Portal G20 Digital Economy Ministerial meeting
Why in News?
- The G20 Digital Economy Ministerial Meeting was held in Salta, Argentina from 23 to 24 August, 2018. It took place as part of Sherpa Track for 2018 G20 Leaders’ Summit, which is to be hosted by Argentina by end of 2018.
- The theme of the meeting was ‘Building consensus for fair and sustainable development ‘.
- The ministerial meeting was preceded by the second meeting of the G20 Digital Economy Task Force and has identified three key issues for the agenda: the future of work, infrastructure for development, and a sustainable food future.
Digital Economy Task Force:
- The Digital Economy Task Force (DETF) was established under the 2017 German presidency, based on the decision adopted in Hangzhou in 2016 under the Chinese Presidency.
- In Antalya, under the Turkish presidency in 2015, G20 leaders recognized the modern period as a critical era of digital transformation, influenced by the advent of new technologies as key elements for economic development.
What is Digital economy?
- The digital economy refers to a broad range of activities which include: the use of knowledge and information as factors in production, information networks as a platform for action, and how the information and communication technology (ICT) sector spurs economic growth.
Challenges to digital economy:
- Important challenges include providing high-speed internet for all by 2025, creating inclusive growth and new jobs through digital trade, promoting lifelong digital learning, and closing the gender gap.
- In 2008, amidst the global financial crisis, the world saw a need for new consensus-building at the highest political level. Since then, the G20 summits have been attended by heads of state or government, and the G20 was instrumental in stabilizing the world economy. Since then, its agenda has expanded to include additional issues affecting financial markets, trade, and development.
The work of the G20 is generally divided into two tracks:
- The Finance track comprises all meetings with G20 finance ministers and central bank governors and their deputies. Convening several times throughout the year, they focus on financial and economic issues, such as monetary, fiscal and exchange rate policies, infrastructure investment, financial regulation, financial inclusion and international taxation.
- The Sherpa track focuses on broader issues such as political engagement, anti-corruption, development, trade, energy and climate change, gender equality, among others. Each G20 country is represented at these meetings by its relevant minister, and by its designated sherpa, or emissary. The sherpa engages in planning, negotiation and implementation tasks on behalf of the leader of their respective country. Each sherpa orients their minister and head of state or government accordingly on the progress of the G20, and delegates the dialogue and topics to relevant working groups.
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