With an agenda focused on digital transformations, over 30 heads of the delegation are taking part in the G20 Digital Economy Ministerial Meeting in Salta, in the north-west of Argentina. Chaired by Andrés Ibarra, Argentine Minister of Modernization, and Lino Barañao, Argentine Minister of Science, Technology and Innovative Production, the meeting started last night with an official dinner at Salta’s Fine Arts Museum and continues today with working sessions at the Salta Convention Centre.
The Digital Economy Task Force (DETF) was established under the 2017 German presidency, based on the decision adopted in Hangzhou in 2016 under the Chinese Presidency.
In Antalya, under the Turkish presidency in 2015, G20 leaders recognized the modern period as a critical era of digital transformation, influenced by the advent of new technologies as key elements for economic development.
What is the Digital economy?
The digital economy refers to a broad range of activities which include: the use of knowledge and information as factors in production, information networks as a platform for action, and how the information and communication technology (ICT) sector spurs economic growth.
Challenges to digital economy:
Important challenges include providing high-speed internet for all by 2025, creating inclusive growth and new jobs through digital trade, promoting lifelong digital learning, and closing the gender gap.
The G20 is made up of 19 countries and the European Union. The 19 countries are Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States.
The G20 was born out of a meeting of G7 finance ministers and central bank governors in 1999 who saw a need for a more inclusive body with broader representation to have a stronger impact on addressing the world’s financial challenges. The G7 invited leading markets – both developed and emerging – to form a new ministerial-level forum: the G20.
In 2008, amidst the global financial crisis, the world saw a need for new consensus-building at the highest political level. Since then, the G20 summits have been attended by heads of state or government, and the G20 was instrumental in stabilizing the world economy. Since then, its agenda has expanded to include additional issues affecting financial markets, trade, and development.
Collectively, G20 members represent all inhabited continents, 85% of global economic output, two-thirds of the world’s population, and 75% of international trade.
G20 policy-making is enriched by the participation of key international organizations regularly invited to G20 meetings, guest countries invited at the president’s discretion, and engagement groups composed of different sectors civil society.
The Finance track comprises all meetings with G20 finance ministers and central bank governors and their deputies. Convening several times throughout the year, they focus on financial and economic issues, such as monetary, fiscal and exchange rate policies, infrastructure investment, financial regulation, financial inclusion and international taxation.
The Sherpa track focuses on broader issues such as political engagement, anti-corruption, development, trade, energy and climate change, gender equality, among others. Each G20 country is represented at these meetings by its relevant minister, and by its designated sherpa, or emissary. The sherpa engages in planning, negotiation and implementation tasks on behalf of the leader of their respective country. Each sherpa orients their minister and head of state or government accordingly on the progress of the G20 and delegates the dialogue and topics to relevant working groups.