Current Affairs G-20 summit was held virtually to combat COVID19

G-20 summit was held virtually to combat COVID19

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What is G20?

​​​​​​​​​​​​​​​The G20 is the premier forum for international economic cooperation. It gathers the ​leaders of the largest economies of the world to discuss financial and socioeconomic issues.

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

Why G20?

No one can live in isolation. With COVID19 people are understanding how hard is to live in isolation. In the same way, a country cannot survive in isolation. Just like how we need friends and neighbours to survive, a country in the similar way needs friends and neighbours to survive. Just like how we have enemies, or rather we don’t like few people, in the same way every country will have their enemies.

So survive, countries form a group and discuss how they can help each other and improve the global economy and development for the benefit of each other.

In a similar way, G20 originated in 1999 at the level of Finance Ministers and Central Bank Governors,  gathered for high-level discussions on macro-financial issues. In the wake of the 2008 global financial crisis, the G20 was elevated to include the leaders of member countries. The first G20 Leaders’ Summit took place in Washington D.C. in November 2008. Consequently, the G20 agenda expanded beyond macro-financial issues, to include socio-economic and development issues.

2020 G20 summit held virtually

The G20 Finance Ministers and Central Bank Governors met virtually on Monday 23 March 2020 to discuss the impact of COVID-19 pandemic on the global economy and coordinate their efforts in response to this global challenge. It was organised under the Saudi G20 Presidency and King Salman Bin Abdulaziz Al Saud chaired the meeting.

G20 members was joined by leaders from invited countries, Spain, Jordan, Singapore, and Switzerland, as well as international organisations; United Nations (UN), World Bank Group (WBG), the World Health Organisation (WHO) and World Trade Organisation (WTO), the Food and Agriculture Organisation (FAO), the Financial Stability Board (FSB), the International Labour Organisation (ILO), International Monetary Fund (IMF), the Organisation for Economic Cooperation and Development (OECD).

Regional organisations will be represented by Vietnam the Chair of the Association of Southeast Asian Nations (ASEAN), South Africa the Chair of the African Union (AU), the United Arab Emirates the Chair of the Gulf Cooperation Council (GCC) and Rwanda the Chair of the New Partnership for Africa’s Development (NEPAD).

G20 Finance Ministers and Central Bank Governors will meet virtually on a regular basis to continue their discussion and take urgent actions needed to address the global challenge presented by the COVID-19 pandemic.

Source: G20.org

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Vocabulary

Virtual: Not physically existing as such but made by software to appear to do so.

Isolation: Cause (a person or place) to be or remain alone or apart from others

 

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