G20 Summit under Saudi Arabia's Presidency: What is G20? What are its objectives? | All Round View

G20 Summit under Saudi Arabia’s Presidency: What is G20? What are its objectives?

All Round View (Peshawar); Saudi Arabia assumed the G20 2020 Presidency on December 1, 2019. It is the first time for the Kingdom to host this summit. Accordingly, it became the first Arab nation to head the G20.

The Kingdom’s presidency of the 2020 G20 Leaders’ Summit coincided with unprecedented global conditions due to the COVID-19 pandemic. The repercussions of which have caused health, economic, and social challenges.

The G20 Leaders’ Summit will be the fifteenth meeting of G20 in Riyadh, which will be hosting the Summit virtually as of November 21, 2020. This marks a cornerstone in the Kingdom’s history, in light of Vision 2030. As representatives of the G20 member states will meet in Saudi Arabia to discuss various financial, social, and economic issues.

The G20 is the premium forum for international economic cooperation; it brings together leaders from all continents, representing developed and developing countries. Collectively, G20 member states represent nearly 80% of the world’s economic output, two-thirds of the global population, and three-quarters of international trade.

Member States

The G20 is made up of the EU and 19 countries, namely: The US, The UK, Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, and Turkey.

G20 Focus This Year

FinanceTrack: Meetings of G20 Finance Ministers and Central Bank Governors, as well as their Deputies. Focus on fiscal and monetary policy issues, such as the global economy, infrastructure, financial regulation, financial inclusion, international financial architecture, and international taxation.

Sherpa Track: Meetings of Ministers and relevant senior officials. Focus on socioeconomic issues such as agriculture, anti-corruption, climate, digital economy, education, employment, energy, environment, health, tourism, trade, and investment.

Engagement Groups: Represent civil society and develop recommendations that are 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.

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