The summit will be the first international event in Jammu and Kashmir since the Abrogation of Article 370.<\/a>\u00a0 This promising development for Jammu and Kashmir where they will host the 2023 meetings of the G20<\/a>, an influential group of the world’s major economies is a good boost for the economy of Jammu and Kashmir.\u00a0 On Thursday, the Jammu and Kashmir government set up a five-member high-level committee for overall coordination.<\/p>\n India has been a member of the G20 since its inception in 1999.\u00a0 India will hold the G20 presidency from December 1, 2022, and will convene the G20 leaders\u2019 summit in 2023 for the first time. In September last year, Union Commerce and Industry Minister Piyush Goyal were appointed as India\u2019s Sherpa for the G20.<\/p>\n The G20 is the international forum that brings together the world\u2019s major economies and its members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, South Korea, South Africa, Russia, Saudi Arabia, Turkey, the UK, the US, and the European Union (EU).<\/p>\n The members account for more than 80 percent of world GDP, 75 percent of global trade, and 60 percent of the population of the world.<\/p>\n Prime Minister Modi has been leading India\u2019s representation at G20 summits since 2014.<\/p>\n India will be part of the G20 Troika (preceding, current, and incoming G20 Presidencies) from December 1, 2021, till November 30, 2024.<\/p>\n After the Asian Financial Crisis in 1997-1998, it was realized that the participation of major emerging market countries is crucial for discussions on the international financial system, and G-8 finance ministers agreed to establish the G20 finance ministers and central bank governors meeting in 1999.<\/p>\n The G20 finance ministers and central bank governors’ meetings focused on major economic and monetary policy issues amongst major countries in the global financial system and aimed at promoting cooperation toward achieving stable and sustainable global economic growth for the benefit of all countries.<\/p>\n The finance ministers and central bank governors meet annually and of note, India hosted a meeting of G20 finance ministers and central bank governors in 2002.<\/p>\nThe Creation of G20<\/h3>\n