G20 Summit at a Glance

Why in News ?

The 15th G20 Summit  (also known as Riyadh Summit) held  virtually on November 21-22, 2020, says Saudi Arabia.

(Due to Pandemic)

Host Country :  Saudi Arabia

Focus : To protecting lives and restoring growth by addressing vulnerabilities uncovered during the Coronavirus pandemic.

What is the G20 ?

• The Group of 19 Countries and European Union, or the G20.

• The G20 is the premium forum for international economic cooperation.

 • It brings together the leaders of both developed and developing countries from every continent.

• The G20 members represent around 80% of the world's economic output, two-thirds of global population and three-quarters of international trade.

• The G20 Nations mainly discuss on the issues of finance and socioeconomic matters.

Brief History of the G20 :

• Originated in 1999 at the level of Finance Minister and Central Bank Governors.

• It gathered for high-level discussions on macro-financial issues.

• During the 2008 global financial crisis, the G20 was elevated to include the leaders of member countries.

• The first G20 Leaders' Summit at Washington DC in November 2008.

• Over the time, the G20 agenda not only for macro-financial but also for socio-economic and development issues.

How does the G20 Work ?

• The presidency of the G20 rotates between member countries every year.

• The presidency play a leading role in setting the agenda and organising the Leaders' Summit, which is attended by the G20 Heads of State or Government.

At the Government level, G20 work on

* Financial Track : 

+ Meeting of G20 - Finance Ministers and Central Bank Governors, and their Deputies also

+ It focus on fiscal and monetary policy issues such as the global economy, infrastructure, financial regulation, financial inclusion, international financial architecture and international taxation.

* The Sherpa Track :

+ Meeting of Ministers and relevant senior officials.

+ They focus on socioeconomic issues such as agriculture, anti-corruption, climate, digital economy, education, employment, energy, employment, health, tourism, trade and investment.

* Engagement Group :

+ Represent Civil Society and develop recommendations that submitted to G20 Leaders for their consideration.

+ Engagement Groups include the Business 20, Youth 20, Labour 20, Think 20, Civil 20, Women 20, Science 20, and Urban 20.

G20 Participants :

The G20 members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union (EU).

About the Leaders' Summit :

• This summit brings together world leaders to discuss international economic cooperation. 

• The participants in the G20 Summit are Heads of the State or Government from 19 Countries and the European Union.

• The leaders of guest countries and representatives of invited regional and international organizations participate in the Summit.

Previous Summits :

1. Washington, USA, 2008

2. London, UK, 2009

3. Pittsburgh, USA, 2009

4. Toronto, Canada, 2010

5. Seoul, Republic of Korea, 2010

6. Cannes, France, 2011

7. Los Cabos, Maxico, 2012

8. St. Petersburgh, Russia, 2013

9. Brisbane, Australia, 2014

10. Antalya, Turkey, 2015

11. Hangzhou, China, 2016

12. Hamburg, Germany, 2017

13. Buenos Aires, Argentina, 2018

14. Osaka, Japan, 2019

Recently, message from King Salman bin Abdulaziz Al Saud ~

"On behalf of the people of the Kingdom of Saudi Arabia, it is my pleasure to welcome you as the Kingdom assumes the 2020 G20 Presidency and announce to the world our pursuit to create a cooperative environment for the G20 to introduce policies and and initiatives that will fulfill the hopes of the people of the world."

References

g20.org

TheHindu