Virtual Summit of G20 Leaders

Context

  • An Extraordinary Virtual G20 Leaders’ Summit was convened on 26 March 2020 to discuss the challenges posed by the outbreak of the COVID-19 pandemic and to forge a global coordinated response. Earlier, PM had a telephonic conversation with the Crown Prince of Saudi Arabia on this subject. The extraordinary G20 Summit was a culmination of the Finance Ministers and Central Bank Governors Meeting and G20 Sherpas Meeting on the COVID-19 pandemic.

Details about the summit

  • At the meeting, G20 Leaders agreed to take all necessary measures to contain the pandemic and protect people. They also supported strengthening of the WHO’s mandate in the fight against pandemics, including delivery of medical supplies, diagnostic tools, treatments, medicines and vaccines.
  • Leaders also committed to use all available policy tools to minimize the economic and social cost of the pandemic and to restore global growth, market stability and strengthening resilience. G20 countries committed to inject over USD 5 trillion into the global economy to counter the social and economic impact of COVID-19. Leaders also agreed to contribute to the WHO led COVID-19 Solidarity Response Fund on a voluntary basis.
  • 90% of the COVID-19 cases and 88% of deaths were in G20 countries even as they share 80% of world GDP and 60% of world population. He called on the G20 to come out with a concrete action plan to fight the global pandemic.

About G20

  • Formed in 1999, the G20 is an international forum of the governments and central bank governors from 20 major economies.
  • Collectively, the G20 economies account for around 85 percent of the Gross World Product (GWP), 80 percent of world trade.
  • To tackle the problems or the address issues that plague the world, the heads of governments of the G20 nations periodically participate in summits.
  • In addition to it, the group also hosts separate meetings of the finance ministers and foreign ministers.
  • TheG20 has no permanent staffof its own and its chairmanship rotates annually between nations divided into regional groupings. 

Member Countries

  • The members of the G20 consist 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.
  • The European Union is represented by the European Commission and by the European Central Bank.

Source: PIB & Wiki