Saudi Arabia to host G20 summit in 2020

  1. Saudi Arabia will host the Group of 20(G20) summit in 2020 in Riyadh.This will be the first time the G20 is being held in the Arab region. Further,Japan will host the 2019 G20 summit in Osaka.
  2. The 2020 G20 summit’s agenda will include financial,economic and social issues such as energy,environment,climate,digital economy,trade, agriculture, healthcare,education and labour.
  3. G20 is an international forum of the governments and central bank governors from 20 major economies formed in 1999.The group accounts for 85% of world GDP and two-thirds of the population.They have no permanent staff of its own and its chairmanship rotates annually between nations divided into regional groupings.
  4. The members of the G20 consists of 19 individual countries plus the European Union (EU).The 19 member countries of the forum are Argentina, Australia, Brazil, Canada,China,France,Germany,India, Indonesia, Italy, Japan, Mexico, Russia,Saudi Arabia,South Africa,South Korea,Turkey,United Kingdom and the United States.
  5. The objectives of the G20 are:(a) Policy coordination between its members in order to achieve global economic stability, sustainable growth (b) To promote financial regulations that reduce risks and prevent future financial crises and (c)To create a new international financial architecture.