The G20 Summit Bali has been held since December 1, 2021, an example of this forming the G20 Summit in November 2022. Indonesia is hosting the full year of the G20, the G20 or group of twenty is a major forum for international economic cooperation.
What do you need to know about the G20 presidency of Indonesia?
The G20 is the main forum for international economic cooperation consisting of the world’s major economies. It is known that Indonesia has been selected to host an important meeting of finance ministers and the country’s central bank.
Recover Together, Recover Stronger
It should be noted that Indonesia’s G20 presidential in 2022 takes the theme of recovering together and recovering stronger. Through the themes that have been written, Indonesia wants to invite the whole world to work hand in hand, and support each other to recover together and grow stronger in a sustainable manner.
Benefits of Indonesia Joining the G20 Forum
As a member of the g20 forum, Indonesia can benefit from early information and knowledge about global economic developments. So that Indonesia knows the potential risks it faces, as well as the economic policies implemented by other countries, especially developed countries.
Indonesia as a member of the G20 is able to prepare the right and best economic policies. Indonesia can also fight for its national interests with international support. Indonesia’s name and achievements will also be increasingly recognized and recognized by various information, one of which is being recognized by the G20 international forum.
G20 Indonesia Presidential Announcement
The appointment of Indonesia as the 2022 G20 presidency has been announced since 2 years ago. This profession handover was carried out 1 year ago, since the G20 Summit was held in Rome. Indonesia has been trusted to host the G20 Summit since its formation in 1999.
This incident is something special for the Indonesian state, because the Indonesian state has the opportunity to encourage the realization of policies that can trigger the world’s economic recovery. The implementation of the G20 in Indonesia is able to provide significant economic and political benefits for the country.
G20 activities held in Indonesia were strengthened by the Indonesian minister of tourism and creative economy.
The formation of the G20 occurred in 1999, arising from the international community’s disappointment with the failure of the G7. Especially when the G7 is looking for solutions to global economic problems faced at that time. The view expressed at that time was in the interests of the state.
Some countries have middle income and which have a systemic economic influence. The economy that is followed systemically will later be included in the negotiations in order to find solutions to global economic problems.
This forum then summarizes developed and developing countries to jointly overcome the main crises that hit Asia, Russia, and the Latin American region. Initially, the G20 was a meeting of finance ministers and central bank governors.
Although the G20 Summit has also been attended by heads of state since 2008, in 2010 a discussion on the development sector was formed.
What are the real roles of the G20 Indonesia 2022?
The G20 certainly has a very real role in economic developments that occur. The real roles of the g20 are as follows:
- The first role was in handling the global financial crisis in 2008. The G20 has been credited with helping the world get back on track for growth and pushing for reforms in the financial sector.
- The G20 also plays an important role in tax policy, as the G20 has spurred the OECD. In other words, the OECD is spurred on to encourage the exchange of tax-related information. Of course, this is done to end tax evasion, which is happening in the Indonesian economy.
- The G20 has an important contribution to make in dealing with the COVID-19 pandemic, which includes deferring payments on foreign debt for low-income countries. The injection for handling conflict 19 includes reducing and eliminating import duties and taxes. This handling is also closely related to reducing duties for vaccines, hand sanitizers, disinfectants and medical devices.
- The G20 has other issues such as trade between countries, climate and development.
The background for the formation of the G20 began with the 1998 financial crisis. At that time, an opinion emerged at the G7 forum about the ineffectiveness of a meeting if it did not involve economic powers. The emergence of these decisions gave birth to decisions that made them have more influence.
This more leverage is used to listen to interests that may not be included in small groups. This group accounts for almost 90% of gross national product, with 80% of total world trade and 2/3 of the world’s population.
As an economic forum, the G20 is more of a forum for consultation and cooperation. The cooperation covers matters relating to the international monetary system. Of course there are regular meetings to review and encourage discussion between developed and developing industrialized countries.
The discussion is also closely related to policy, which leads to international financial stability. So that problem solving efforts can be sought and overcome by one particular country. The G20 is an international organization owned by the world, and it must be collaborated.
Which countries are in the G20?
The G20 is a group of 19 countries with the largest economies in the world. This is coupled with an intergovernmental and supranational organization, namely the European Union. Officially, the G20 is called the group of twenty finance ministers and central bank governors.
The G20 was formed in 1999 as a forum between governments, systematically bringing together developed and developing economies. In which the economy discusses important issues of the world economy. The inaugural G20 meeting took place in Berlin, from 15 to 16 December 1999. The hosts of the first G20 meeting were the finance ministers of Germany and Canada.
Countries that are included in the G20 are Indonesia, Saudi Arabia, Great Britain, South Korea, Russia, South Africa, Argentina, Australia, Brazil, European Union, India, Japan and other countries.
What is the G20 Summit?
The G20 aims to accommodate industrialized and developing countries together. At the same time discussing various key issues in the world economy, so that the world economy remains stable for several decades.
In 2022, Indonesia will host the G-20, which coincides with Nusa Dua Bali. The number of members of the g20 is 20 members, including South Africa, Great Britain, South Korea and other countries.
G20 Summit Location
The G20 Summit will take place on the island of Bali, which is planned to be held in the Nusa Dua area. This is because the Indonesian government has prepared a number of infrastructures in Bali to welcome the arrival of the G20 members. Also the delegates who were present at this special meeting. The toll road connecting the airport with the area has been beautified by rearranging.
The toll road is also beautified by planting various types of flowers, planting mangrove trees and other activities. The Nusa Dua area already has two convention centers, which will later serve as the venue for the G20 Summit.
16 star hotels as well as 3 luxurious Fila with exclusive services and facilities are also provided. Of course, this is to accommodate around 21,000 delegates, who will attend the high-level conference.
The Indonesian government is also trying to get foreign tourists to set foot on this enchanting island again. Since the fourth quarter of 2021, the government has relaxed travel restrictions to Bali. This activity is carried out to revitalize the country’s economy, with this activity it will support the government’s steps to ensure efforts to prevent the spread of covid 19.
Of course, Indonesia is the host of this big event, so as Indonesian citizens we should be proud of this most prestigious global event. While waiting for the G20 Summit to be held, it never hurts to play again and enjoy the holidays.
Understanding the G20 Summit
It should be noted that the G20 Summit was held to respond to the financial crisis. The first time was held in Toronto on June 27, 2010, in response to the notion that developing countries were not sufficiently involved in the discussion and regulation of the core global economy.
The G20 Summit at the level of heads of state or heads of government, held in addition to the meeting of the ministers of finance and the governors of the central bank. The activity was organized to prepare for the Summit and implement its decisions. This activity took place after the inaugural summit in Washington in 2008.
In this activity, G20 leaders meet twice a year in London, mainly in 2009. The meeting was also held in the Toronto and Seoul areas in 2010. Starting from 2011, when France was to be chair and host of the g20, the summit would only be held once a year, of which Mexico was chair and host in 2012.
The Path to the G20 Summit
On the way to the g20 summit, Indonesia seeks to formulate and define a number of agendas and history of activities. There are 150 meetings to be held in 19 cities throughout Indonesia. The main agenda of the G20 Indonesia presidency are high-level conferences, ministerial-level meetings and central bank governors.
In welcoming the g20 summit, the ministry of communication and informatics has launched a mother containing interesting information about the g20. The launch of this ebook is the government’s effort to increase public understanding of the importance of the G20.
The topic that is the focus of the G20 is the financial track and sherpa track meeting. In this meeting, there are several important issues that will be raised, such as agriculture, anti-corruption, digital economy, sustainable energy, investment, employment, health, environment, development, as well as trade.
In the Financial Track meeting, there are a number of issues raised and will revolve around the topic of fiscal, tax and monetary policy. There are 6 priority agendas that will be discussed at this meeting, such as exit strategies for economic recovery and finding ways to overcome the scarring effect
Who are the G20 Members?
The G20 has 20 members, formed because of the financial crisis that occurred in 1998. This happened, because the effectiveness of the G7 was reduced. So that the meeting does not involve the economic powers of other countries.
The G20 has no permanent staff, the chair of the chair will be rotated among its members and is held by the Troika which consists of only 3 members. The G20 has the big 20 like the Netherlands, Poland, and Spain, which are represented directly by the European Union. On this occasion, Iran and Taiwan were not included, Thailand was also not included despite its position above South Africa.
- G20 members starting from South Africa, namely Cyril Ramaphosa as president.
- Next there is the United States, namely Joe Biden as president
- The next country is Saudi Arabia, namely Salman bin Abdul Aziz Al Saud as king.
- There is also Argentina, which is led by a president named Alberto Fernandez.
- Next is the prime minister of Australia, namely Anthony albanese.
- The next country is Brazil, which is led by a president named Jair Bolsonaro.
- Next is Great Britain, led by prime minister Liz Truss.
- India is also led by a prime minister named Narendra Modi.
- Indonesia is a member of the G20, which is led by a president named Joko Widodo.
- There is also Italy, led by the Prime Minister named Mario Draghi.
- Japan’s prime minister, Fumio Kishida, is leading the G20 this year.
- Olaf Scholz who is the representative of Germany, who is called the chancellor.
- In Canada there is also a prime minister named Justin Trudeau.
- South Korea is a country led by Yoon Suk Yeol, representing the g20.
- There are also those from Mexico, led by president Andres Manuel Lopez Obrador.
- The President of France as a member of the G20 named Emmanuel Macron.
- Russia is led directly by a president named Vladimir Putin.
- President of China, Xi Jinping, joins the g20
- There is also the territory of Turkey, which is led directly by the Turkish president named Recep Tayyip Erdogan.
- On the territory of the European Union it is headed by the president of the European council and the president of the European commission.