Third G20 Framework Working Group Meet

IAS Prelims 2023

The third G20 Framework Working Group (FWG) meeting was held at Varanasi.

The two-day meeting, that took place under the G20 German presidency, was co-hosted by the ministry of finance and the Reserve Bank of India (RBI).

G-20 Framework Working Group (FWG) in its 3rd Meeting at Varanasi discussed the Current State of the Global Economy as well as G-20 agenda on Inclusive Growth and Reports on Strong, Sustainable and Balanced Growth & G-20 Enhanced Structural Reform Agenda among others.

The G-20 FWG is one of the core Working Group of G-20 and deliberates on matters related to global economy and on the policy co-ordination that is required between the major economies of the world to face global economic challenges. India co-chairs this group with Canada.

Besides delegates from the 19 G20 member countries, officials from the International Monetary Fund (IMF), World Bank, ILO, OECD, European Central Bank, UNCTAD, European Commission, Financial Stability Board and the Asian Development Bank was also present at the high-profile gathering.

Since the inception of the FWG in 2009, this is the fourth occasion that India is hosting this meeting. Previously, India had hosted the G20 FWG meeting in Neemrana (2012 under Mexican presidency), Goa (in 2014 under G20 Australian presidency) and in Kerala (2015 under G20 Turkish presidency).

The first two FWG meetings under the G20 German presidency were held at Berlin in December 2016 and at Riyadh in February 2017.

The fourth and the last G20 FWG meeting under the G-20 German presidency is likely to be held in Argentina before the G20 leaders’ summit in July 17 in Hamburg, Germany.

The G20 members include India, Argentina, Australia, Brazil, Canada, China, France, Germany, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union (EU).