ensuring global financial stability. As a whole, the G20 is focused on achieving robust, balanced, long-term growth that benefits all members of society.
Indonesia's role in G20
Since the G20 was established, Indonesia has been a member. At the time of the launch of the Ministry of Finance's website, Indonesia was recovering from the 1997-1998 monetary crisis and was considered a developing Asian economy.
This makes Indonesia a member of the G20, which represents emerging nations in Southeast Asia and the Islamic world.
In addition, Indonesia attended a number of conferences. In 2010-2011, they served as co-chairs of the Anti-Corruption Working Group with France, and in 2013, they hosted the Study Group conference on Financing for Investment in Bali.
The Infrastructure and Investment Working Group meetings were held in Jakarta in 2014, followed by Bali in 2016, and the Indonesian presidency of the G20 was held in 2022 as well.
Secondarily, Indonesia's G20 role is to propose many projects, including the Global Expenditure Support Fund (GESF), the GICA, and the Inclusive Digital Economy Accelerator (IDEA Hub).