The G20 represents the world’s economic and political power, with its member representing 80% of the world’s GDP, 75% of global exports, and 60% of the global population.
The G20 consists of 19 countries and 1 region, namely: Argentina, Australia, Brazil, Canada, People's Republic of China (PRC), France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, and the European Union.
Indonesia chose "Recover Together, Recover Stronger" as the theme of its G20 presidency as the world was still under pressure due to the COVID-19 pandemic.
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To boost the world's post-pandemic recovery, the Indonesian Presidency is focusing on three priority sectors, namely: ??Strengthening of Global Health Architecture, Digital Transformation and Energy Transition.
Furthermore, Indonesia gave major attention to developing countries in Asia, Africa, and South America, including the small island nations in the Pacific and Caribbean.
Nine countries are invited to participate in the Indonesian G20 Presidency, which are Spain, Chair of the African Union, Chair of the African Union Development Agency-NEPAD (AU-NEPAD), Chair of the Association of Southeast Asian Nations (ASEAN), Netherlands, Singapore, United Arab Emirates, Chair of The Caribbean Community (CARICOM), and Chair of the Pacific Island Forum (PIF).
Ten international organizations are also invited, namely Asian Development Bank (ADB), Financial Stability Board (FSB), International Labor Organization (ILO), International Monetary Fund (IMF), Islamic Development Bank (IsDB), Organization for Economic Cooperation and Development (OECD), World Bank, World Health Organization (WHO), World Trade Organization (WTO), and the United Nations (UN).
The Indonesian presidency was not without challenges. The Russian Federation invaded Ukraine in early 2022, triggering multiple crises from shortages of food supplies to increased prices in energy markets.
Neverthless, the G20 Summit in Bali in November 2022 succeeded in producing an agreement on the G20 Bali Leaders' Declaration. During the two days of holding the Summit, which was marked by tough discussions, especially on issues related to the war in Ukraine, in the end, they agreed on a 52-paragraph declaration which agreed on a number of strategic issues.
The G20 leaders after going through quite a long discussion, agreed on the condemnation of war in Ukraine because it had violated territorial boundaries and territorial integrity. The war has also placed a burden on the global economy, which is still vulnerable and has just been in the process of heading for post-pandemic recovery, so that it has the potential to cause a food crisis, energy crisis, and even a financial crisis.
They also agreed the establishment of a pandemic fund which has reached US$1.5 billion to date. In addition, they also agreed on the establishment and operation of a Resilient and Sustainability Trust (RST) which has reached US$81.6 billion to help low and middle income countries which are vulnerable to various structural challenges that will affect macroeconomic conditions as a result of pandemic and climate change.
At the close of the G20 Summit, Indonesia symbolically handed over the gavel as a form of G20 leadership rotation for 2023 to India.
