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What is the G20 Summit?
The G20 is a group of 20 of the world’s top economies that meets regularly to discuss global strategy on trade, health, environment and other problems. It was founded in 1999. The G20 summit was envisioned as a gathering of the world’s most significant industrialised and developing nations to debate global economic and political stability.
Its annual summit, which began in 2008 as a meeting of G20 leaders, has expanded into a key venue for debating economics as well as other critical global concerns. Bilateral consultations on the margins of summits have sometimes resulted in big international accords. While the group’s strong reaction to the 2008 financial crisis was one of its most notable successes, some commentators believe its cohesiveness has subsequently weakened.
Because the G20 is a forum rather than a legislative body, its agreements and judgments have no legal ramifications; yet, they do affect national policy and global collaboration. The economies of the G20 nations together account for more than 80% of global GDP (GWP), 75% of global commerce, and 60% of the global population. Following its initial leaders’ meeting in 2008, the G20 stated that it will replace the G-8 as the world’s leading economic council. Recent G20 agenda issues have included cryptocurrencies, food security, and trade disputes.
G20 Summit List:
The G20 is made up of nineteen nations with some of the greatest economies in the world, as well as the European Union and the countries are United States of America, Russia, China, Japan, Germany, France, United Kingdom, India, Argentina, Mexico, Australia, Brazil, Canada, South Korea, Indonesia, Italy, Saudi Arabia, South Africa, Turkey, are among the nations involved. Spain has been asked to stay as a permanent visitor.
The first G20 summit was organised in the United States at Washington DC in 2008 and the most recent G20 summit 2021 which was the 16th summit was held in Italy, Rome in the year 2021. India will host the 18th G20 summit in 2023.
Following the first meeting in Washington, DC in 2008, G20 leaders gathered two times a year first in London and Pittsburgh in 2009, and the second time in Toronto and Seoul in 2010.
Since 2011, when France presided over and hosted the G20, the summits have only been held once a year. The 2016 summit was held in Hangzhou, China, followed by the 2017 summit in Hamburg, Germany, and the 2018 summit in Buenos Aires, Argentina.
Since 2010, several further G20 ministerial-level meetings have taken place. Agriculture ministerial meetings were held in 2011 and 2012; foreign ministerial meetings were held in 2012 and 2013; trade ministers met in 2012 and 2014, and employment ministerial meetings have been held every year since 2010.
The G20 Tourism Ministers and Heads of Delegation from G20 member countries and other invited States, as well as representatives from the World Travel and Tourism Council (WTTC), World Tourism Organisation (UNWTO), and other organisations in the Travel & Tourism sector, met in Mérida, Mexico, on May 16, 2012, for the 4th G20 meeting, which focused on ‘Tourism as a Means of Job Creation.’
As a consequence of this conference and The World Travel & Tourism Council’s Visa Effect Research, the Leaders of the G20, who will gather in Los Cabos on June 18–19, will recognize the impact of the travel industry for the first time. “We recognize the role of the tourism sector as a vehicle for employment generation, economic growth, and growth, and, while identifying the self-governing right of States to regulate the entry of foreigners, “we will work towards developing travel facilitation initiatives in support of employments, best work, end poverty, and global growth,” the G20 Leaders Declaration added that year.
When Australia was organising the 2014 G20 meeting in Brisbane in March 2014, former Australian Foreign Minister Julie Bishop recommended excluding Russia from the conference due to its participation in the 2014 Crimean conflict. Following that, the foreign ministers of the BRICS countries informed Bishop that “custodianship of the G20 belongs to all Member States equally, and no Member State may unilaterally decide its nature and character.”
The G20 articulated its commitment to the 2030 Agenda (Sustainable Development Goals) in three major topics in 2016: the promotion of robust, sustainable, and balanced growth and the preservation of our planet earth from damage; and the advancement of cooperation with low-income and developing nations. At the G20 Summit of China, members have agreed on a plan of action and released a high-level principles paper to member nations to aid in the execution of the agenda.
The 2019 summit was held in Japan, while the 2020 summit was supposed to be held in Saudi Arabia, but was instead held virtually on November 21–22, 2020, because of the COVID-19 pandemic under Saudi Arabia’s chairmanship. The 2021 G20 Rome summit was held on October 30–31, 2021, in Rome, Italy’s capital city.
Conclusion
G20 summits are very important for the world. In these summits, the leaders of most developed countries meet and discuss the problems related to the whole earth and through these discussions all small and under-developed countries get benefits.
