What you need to know about the G20


India’s two-day summit of G20 leaders wrapped up yesterday (Sunday).

What’s the G20? It’s a group of 20 ‘major’ economies, but not the 20 largest: e.g., it includes both South Africa (ranked #39) and Argentina (#23).

The list of members was developed in the 1990s by mid-ranking US official Timothy Geithner (who later became US treasury secretary). He wanted a mix of key advanced and emerging economies, to better coordinate policy.

So the G20 remained a niche finance bloc until 2008, when the US upgraded it to an annual summit of leaders during the global financial crisis (GFC).

What happened this weekend in India? To the surprise of many, G20 members (including Russia) managed to agree on a declaration, including:

  • 🏦 Calling (in broad terms) for bigger and better multilateral banks
  • 🌍 Welcoming the African Union as a G20 member (it was already attending every summit as an invitee), and
  • 🇺🇦 Highlighting the suffering from the “war in Ukraine” (the text lists Russia as a source of grain, but not as the source of the invasion…)

The no-show by China’s leader was also intriguing. There were likely various factors at play, but China’s spoiler role at the summit suggests sheer rivalry was a key consideration. E.g., China tried (unsuccessfully) to:

  • 📖 Cut a Sanskrit term from the G20 declaration, likely seeing India’s phrase (meaning “the world is one family”) as rivalling China’s own vision for “a community of shared future for mankind”, and
  • 🙅 It also tried to oppose any mention of the US hosting in 2026.

Intrigue’s take: In diplomacy, there’s often a trade-off between legitimacy and effectiveness: adding another voice brings legitimacy (representing more people), but it cuts effectiveness (there are more competing interests).

The G20 was supposed to be the sweet spot: with a manageable 20 voices, yet covering 85% of the world’s GDP and two thirds of its population.

But with the GFC in the rear-view, the G20 became a solution in search of a problem, expanding its agenda in search of purpose: its declaration this year is 15,000 words long (quadruple the 2008 statement).

Like all international bodies, the G20 is under pressure. And by most accounts, India was a solid host. But the big picture is the same: the G20 seems adrift, made worse by big power rivalry.

Also worth noting:

  • The G20’s final text on Ukraine reportedly involved “over 200 hours of non-stop negotiations, 300 bilateral meetings (and) 15 drafts“.
  • G20 members also made announcements in the margins, including a US-led trade corridor from India to Europe through the Middle East; and an India-led pact on biofuels. Neither involved China.
  • Brazil will host the G20 next year, followed by South Africa in 2025 and the US in 2026.
Latest Author Articles
Labubu, geopolitics and culture

It’s time to take a quick break from all the trade wars and actual wars, and go back in time to pitch you a few quirky business ideas. But they all lean into culture, so bring your thick-rimmed glasses, turtle-neck, and beret, okay? As for the first pitch, we’re taking you to… Hear us out. […]

30 June, 2025
Did Trump make the right call?

With the US now hitting Iran directly for the first time, we’re all left with two big questions. Backers argue the ayatollah runs a fascist, expansionist regime openly calling for Israel’s destruction and sponsoring like-minded terrorist groups, all while stringing a naïve world along with talks, yet still stockpiling uranium enriched to 60% (way beyond […]

23 June, 2025
The Israel-Iran War: 6 lessons so far

Things have only escalated since Friday’s war briefing, with… So as these two old foes continue to trade blows and casualties, we’ve reflected on the six different lessons the world might now be learning: The ayatollah has spent decades dropping brash military diss tracks, only to get pantsed by Israel in a single night via […]

16 June, 2025
Why Uganda is having a meltdown over Germany’s ambassador

Uganda’s military announced on Sunday it’s cutting all ties with Germany! Why? Now, that is an incredibly spicy allegation to make against a foreign ambassador. In fact, we’d go so far as to liken it to the Merciless Pepper of Quetzlzacatenango. So what exactly did ol’ Mathias get up to? Well, the generals won’t say, though the head of the armed forces […]

27 May, 2025