Why in News?

• Seventeenth G20 summit will be held in Bali.

Highlight:

• The leaders of G-20 countries will gather at the Nusa Dua resort of Bali for the 17th summit. However, the Russian President will not participate in the summit and Russia will be represented by Foreign Minister Sergey Lavrov.
• The summit will focus on post-pandemic recovery and tackling food and energy security that have been severely impacted by the Russian war in Ukraine.

G-20:

• G-20 was established in 1999 as an acceptable medium between the elitist G-7
  (G-8 earlier) and the Organisation for Economic Co-operation and Development (OECD). 
• It was perceived to be a more unified group and over the years it has become a more representative and egalitarian organization. It has played a crucial role in the global economy, particularly after the global financial crisis and the banking collapse of 2008.
• G-20 countries comprise 85% of the global GDP, 75% of global trade, and 66% of the global population.
• It should also be noted that in the coming year the “Troika” of G-20 will be made up of emerging economies for the first time with India, Indonesia, and Brazil. This indicates a shift towards Global South in the global economic agenda.

Agenda of the Seventeenth G-20 summit:

• The motto for the 17th G-20 summit is: Recover Together, Recover Stronger.
• The representatives of the member countries will engage in discussions over three sessions:

• Food and Energy Security
• Health Partnership for Global Infrastructure and Investment
• Digital Transformation

• Moreover, Indonesian President Mr. Joko Widodo will lead the guests to Taman Hutan Raya (Indonesian Mangrove), that were restored through a 30-year project covering around 700 acres. 
• This is the first G-20 summit after the Russia-Ukraine conflict and consequent western sanctions. Efforts will be made to build a global consensus on the issue.
• This summit is significant for India as Indonesia will hand over the Presidency of G-20 for the upcoming year to India. India will assume Presidency on 1 December 2022. 
• Indian Prime Minister Shri Narendra Modi will also spell out the agenda for the upcoming India’s G-20 presidency. It is speculated that India will focus on the Global South and the problems it is facing due to geopolitical tensions like food and fuel shortages.
• Furthermore, this would be the second time that Chinese President Xi Jinping will travel abroad after the pandemic.

Attendees of the summit:

• The leaders of Argentina, Australia, Canada, China, the European Union, France, Germany, Italy, Japan, Saudi Arabia, South Africa, South Korea, Turkey, the U.K., and the U.S. will attend the summit in Bali, Indonesia.
• Spain is a permanent invitee. The special invitees of the summit are leaders of Cambodia, Fiji, the Netherlands, Rwanda, Senegal, Singapore, Suriname, and UAE. The Ukrainian President will attend the summit virtually.
• Additionally, heads of several international organizations like the UN, the IMF, ASEAN, and the African Union will attend the 2022 summit. 
• The President of Russia and leaders of Mexico and Brazil (due to the transition in leadership) will not attend the summit.