The Role of G20 in Shaping and Strengthening International Economic Issues - MIC Driven Activity

On 14.06.2023 an Expert Talk on “The Role of G20 in Shaping and Strengthening International Economic Issues - MIC Driven Activity” was organized by the Entrepreneurship Development Cell and IIC in association with the Department of Electronics and Communication Engineering. The Session was handled by Dr. R Prem Ananth, IIC Convener, IIC Innovation Ambassador for "Design thinking & Innovations", Assistant professor, Francis Xavier Engineering College, Tirunelveli from 01.30 PM - 04.30 PM. 60 students and 2 faculties participated. This event was coordinated by Pradheep T Rajan B, Assistant Professor/ECE. This event was conducted with the guidance of Dr. Lourdes Poobala Rayen, IIC President.

The guest speaker started his session by introducing G20 as Group of Twenty international forum comprising 19 countries and the European Union. It serves as a platform for discussing and coordinating global economic and financial matters. The speaker said that G20 was established in 1999 in the aftermath of the Asian financial crisis. He said initially, it consisted of finance ministers and central bank governors from 19 countries, including major economies and emerging markets. The first G20 summit of heads of state or government took place in 2008 during the global financial crisis. He defined the objectives of G20 are Promoting global economic growth and stability, fostering international financial cooperation, addressing global economic imbalances, enhancing financial market regulation and Combating international financial crimes, such as money laundering and terrorist financing. He also highlighted few achievements of G20 are coordinated response to the global financial crisis through stimulus packages and regulatory reforms, enhancing international tax cooperation and combating tax evasion through initiatives like the Base Erosion and Profit Shifting (BEPS) project and promoting sustainable development and climate change action including the Paris Agreement on climate change. He concluded the session by saying G20 plays a crucial role in global economic governance and cooperation. It brings together major economies to address common challenges and promote stability and growth.