The Group of Twenty (G20) comprises of 19 countries namely Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, 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. G20 is the premier forum for international economic cooperation and it plays an important role in shaping and strengthening global architecture and governance on all major international economic issues.
The G20 was founded in 1999 after the Asian financial crisis of 1997-98 as an informal forum for the Finance Ministers and Central Bank Governors of the most important industrialised and developing economies to discuss international economic and financial stability. The G20 however was upgraded to the level of Heads of State/Government in the wake of the global economic and financial crisis of 2007, and in 2009, when it became apparent that the necessary crisis coordination would only be possible at the highest political level. The G20 Summit is held annually, under the leadership of a rotating Presidency. The forum initially focused largely on broad macroeconomic issues, but it has since expanded its agenda to inter-alia include trade, climate change, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption. The G20 does not have a permanent secretariat or staff. Instead, the G20 Presidency rotates annually among the members and is selected from a different regional grouping of countries. India, from Group 2, holds the current Presidency of the G20 from 1 December 2022 to 30 November 2023.
The Business 20 (B20) is the official G20 dialogue forum with the global business community. Established in 2010, B20 is among the most prominent Engagement Groups in G20, with companies and business organizations as participants. The B20 leads the process of galvanising global business leaders for their views on issues of global economic and trade governance and speaks in a single voice for the entire G20 business community.
The theme for the B20 India is R.A.I.S.E which stands for Responsible, Accelerated, Innovative, Sustainable, Equitable Businesses.
Responsible business practices are ethical, law-abiding, transparent and accountable business practices that advance economic, environmental, and social development while remaining profitable. Such strategies will strive to deliver value to consumers without resorting to any illicit business tactics as well as minimising negative impact on society, people, and planet.
Accelerating business practices constitute the set of practices that allow private enterprises to derive sustained economic advantage and scale to unprecedented heights in an optimal manner. B20 nations shall adopt and encourage such practices in order to enhance the growth of private sector and propel economic prosperity for all economies.
Innovative business practices, as adopted by the B20 nations, are capable of generating new processes, ideas, services, and products that can bring a transformational shift in the business ecosystem through an increased focus on technological development; research & development; automation and artificial intelligence, digital transformation and data-enabled business models for greater efficiency and competitiveness.
Sustainable business practices are central to the B20 being entrusted with promoting economically viable, socially responsible and environmental-friendly businesses. Integrating sustainability into core business practices is essential for enabling value-creation at lower costs through business innovation and necessitates the development of long-term strategies for all players in the value chain.
Equitable business practices are greatly emphasised under the B20 Agenda to foster inclusive growth and thus, follow two basic principles- (i) principle of 'opportunities for all' under which the minority groups or those underserved and underrepresented have an equal chance of participation in the workforce irrespective of their caste, colour, race, gender, sex or ethnicity and (ii) principle of 'inclusiveness' wherein the economic benefits of businesses are fairly distributed among all.
B20 India will operate through Task Forces and Action Councils in streamlining the B20 strategic vision and translating it into policy deliverables on key topics of the global economic agenda. The priority areas will be discussed and deliberated during B20 India under seven Task Forces in the areas of:
• Inclusive GVCs for Resilient Global Trade and Investment
• Future of Work, Skilling and Mobility
• Digital Transformation
• Financing for Global Economic Recovery
• Financial Inclusion for Economic Empowerment
• Energy, Climate Change and Resource Efficiency
• Tech, Innovation and R&D
The B20 Summit in Kohima will be held from 4th to 6th April 2023 and the Conference would see discussion on Opportunities for Multilateral Business Partnerships in Agriculture, Food Processing, IT and Tourism. With the global agriculture market growing by demand and volume, the sector is projected to increase by billions of dollars annually. Global market demand for crop production, farming activities, packaging, distribution channels, and trade volumes are increasing to meet the needs of the growing population. India today is a food-surplus nation that focuses on export- oriented country business in the sector and is on the course to become the “Food basket of the world”. The abundant natural assets and resources such as topography, the rich biodiversity, forest cover and fertile land offers an ideal opportunity for developing India as a global agro-processing hub. The Conference would focus on opportunities for multilateral business partnerships in Agriculture and Food Processing sector.
The B20 2023 in Kohima summit will provide a huge opportunity for the State to market its potential in agriculture as well as the ever growing tourism industry .When it comes to Agriculture, Nagaland has tremendous potential as almost 60 per cent of the population is engaged in the agri and allied sector. During the COVID 19 pandemic the demand for organic food went up as consumers perceived them as being healthier and good for immunity. However, otherwise too, demand for organic food is increasing at a continuous pace. According to an Expert Market Research report the Indian organic food market stood at a value of USD 849.5 million in 2020. For the forecast period of 2021 – 2026, the trend in the organic food market is expected to grow at a compound annual growth rate (CAGR) of about 20.5% to reach about USD 2601 million by 2026. Nagaland, known for its rich biodiversity and is gradually making its entry into the organic farming market and efforts are being made to promote organic farming in the state. Nagaland has potential for promotion of organic farming as farmers has been practicing traditional system of agricultural without the use of external inputs since its inception. Naga farmers adopt an age-old traditional cultivation system called shifting cultivation. The present agricultural practice of Nagaland is organic by default, as the state and the region did not make impact by the wave of green revolution across India.
The summit will thus provide a much needed international platform for the State to forge partnerships and pursue long lasting business models that will in turn give a much needed boost to the state economy.
(A DIPR Feature by Morotsung, IA)