G20, G7 and its members "EMPOWER IAS"

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A sherpa is the personal representative of a head of state or government who prepares an international summit, particularly the annual G7 and G20 summits.
Between the G7 summits there are multiple sherpa conferences where possible agreements are laid out.
This reduces the amount of time and resources required at the negotiations of the heads of state at the final summit.
The name sherpa—without further context—refers to sherpas for the G7 summit, but the designation can be extended to different regular conferences where the participation of the head of state is required.
The sherpa is generally quite influential, although they do not have the authority to make a final decision about any given agreement.
The name is derived from the Sherpa people, a Nepalese ethnic group, who serve as guides and porters in the Himalayas, a reference to the fact that the sherpa clears the way for a head of state at a major summit.

G20

It is an informal group of 19 countries and the European Union, with representatives of the International Monetary Fund and the World Bank.
The G20 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, 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, United Kingdom, United States, and the European Union.

1997-1999 ASIAN Financial Crisis: This was a ministerial-level forum which emerged after G7 invited both developed and developing economies. The finance ministers and central bank governors began meeting in 1999.
Amid 2008 Financial Crisis the world saw the need for a new consensus building at the highest political level. It was decided that the G20 leaders would begin meeting once annually.
To help prepare these summits, the G20 finance ministers and central bank governors continue to meet on their own twice a year. They meet at the same time as the International Monetary Fund and The World Bank.

The work of G20 is divided into two tracks:
The finance track comprises all meetings with G20 finance ministers and central bank governors and their deputies. Meeting several times throughout the year they focus on monetary and fiscal issues, financial regulations, etc.
The Sherpa track focuses on broader issues such as political engagement, anti-corruption, development, energy, etc.
Each G20 country is represented by its Sherpa; who plans, guides, implements, etc. on behalf of the leader of their respective country. (Indian Sherpa, at the G20 in Argentina, 2018 was Shri Shaktikanta Das)

The members of the G20 are 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 European Union.
Spain as a permanent, non-member invitee, also attends leader summits.

The G20 Presidency rotates annually according to a system that ensures a regional balance over time.
For the selection of presidency, the 19 countries are divided into 5 groups, each having no more than 4 countries. The presidency rotates between each group. Every year the G20 selects a country from another group to be president.
India is in Group 2 which also has Russia, South Africa, and Turkey.
The G20 does not have a permanent secretariat or Headquarters. Instead, the G20 president is responsible for bringing together the G20 agenda in consultation with other members and in response to developments in the global economy.
TROIKA: Every year when a new country takes on the presidency (in this case Argentina 2018), it works hand in hand with the previous presidency (Germany, 2017) and the next presidency (Japan, 2019) and this is collectively known as TROIKA. This ensures continuity and consistency of the group’s agenda.

The Group was formed with the aim of studying, reviewing, and promoting high-level discussion of policy issues pertaining to the promotion of international financial stability.
The forum aims to pre-empt the balance of payments problems and turmoil on financial markets by improved coordination of monetary, fiscal, and financial policies.
It seeks to address issues that go beyond the responsibilities of any one organization.

The members of the G20 consist of 19 individual countries plus the European Union (EU).

The 19 member countries of the forum are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom and the United States.
The European Union is represented by the European Commission and by the European Central Bank.

G20 is a major international grouping that brings together 19 of the world’s major economies and the European Union.
Its members account for more than 80% of global GDP, 75% of trade and 60% of population.

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