Written by Meher Gupta, a grade 6 student.
The G20 summit, also known as the Group of 20, is a premium forum for global economic cooperation. The G20 summit was created on the 26th of September in the year 1999, after a series of major international debt crises. It aims to unite world leaders around economic, political, and health challenges. The heads of states first officially convened in November 2008, when the global financial crisis began, and since then they have met at least once a year.
The headquarters of G20 is in Cancun, Mexico. The founder of this organisation is the Group of Seven (G7) and the current serving chairman is King Salman of Saudi Arabia.
The members account for 85 percent of the world economy, 75 percent of global trade, and two-thirds of the world’s population, including more than half of the world’s poor. G20 leaders meet annually at the G20 Summit. The members comprise the Governors of the Central Bank and the leaders of the 19 individual countries and the European Union
Who are the members of the G20?
The members of G20 are Australia, Argentina, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
The G20 summit meeting is hosted by the nation holding the rotating presidency. This year it is being held in Riyadh, the capital city of Saudi Arabia. Saudi Arabia assumed the G20 2020 Presidency on the 1st of December 2019. The summit will be held on the 21st and 22nd of November 2020. The theme of this year’s summit is, “ Realising Opportunities of the 21st century for all”. The need of the hour is to build a collective response to the lack of opportunities for the under deserved population and to tackle threats like natural disasters and climate change. The collective road map focuses on three aims -Empowering People, Safeguarding the Planet and Shaping New Frontiers.
However, the normal G20 calendar has been changed due to the ongoing Corona Virus pandemic. Several virtual meetings have been held between the members to coordinate the international response to the pandemic and efforts to put the global economy back on track.