G20 Summit

G20 summit

Question: Consider the following statements regarding G20 Summit:

  1. G20 is made up of 19 countries and the European Union.
  2. G20 shares about 2/3rd of the world’s population and 3/4th of international trade.
  3. Argentina is hosting this year’s summit and India will host in 2022.

Choose the correct options of the following:
(a)1 and 2 only
(b)2 and 3 only
(c)1 and 3 only
(d)All of the above
Answer: (d)
Related facts:

  • The 2018 G20 Summit held in the city of Buenos Aires, Argentina on 30th November and 1st December 2018. It was the first G20 summit to be hosted in South America.
  • This was the 13th Summit held 10 years after the first G20 leader’s Summit took place in Washington in year 2008.

  • The theme for 2018 summit was ‘Building consensus for fair and sustainable development’.
  • In this Summit three key issues have been identified for the agenda: the future of work, infrastructure for development and a sustainable food future.

India’s Concern:

  • On 30th November PM Modi presented a nine-point agenda that calls for joint efforts by G20 countries to form a mechanism that denies entry and safe havens to fugitive economic offenders.
  • PM Modi pinpointed that the principles of United Nations Convention against Corruption (UNCAC), UNITED Nations Conventions against Transnational Organized Crime (UNOTC), especially related to ’international cooperation’ should be fully and effectively implemented.
  • Appreciating strategic partners Japan and USA, PM Narendra Modi coined acronym JAI (Japan, America, India) which means success.
  • On the backdrop of South China Sea crises, the trilateral meeting on the sidelines of the G20 Summit assumed more importance.

  • India suggested the financial action task force should be called upon to assign priority and focus to establishing international cooperation in financial matters.
  • On the issue of climate change every nation except the US, pledged the full implementation of Paris Agreement.
  • Prime Minister Narendra Modi also announced that India will host the G20 Summit in 2022.

About G20:

  • The group of twenty (G20) is a leading forum of the world’s major economics that seeks to develop global policies to address today’s most pressing challenges.
  • 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 more inclusive body with broader representation to have a stronger impact on addressing the world’s financial challenges.
  • The G20 consists of both developed and emerging countries.
  • Since 2008 global financial crisis, G20 leader’s summit is attended by head of the states to stabilize the world economy.
  • Collectively, G20 members represent all inhabited continents, 85% of total economic output, two –third of the world’s population and 75% of international trade.
  • In 2017 summit was held in Hamburg, Germany; Japan in 2019 and Saudi Arabia in 2020 will host the G20.

By Ramayan Upadhyay








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