Prime Minister Narendra Modi made the announcement at the closing ceremony of the 13th G-20 summit in Argentinian capital Buenos Aires on Saturday. PM Modi thanked Italy for allowing India to play the host. Italy was to host the international forum of the world’s top 20 economies in 2022. The 14th edition will be held in Japan while Saudi Arabia will host the 15th. PM Modi, in a tweet, said “In 2022 India completes 75 years since Independence. In that special year, India looks forward to welcoming the world to the G-20 Summit! Come to India, the world’s fastest growing economy! Know India’s rich history and diversity, and experience the warm Indian hospitality.”
G-20 members comprise Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, and the US. Collectively, the G-20 economies account for nearly 90 per cent of the gross world product, 80 per cent of world trade, two-thirds of the world population, and approximately half of the world land area. During the G-20 summit, Prime Minister Modi spoke about the role of the G-20 in carrying through the 14th General Quota Review of the IMF; the role which the G-20 played in operationalising the BEPS (Base Erosion and Profit Shifting) which is related to international taxation and also the automatic exchange of information on tax matters.
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The Prime Minister also highlighted the current challenges which the global economy, especially the emerging economies. He highlighted on the threat of increasing financial vulnerabilities mainly arising from the monetary policies of advance economies, oil price volatility, the former economic affairs secretary Mr. Das said while briefing reporters. During the previous G-20 summit in Hamburg, Germany, Das noted that an 11-point agenda on terrorism was adopted at India’s initiative.