15TH G20 SUMMIT HOSTED BY SAUDI ARABIA
Prime Minister Narendra Modi participated in the 15th G20 Leaders Summit on November 21, 2020. The two-day summit was convened by Saudi Arabia, chair of G20 for this year. The summit saw the participation of the heads of governments of 19 member countries, the European Union and other invited countries and international organizations. It was conducted virtually due to the COVID-19 pandemic. While speaking at the summit, PM Narendra Modi congratulated the Kingdom of Saudi Arabia and its leadership for its successful Presidency of the G20 in 2020 and for organizing the second virtual G20 Summit in 2020 despite the challenges posed by the COVID-19 outbreak. G20 Summit 2020 Theme: "Realizing Opportunities of 21st Century for All”.
G20 (GROUP OF TWENTY)
The Group of Twenty (G20) is the premier forum for its members' international economic cooperation and decision-making. It comprises 19 countries plus the European Union. G20 leaders meet annually; additionally, during the year, Finance Ministers and Central Bank Governors meet regularly to discuss ways to strengthen the global economy, reform international financial institutions, improve financial regulation, and discuss the key economic reforms that are needed in each of the member countries. Underpinning these meetings is a year-long programme of meetings between senior officials and of working groups coordinating policy on specific issues.
The G20 started in 1999 as a meeting of Finance Ministers and Central Bank Governors in the aftermath of the Asian financial crisis. In 2008, the first G20 Leaders' Summit was held, and the group played a key role in responding to the global financial crisis. Its decisive and coordinated actions boosted consumer and business confidence and supported the first stages of economic recovery. G20 leaders have met eight times since 2008. The G20 Summit continues to focus on measures to support global economic growth, with a strong emphasis on promoting job creation and open trade. Each G20 President invites a number of guest countries each year.
The G20 works closely with international organizations including the Financial Stability Board, the International Labour Organization, the International Monetary Fund, the Organization for Economic Co-operation and Development, the United Nations, the World Bank and the World Trade Organization. These and a number of other organizations are invited to attend key G20 meetings.
MEMBER NATIONS OF G-20 ORGANIZATION
G20 members represent around 85 per cent of global gross domestic product, over 75 per cent of global trade, and two-thirds of the world's population. The members of the G20 are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, European Union.
KEY HIGHLIGHTS OF THE 15TH G-20 SUMMIT
The main objective of the G20 Summit, spread over two days with two sessions, was to focus on enabling an inclusive, resilient and sustainable recovery from COVID 19 pandemic and its impact. Few side events were also planned on pandemic preparedness and safeguarding of the planet. The participating leaders discussed pandemic preparedness and ways and means to restore jobs. The leaders also shared their vision for building an inclusive, sustainable and resilient future.
The Prime Minister termed the COVID-19 pandemic as an important turning point in human history and the biggest challenge the world has faced since World War II. He called for decisive action by G20 not only to aid economic recovery but to focus on preserving Earth as trustees of humanity's future.
At the G20 (Group of Twenty) summit held virtually India called for a “New Global Index” for the post-Corona world. New Global Index will be based on 4 pillars of:
TALENT:
The focus must shift to multi-skilling and reskilling from capital and finance to create a vast human talent pool. Indian initiatives such as the National Skill Development Mission (NSDM) which aims to create convergence across sectors and States in terms of skill training activities is already in direction of creating a vast human talent pool. India’s New Education policy and programmes such as Pradhan Mantri Innovative Learning Program (DHRUV) are well aligned with this element.
TECHNOLOGY:
Ensuring that technology reaches all segments of the society and the value of new technologies should be measured by their benefit to humanity.
India suggested that as follow-up action and creation of a G20 virtual secretariat as a repository of documentation. Digital India and E-governance campaigns of India have increased people's access to technology and other government services.
TRANSPARENCY:
Reforms such as Right to Information and Ease of Doing Business promote transparency in governance in India.
TRUSTEESHIP:
The world should deal with the environment and nature as trustees rather than owners which would inspire us towards a holistic and healthy lifestyle. Climate change must be fought not in silos but in an integrated, comprehensive and holistic way. A principle whose benchmark could be a per capita carbon footprint. A carbon footprint is the amount of greenhouse gases primarily carbon dioxide released into the atmosphere by a particular human activity.
OTHER POINTS TO REMEMBER
The 15th G20 Leaders’ Summit will continue till November 22nd and end with the adoption of the Leaders’ Declaration and with Saudi Arabia passing on the G20 Presidency to Italy. Prime Minister Narendra Modi attended the summit at the invitation of the summit's chair- King Salman bin Abdulaziz Al Saud of Saudi Arabia.
India will be a part of the G20 troika, a three-member country committee chaired by the current summit presidency along with Saudi Arabia when Italy will take over the G20 presidency on December 1, 2020.
The last extraordinary G20 leaders' summit was held in March 2020, during which the leaders developed a timely understanding among the G20 countries to help contain the spread of COVID-19 pandemic and forge a globally coordinated response".
QUESTIONS (1-5)
Q.1 Which of the following countries has hosted the 15th G20 leader's summit 2020?
A. United Arab Emirates
B. Germany
C. Saudi Arabia: ANSWER
D. Italy
Q.2 In which of the following years does the G20 established to bring together finance ministers and central bank Governors of the developed and developing countries?
A. 1995
B. 1999: ANSWER
C. 1985
D. 2000
Q.3 Which of the following statements is not correct regarding the G 20?
A. The G20 summits are attended by the Finance Ministers and Central Bank Governors of the member countries only.
B. India never hosted any G20 summit.
C. Its main aim is to eliminate poverty from the world: ANSWER
D. Its meetings are held annually.
Q.4 What is the theme of the 15th G20 summit leader's summit held in November 2020?
A. Shaping an Interconnected World
B. Fighting poverty with rigidity
C. Making the world together
D. Realizing Opportunities of the 21st Century for All: ANSWER
Q.5 At the G20 summit India called for a “New Global Index” for the post-Corona world. New Global Index will be based on 4 pillars. Which of the following is not one of them?
A. Transfer: ANSWER
B. Talent
C. Transparency
D. Trusteeship
