Saudi Arabia takes over G20 presidency from Japan

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News:Saudi Arabia has became the first Arab nation to take over the G20 Presidency on December 1,2019.

Facts:

About G20 Summit,2020:

  • Saudi Arabia will host the G20 Summit in its capital, Riyadh on November 21,2020.
  • The theme of Summit- “Realising Opportunities of the 21st Century for All”.

Objectives of G20 Summit,2020:

  • Empowering People by creating the conditions in which all people mainly women and youth can live, work and thrive.
  • Safeguarding the Planet by fostering collective efforts to protect our global common-pool resources.
  • Shaping New Frontiers by adopting long-term and bold strategies to share the benefits of innovation and technological advancement.​

Additional information:

Origin of G20:

  • G20 is an international group initially founded in 1999 after the Asian financial crisis as a forum for finance ministers and central bank governors of 19 countries and the European Union.
  • In 2008, in the midst of the global financial crisis, the US President had invited the leaders of the G20 members to coordinate actions in order to respond to the crisis giving the start to the actual G20 Leaders Summit. 
  • Since 2010 the meeting is held annually and the host country changes every year.
  • The G20 have no permanent staff of its own and its chairmanship rotates annually between nations divided into regional groupings.

Objectives of G20:

  • Policy coordination between its members in order to achieve global economic stability, sustainable growth 
  • To promote financial regulations that reduce risks and prevent future financial crises and 
  • To create a new international financial architecture.

Significance of G20:

  • The G20 brings together the leaders of both developed and developing countries from every continent. ​
  • The group accounts for 85% of world GDP and two-thirds of the population.