Kolkata to host first Meeting of GPFI Working Group of G20

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• According to the G20 India, the first Meeting of the Global Partnership for Financial Inclusion (GPFI) Working Group of G20 under the Finance Track under India’s G20 Presidency is scheduled to be held in Kolkata from the 9th to the 11th of January.

Kolkata to host first Meeting of GPFI Working Group of G20
Kolkata to host first Meeting of GPFI Working Group of G20

Venue of the Meeting

▪ India’s G20 Presidency started on December 1, 2022, and will continue till November 30, 2023.

▪ Till November 30, 2023, India will host more than 200 G20-related meetings in the country’s major cities.

Kolkata the ‘City of Joy’ will host the first G20-related meeting from January 9 to 11 this year.

▪ In this context the G20 Leaders’ Summit will be held in New Delhi on September 9 and 10 in 2023.

▪ Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain, and the UAE will be the “guest countries” at the event, announced by the Ministry of External Affairs (MEA).

▪ The official handle of G20 India tweeted on Wednesday, “#G20India traveling to Kolkata, West Bengal! The City of Joy gears up for a momentous 1st Meeting of Global Partnership for Financial Inclusion Working Group on 9th – 11th January 2023 @FinMinIndia @TourismBengal @amitabhk87 @harshvshringla.”

Purpose of this meeting

▪ The G20’s GPFI Working Group meetings focus on improving the following issues related to the global economy:

• Financial system infrastructure

• Pursue policies conducive to harnessing emerging technologies

• Facilitating remittance flows

• Reducing the cost of remittance transfers

• Financial literacy and consumer protection

• Digital financial literacy

• Bridging the digital divide among others

▪ Prof. Indraneel Dasgupta of the Indian Statistical Institute (ISI) in Kolkata said, “the financial track meeting will take up two sets of issues, Financial Inclusion and Global Coordination with respect to Remittance.”

▪ He also emphasized that “the outcome of the meeting will have a far-reaching impact on the South Asian countries.”

About G20

▪ The G20 was established on 26 September 1999.

▪ G20 stands for Group of 20.

▪ It is an intergovernmental forum consisting of 19 countries and the European Union (EU).

▪ It works to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development.

Members of G20

▪ As of 2023, there are 20 members in the group:

  1. Argentina
  2. Australia
  3. Brazil
  4. Canada
  5. China
  6. France
  7. Germany
  8. India
  9. Indonesia
  10. Italy
  11. South Korea
  12. Japan
  13. Mexico
  14. Russia
  15. Saudi Arabia
  16. South Africa
  17. Turkey
  18. United Kingdom
  19. United States
  20. European Union.

Guest invitees

▪ Countries and organizations invited to the 2023 meeting of the G20’s Global Partnership for Financial Inclusion (GPFI) Working Group are:

  1. Spain
  2. United Nations
  3. World Bank
  4. African Union
  5. ASEAN

G20 summit 2023

▪ The G20 summit of 2023 will be hosted by India.

Logo of G20 summit 2023

▪ The G20 logo is painted in the vibrant colors of India’s national flag – saffron, white and green, and blue.

▪ India’s national flower lotus in this logo reflects growth amid challenges.

▪ And the earth reflects India’s pro-planetary approach to life, in perfect harmony with nature.

▪ The word “Bharat” is written in the Devanagari script below the G20 logo.

Theme of G20 summit 2023

▪ Theme of India’s G20 Presidency – “Vasudhaiva Kutumbakam”.

▪ Vasudhaiva Kutumbakam is an ancient Sanskrit text found in the Maha Upanishad.

▪ It means “The World Is One Family” (One Earth, One Family, One Future).

G-20 Summit Venues

☛ G20 Summit 2022 (17th): Indonesia
☛ G20 Summit 2023 (18th): India
☛ G20 Summit 2024 (19th): Brazil
☛ G20 Summit 2025 (20th): South Africa

A poll by the Official handle of G20 India

▪ The official handle of G20 India tweeted a poll, ” It’s Thursday and we are back with a question! Answer the poll and post an interesting fact about the city in the comments to get featured on #G20India official handles.

Q. Kolkata is the next stop for #G20India. The city is also known as the _____.

    Venue of Next G20 Related meeting

    • The 2nd meeting of the G20 or the 1st Infrastructure Working Group meeting will be held from January 16 to 17 in Pune, Maharashtra.

    Frequently Asked Questions (FAQ)

    Q1. Who holds the presidency of G20?

    Answer: India holds the Presidency of the G20 from December 1, 2022, to November 30, 2023.

    Q2. Which country hosted the G20 summit 2023?

    Answer: India

    Q3. What is the theme of G20 Summit 2023?

    Answer: “Vasudhaiva Kutumbakam” or “One Earth One Family One Future”

    Q4. Who is hosting G20 in 2024?

    Answer: Brazil will host the G20 in 2024

    Q5. The G20 leaders summit will be held in which place in India?

    Answer: New Delhi

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