With India's presidency amid tough times, the Group of Twenty (G20) bloc has created much hype this year in Bangladesh, with Dhaka participating in all the meetings of this forum for economic cooperation as the only invited “guest country” from South Asia.
Bangladesh sees its series of engagements with the group under India's presidency this year as a “big honour” for the country.
Foreign Minister AK Abdul Momen recently highlighted the importance of this platform and its spirit of multilateralism in the greater interest of the global community.
He was addressing the G20 Development Ministers' Meeting in Varanasi, a northern Indian city.
Meanwhile, Prime Minister Sheikh Hasina is scheduled to attend the 18th G20 summit in the Indian capital, New Delhi, on September 9-10 as Bangladesh's role is being considered crucial in the G20 this year.
The premier is among just nine such invitees alongside the heads of states and governments of the G20 member nations who will join the event.
What is G20? What does it mean for Bangladesh? Dhaka Tribune talked to some foreign policy experts on the Bangladesh-G20 front.
The G20 was founded in 1999 after the Asian financial crisis as a forum for finance ministers and central bank governors to discuss global economic and financial issues.
It 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, was designated the “premier forum for international economic cooperation”.
The summit is held annually, under the leadership of a rotating presidency. The G20 initially focused largely on broad macroeconomic issues, but it has since expanded its agenda to inter-alia include trade, sustainable development, health, agriculture, energy, environment, climate change and anti-corruption measures, according to its official note.
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the EU are members of the G20.
They represent around 85% of global GDP, over 75% of global trade, and about two-thirds of the world population.
The group does not have a permanent secretariat. The presidency is supported by a Troika – previous, current and incoming presidencies. During India's presidency, the Troika will comprise Indonesia, India and Brazil.
India is at the group's helm from December 1, 2022 to November 30 this year.
Experts' take
“India's G20 presidency is a milestone in regional politics,” said Prof Shahab Enam Khan of the political science department, University of Delaware.
“While the G20 aims to create a cross-regional bloc, the global strategic and economic powers such as China, Saudi Arabia and Turkey chose to distance themselves from the May meeting, and the Japanese and South Korean foreign ministers' absence at the March 2023 meeting sent a mixed signal,” he said.
“Territorial issues, along with the Ukraine crisis, are likely to dominate global participation. Bangladesh, being the only South Asian invitee at the New Delhi talks, has a crucial role to play as it continues to vow for multilateralism and balanced foreign policy.
“Bangladesh has demonstrated successes in climate, gender, and resilient growth, and it can benefit from discussions on technology, SDGs, and renewable energy. The approach for Bangladesh will undoubtedly be inclusive of regional economic development and collective security in which all the South Asian countries have stakes,” he said.
A seasoned diplomat and former Bangladesh ambassador to the US, M Humayun Kabir, also sees “value” in the G20.
“In the 1960s and 1970s, the UN was the center of global economic attention. Then came the G8. The focus shifted towards G8. But G8 could not manage the crisis. Then the G20 emerged in 1999. After the 2007 economic crisis, G20 has increasingly expanded its reach,” he added.
“Now it's no longer an economic forum. It is emerging as a strategic forum,” he said, as issues related to contemporary global politics are being discussed in the G20.
“We need to use whatever space we get during the period. It's a challenging time due to the global crisis. We also have our own challenges of transition from the LDC. So, we must utilize the space of G20 to make our voice heard,” he said.
The leaders' summit will also give Bangladesh an opportunity to discuss its bilateral issues with the member states of the group.
“When we become a developing country, there will be many challenges and solving those challenges will need the help of the G20 member states,” he said.