India to host first-ever G-20 summit in 2023, Piyush Goyal appointed as India's G20 sherpa: MEA

India will host the G-20 summit for the first time in 2023 and will hold the Presidency of the grouping from December 1, 2022. 

Union Commerce and Industry Minister Piyush Goyal has been appointed India’s Sherpa for the G20. The announcement was made by the Union Ministry of External Affairs. 

The next G20 Summit is scheduled to take place from October 30 to 31 under the Italian presidency this year. Piyush Goyal replaces Suresh Prabhu as India’s G20 Sherpa.

The Ministry of External Affairs said in a statement, "Piyush Goyal, Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles has been appointed as India’s Sherpa for the G20.” 

Significance

The MEA statement read that India will be holding the G20 presidency from December 1, 2022 and will convene the G20 Leaders’ summit in 2023 for the first time.

India will be part of the G20 Troika, which precedes current and incoming G20 Presidencies from December 1, 2021 till November 30, 2024. Prime Minister Narendra Modi has been leading India’s representation at G20 summits since 2014.

What is G20?

G20 grouping brings together 19 of the world’s leading economies and the European Union. The group comprises most of the world's largest economies and accounts for almost two-thirds of the world's population, 90 percent of the global GDP and 75 per cent of global trade.

The G20 member nations include India, China, Japan, Canada, Germany, France, Italy, Australia, Russia, Turkey, Saudi Arabia, Indonesia, South Korea, South Africa, Mexico, Brazil, Argentina, United Kingdom and the United States.

The Group of Twenty (G20) was founded in 1999 and it convenes at least once a year after 2008. It was formed in response to several world economic crises and works to address major global issues related to the economy including climate change mitigation, international financial stability and sustainable development.

The European Union is represented in the group by the European Commission and the European Central Bank.