India to Chair G20 in 2018
India is going to chair Group of Twenty (G20) nations forum in year 2018 and New Delhi could be the host of the prestigious annual G20 summit.
This decision was taken by G20 forum earlier in September 2015 which was chaired by Turkey.
Turkey will hand over the Chair for the next year i.e. 2016 to China and in 2017 Germany is going to chair it.
About Group of Twenty (G20)
- G20 is the premier forum (It is not an organsation) for global economic and financial cooperation.
- Being a forum it does not have any permanent secretariat or management and administrative structure.
- Established: in 1999 as a meeting of Finance Ministers and Central Bank Governors on member countries in the aftermath of the 1997 Asian financial crisis.
- The forum brings together 20 nations that represent world’s major advanced and emerging economies, representing around 85 per cent of global GDP.
- Presidency of the G20: Every year one nation holds the chair of G20 known as Presidency which rotates annually among its member groups.
- The presidency establishes a temporary secretariat for the duration till it holds the Chair.
- Members: Brazil, China, Russia, India, South Africa, Australia, Argentina, Canada, France, Indonesia, Germany, Italy, Mexico, Japan, Saudi Arabia, Turkey, South Korea, United Kingdom (UK), United States (US) and European Union (EU).