Recently, India joined the G20 Troika. The G20 Troika is made of Indonesia, India and Italy.
Context
Recently, India joined the G20 Troika. The G20 Troika is made of Indonesia, India and Italy.
What is Troika?
- It refers to the top grouping within the G20 that consists of the current, previous and the incoming presidencies — Indonesia, Italy and India.
- Troika means ‘a group of three people working together’. It is an English word. The Troika ensures continuity and provides presidency support.
- As a Troika member, India will work closely with Indonesia and Italy to ensure consistency and continuity of the G20’s agenda.
- The following countries formed the Troika in G20
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- 2020: Japan, Italy and Indonesia
- 2021: Italy, Indonesia and India
- 2022: Indonesia, India and Brazil
About G20
- It is an informal group of 19 countries and the European Union (EU), with representatives of the International Monetary Fund and the World Bank.
- It does not have a permanent secretariat or Headquarters.
- The membership comprises a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85% of global Gross Domestic Product (GDP), 80% of global investment and over 75% of global trade.
- Members: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the EU.
- The current presidency of G20 was assumed by Indonesia recently.
- It is to hold the chair till October 2022 under the theme “Recover Together Recover Stronger”. Then India will take over for the first time.
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