Piyush Goyal appointed as India’s Sherpa for G20

WHY IN THE NEWS?

Commerce and Industry Minister, Piyush Goyal, has been appointed as India’s Sherpa for G20.

About:

• G20 is an influential grouping which brings together the major economies of world.
• Next G20 Summit is scheduled to take place from October 30 to 31, 2021 under Italian Presidency.
• India will hold the G20 Presidency from December 1, 2022 and will also convene G20 Leaders’ Summit in 2023 for the first time.
• India will also be part of the G20 Troika (preceding, current, and incoming G20 Presidencies) from December 1, 2021 to November 30, 2024.
• Since 2014, Prime Minister Narendra Modi has been leading India’s representation at G20 Summits.

G20 (or Group of Twenty)

G20 is an intergovernmental forum consisting of 19 countries and the European Union (EU). This grouping works to address major issues related to the global economy like international financial stability, sustainable development and climate change mitigation. G20 comprises of largest economies, including industrialised & developing nations, of the world.  it collectively accounts for 90 percent of gross world product, 75-80 percent of international trade, half of world’s land area and two-thirds of the global population.

Background

This grouping was founded in 1999 following a several world economic crises. Since 2008, it organises summits at least once a year, involving each member’s head of government or state, foreign ministers, finance minister, and other high-ranking officials. EU is represented by European Commission and European Central Bank.

Who is a Sherpa?

Sherpa is the personal representative of the head of state or government who prepares an international summit, specially the annual G7 and G20 summits. Sherpa is generally influential, but they do not have any authority to make final decision regarding any given agreement.