Table of Contents
Hello, everyone in this article you’ll learn about the g20 summit and g20 summit 2020 venue so read the full article carefully g20 summit 2020.
G20 SUMMIT | 2020 Riyadh Summit
What are the G20 Summit and its Member countries?
G20 is also called the group of 20, is a group of central bank governments and finance ministers from World Largest 19 economics and developing nations along with the European Union. It formed in 1999.
What’s different between G20 and G7?
The G20 includes all the countries of G7 (Group of Seven), these groups of seven countries are the world’s largest developed economies.
G20 is also called the group of 20, is a group of central bank governments and finance ministers from World Largest 19 economics and developing nations along with the European Union. It formed in 1999. G20 aims to increase global economic growth, regulation of financial markets and international trade. G20 was established at the G7 finance ministers meeting on 26 September 1999.
Including European Union G20 countries are as United States, Australia, Argentina, Britain, Brazil, China, Canada, France, Germany, Indonesia, India, Italy, Japan, Mexico, Russia, South Korea, South Africa, Saudi Arabia, and Turkey. These members represent the world’s gross domestic product by more than 80 percent. The G20 meeting is organized annually, It is the gathering of finance ministers and heads of state.
What’s different between G20 and G7?
The G20 includes all the countries of G7 (Group of Seven), these groups of seven countries are the world’s largest developed economies.
Group of Seven (G7) includes countries France, Italy, Germany, Japan, USA, United Kingdom, and Canada. G7 was formed in 1975; G7 members meet annually for the international issues, in addition to economic and monetary matters. G7 is much older than G20, G7 has described as a political body since in the meeting of G7 it includes finance ministers, chief ministers, prime ministers, and presidents. Also, the G7 meeting is long but G20 includes political leaders, finance ministers, and bank governors.
G7 includes only 7 developed countries but G20 includes many of the additional 12 developing nations. G20 is a platform where developed and developing nation meets.
Russia and G20 member countries
For the membership of Russia, G7 and G20 both had a different approach in 2014. After that Russia made military attacked on Ukraine and annexed the territory of Crimea. Russia joined G7 in 1998 to create the G8, as the G7 members suspended the membership of Russia and Russia decided to leave G8 in 2017. While in 2014, the host of the G20 summit in Brisbane, moved to ban Russia because of the role of Russia but Russia remained as a member of the group because of the strong support of India, Brazil, and China who stand together with Russia and the collective known as BRIC.
Membership and leadership of the group of G20
Including the members of G7 and 12 other developing nations currently complete the G20: Australia, Argentina, Brazil, China, India, London, Saudi Arabia, South Korea, South Africa, and Turkey. The G20 also invites the guest countries to attend their meetings. The G20 also invites the guest countries to attend their meeting. The current chair of ASEAN (The Association of Southeast Asian Nations) is Spain invited as a permanent guest of G20. Two African countries and at least one from its own region invited for the presidency. In 2019 Osaka summit invited the following countries: Netherlands, Singapore, Vietnam, and Spain. An international organization like the World Bank, the United Nations, the IMF the Financial Stability Board and the World Trade Organisation also attends the G20 summits.
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Historical Background
The first participation in the Group of 20 (G20) meeting was Saudi Arabia’s in the year 2008 Washington summit. Saudi Arabia was the second-largest oil reserves and the tenth-largest wealth found in the world. The Washington Summit was held on financial markets and the World Economy. On 25 September 1999 G7 bank governors and finance ministers announced that “The issues of economic and financial policy among countries and world economic growth between countries.” Then they invited their guests from important countries from the world in a meeting in Berlin in December 1999. This announcement to the G7’s statement gives the birth Group of Twenty (G20) and it formed on 26 September 1999.
2020 G20 Riyadh Summit
This G20’s summit will be the fifteenth meeting of Group of Twenty (G20) and it named “Riyadh Summit.” Riyadh Summit will be held on 21-22 November 2020 in the capital of Saudi Arabian Riyadh. Riyadh Summit will be chaired by the king of Saudi, Salman Bin Abdulaziz. The king of Saudi decided the presidency of G20 in December 2019 and leaders of the G20 summit decided the next summit will be held in Saudi Arabia’s capital ‘Riyadh’ and it will be named ‘Riyadh Summit’. In this summit, the kingdom will guide the opportunities of the 21st century for all and they will concentrate on three points.
1) Empowering People: It will be by making terms and conditions for all people especially youth and women can work, live and be a success.
2) Safeguarding The Planet: It will be done by forwarding new ideas, giving new technology and collective effort to protect our Earth.
3) Shaping New Frontiers: It will be done by adopting new technology and innovation from the member of 20
Conclusion
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