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The “Group of 20” is made up of the European Union and the strongest economies on all continents. These are the following 19 countries: Argentina, Australia, Brazil, China, Germany, France, Great Britain, India, Indonesia, Italy, Japan, Canada, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey and the United States. The G20 represents almost two-thirds of the world’s population and accounts for four-fifths of the world’s economic power and three-quarters of world trade.
The group was founded for international coordination on financial and economic issues, but now deals with many other global issues as well, from fighting terrorism to protecting the climate and fighting pandemics.
Since 2008, it usually meets once a year at the level of heads of state and government. There were even two meetings during the financial crisis of 2009 and 2010. Also this year is the second meeting. The first of March was convened on short notice due to the corona pandemic and was also held as a video conference. Finance ministers and central bank governors have met annually since 1999.
At its summit meeting, the group decides on joint statements that are not legally binding, but still send a strong political signal.
The G20 hosts international organizations such as the World Bank and the United Nations (UN) at each summit. Spain is also there at all times, as well as the countries that lead international organizations, such as Vietnam, Rwanda and the United Arab Emirates (UAE) now. In addition, the host has the right to invite other countries. Saudi Arabia selected Switzerland, Jordan and Singapore for this summit.
Next year, the G20 will be led by Italy, which will assume the presidency of Saudi Arabia on December 1. In 2021, the G20 wants to meet again physically if possible.
