15th G20 Summit held

15th G20 Summit held

Part of: GS Prelims and GS-II – International Relations

In news

• In a recently held 15th G-20 summit, Indian Prime Minister termed the COVID-19 pandemic as an important turning point in history of humanity and the biggest challenge the world is facing since the World War II.
• Convened by: Saudi Arabia in a virtual format.

Key takeaways 

• Indian PM called for a new Global Index for the Post-Corona World that comprises four key elements.
  • Creation of a vast Talent Pool
  • Ensuring that Technology reaches all segments of the society
  • Transparency in systems of governance
  • Dealing with Mother Earth with a spirit of Trusteeship.
• Noting that ‘Work from Anywhere’ is a new normal in the post-COVID world, he also suggested creation of a G20 Virtual Secretariat as a follow up and documentation repository.
• The G20 Leaders’ Summit would culminate in the adoption of the Leaders’ Declaration and with Saudi Arabia passing on the Presidency to Italy.

Important value additions 

The G20 (or Group of Twenty) 

• It is an international forum for the governments and central bank governors from 19 countries and the European Union (EU). 
• Founded in: 1999 
• Aim: To discuss policy pertaining to the promotion of international financial stability. The G20 has expanded its agenda since 2008. 

• 20 members: India, Australia, Brazil, Canada, People’s Republic of China, France, Germany, Argentina, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, European Union