MNEMONICS –“GURU JI SITA AB SSC FCI ME job krti hai”
• G-Germany • U-USA • R-Russia • U-UK • J-Japan • I-Italy • S-Saudi Arabia • I-Indonesia • T-Turkey • A– Argentina • A-Australia • B-Brazil • S– South Africa • S– South Korea • C-Canada • F-France • C-China • I-India • M-Mexico • E-European Union
The name of the countries in the same order are:
|What is the G-20 ?|
It is an informal group of 19 countries and the European Union (EU)-representatives of the International Monetary Fund and the World Bank. No permanent secretariat or Headquarters. Formed in 1999 in the backdrop of the financial crisis of the late 1990s that hit East Asia and Southeast Asia in particular.
Aim : to secure global financial stability by involving middle-income countries.
What is the G-20 Trioka ?
The top grouping within the G20 consists of the current, previous and the incoming presidencies — Indonesia, Italy and India.
India got the presidency of the G20 from December 2022 to November 2023.
Who are the members of the G-20 Trioka ?
Italy, Indonesia, and India are the Troika countries along with G20 members.
What is the purpose of the G-20 Trioka?
Policy coordination between its members to achieve global economic stability, sustainable growth;
To promote financial regulations that reduce risks and prevent future financial crises
To create a new international financial architecture.
What are the roles of the G-20 Trioka members?
Current host: The current host is responsible for organizing and hosting the annual G-20 summit, which brings together the leaders of the world’s largest economies and facilitate discussions on key issues facing the global economy.
Previous host: The previous host provides continuity and institutional memory to the G-20 process.
How does the G-20 Trioka function?
- Coordination: Coordinating the efforts and policies of the G-20 countries.
- Planning: The G-20 Trioka helps to plan and organize the annual G-20 summit, and to ensure continuity in the G-20’s policies and initiatives from year to year.
- Communication: Through communication They help to facilitate discussions and negotiations, and ensure that the G-20’s policies and initiatives are well-understood by all member countries.
- Leadership: The G-20 Trioka plays a leadership role within the G-20, promoting cooperation and collaboration among member countries
What are the main goals of the G-20 trioka?
- Addressing Global Economic Challenges
- Coordinating International Economic Policy
- Strengthening International Financial Institutions.
- Promoting Sustainable Development
- Fostering International Cooperation.
What issues does the G-20 Trioka address?
1. Global Economic Growth and Stability
2. Financial Regulation
3. Free and Fair International Trade
4. Climate Change
5. Digital Economy
6. International Development
7. Global Health
What are the challenges faced by the G-20 Trioka?
1 .Diverse interests and priorities: This can make it difficult to reach a consensus on certain issues.
2. Implementation of policies: Member countries may have different regulatory frameworks and administrative systems, which can lead to differences in policy implementation.
3. Lack of enforcement mechanisms: Member countries are not bound by any legally binding agreements and can choose to ignore recommendations made by the G-20 trioka.
4. Global economic uncertainty: Ongoing trade tensions, geopolitical risks, and the impacts of the COVID-19 pandemic.
5. Inadequate representation
How does the G-20 Trioka influence global economic policies?
- Setting the global economic agenda: It brings together the leaders of the world’s largest economies to discuss economic policies and initiatives.
- Promoting international cooperation: It promotes collaborations between countries on a wide range of economic issues. This includes issues related to finance, trade, investment, and development.
- Shaping global economic policies : The G-20 trioka can also influence the policies of other international organizations, such as the IMF and World Bank.
- Addressing global economic challenges: Focused on addressing global economic challenges, such as poverty, inequality, and financial instability. The G-20 trioka is able to develop coordinated responses to these challenges, which can have a significant impact on global economic outcomes.
How effective has the G-20 trioka been in achieving its goals?
The G-20 trioka has been successful in coordinating international responses to major economic challenges, such as the global financial crisis in 2008 and COVID-19 pandemic.
The G-20 trioka has also made progress on issues such as trade, investment, and financial regulation, and has played a key role in shaping the global economic agenda.
Limitations of G-20 :
G-20 struggled to address issues such as climate change and sustainable development, which are becoming increasingly important for the global economy.
G-20 trioka not doing enough to address the needs of low-income and developing countries, particularly in areas such as debt relief.
Read more: Commonwealth Countries
G20 Trioka,G20 Trioka,G20 Trioka,G20 Trioka