In a groundbreaking development ahead of the G20 Summit, the member nations of this influential group have reached a consensus to bestow permanent membership upon the African Union. This continental body, representing 55 member states, will now hold an esteemed status equivalent to that of the European Union , Bloomberg news agency reported
Prime Minister Narendra Modi took a pivotal step in advocating for this move, articulating his support in a letter addressed to the G20 nations. Noteworthy is the support lent to this proposal by countries such as Germany, Brazil, and Canada.
As it stands, the G20 comprises 19 nations in addition to the European Union. Furthermore, this year’s G20 Summit, scheduled for the 9th and 10th of September, exhibits a broader inclusivity by extending invitations to nine non-member countries, including Bangladesh, Singapore, Spain, and Nigeria, as well as international organizations such as the United Nations, World Health Organization, World Bank, and IMF.
While the inclusion of the African Union into the G20 heralds a momentous shift in international cooperation, it is anticipated that the formal announcement of this historic development will transpire during the forthcoming weekend. It is pertinent to note that magadh today has been unable to independently verify this significant news.
The G20, originally formed in the aftermath of the Asian financial crisis in 1999, unites the world’s 20 major economies. Its establishment was grounded in the realization that economic crises transcend national borders and necessitate enhanced international economic collaboration. Presently, the G20 collectively accounts for a substantial 80% of global GDP and a significant 75% of international trade.
Comprising nations such as Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union, the G20 holds immense sway in shaping global economic policies.
Under the presidency of India, the G20 has concentrated its deliberations on several pivotal agendas. These encompass extending loans to developing nations through multilateral institutions, reforming the international debt framework, addressing cryptocurrency regulations, and examining the repercussions of geopolitical uncertainties on food and energy security.
As the world eagerly awaits the outcomes of the G20 Summit, which will be hosted in New Delhi under the theme “Vasudhaiva Kutumbakam” (The World is One Family), these developments reflect the continued commitment to international cooperation and economic stability in an ever-evolving global landscape.