The Banking Executive Magazine - March 2023 Issue

G20 2023 ties. Following this overview, the ar- ticle traces the roadmap to the Indian presidency of the G20, starting from the G20 presidency of Saudi Arabia in 2020, presidency of Italy in 2021, presidency of Indonesia in 2022 to the current presidency of India in 2023. Then the article focuses on the priorities of the Indian presidency of G20, including priorities for finance ministers and central banks gover- nors, fighting corruption, promoting the digital economy, building the in- frastructure for the cities of tomorrow and the digital public infrastructure, and regulating crypto assets. The ar- ticle concludes with recommenda- tions for aligning Arab banks strategies with G20 presidency prior- ities. ABOUT G20 Historical Evolution. The G20 was founded in 1999 after the Asian financial crisis as a forum for the Finance Ministers and Central Bank Governors to discuss global economic and financial issues. The G20 Summit is held annually, under the leadership of a rotating Presidency. The G20 initially focused largely on broad macroeconomic is- sues, but it has since expanded its agenda to include trade, sustainable development, health, agriculture, en- ergy, environment, climate change, and anti-corruption. G20 Members The Group of Twenty (G20) com- prises 19 countries (Argentina, Aus- tralia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom and United States) and the European Union. The G20 members represent around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population. Guest Countries G20 guest countries are Bangladesh, Egypt, Mauritius, Netherlands, Nige- ria, Oman, Singapore, Spain, and United Arab Emirates (UAE). How G20 Works The G20 was born out of a meeting of the grouping of seven of the world's advanced economies (G7) fi- nance ministers and central bank governors who saw the need for a more inclusive body with broader representation in addressing the world’s financial challenges. The G20 established the Financial Stability Board (FSB) to coordinate and monitor efforts in strengthening financial regulation. Through the years, the G20 remained committed to the principles of “strong, sustain- able, balanced and inclusive growth”. The G20 has made a major contribution to setting the global governance agenda. ISSUE 171 MARCH 2023 the BANKING EXECUTIVE 15