The G20 summit was virtually hosted on November 21-22 by Saudi Arabia- the first Arab nation to host the G20. The focus of this year’s meeting was to discuss efforts to reinvigorate the recessing economy and agree on effective and sustainable measures to deal with the coronavirus pandemic. Members also discussed the common goal of creating free trade and ensuring that global transportation routes and supply chains remain open, safe, and functioning in order to aid economic recovery.
Earlier this month, G20 finance ministers had declared a “common framework” for an extended debt restructuring plan for virus-ravaged countries that was met with disappointment from activists for being insufficient. A letter signed by Norwegian Prime Minister (PM) Erna Solberg, South African President Cyril Ramaphosa, World Health Organization chief Tedros Adhanom Ghebreyesus and European Commission President Ursula von der Leyen was sent to the G20 ahead of their 2020 virtual summit and called on member nations to plug the $4.5-billion funding gap being faced by the ACT-Accelerator- a large scale global collaboration to combine the efforts of governments, scientists, businesses, civil society, and philanthropists and global health organization. In response, the grouping has mobilized their resources and contributed over $21 billion to fight the pandemic, which has claimed 1.3 million lives globally and has infected over 56 million people. Several countries are only witnessing new waves of cases as they struggle to open up their economies amidst a raging pandemic.
The G20 Leaders’ Declaration stated that “Supporting the multilateral trading system” now was more important than ever before. It added that the countries strived to “realize the goal of a free, fair, inclusive, non-discriminatory, transparent, predictable, and stable trade and investment environment” and to “support world trade and investment in response to Covid-19”. Finally, the leaders also vowed to continue to implement the Debt Service Suspension Initiative (DSSI) to provide “maximum support” to ease debt burdens for eligible countries.
The Chinese President Xi Jinping, in his speech, said that China would “increase the level of debt suspension and relief for countries facing particular difficulties and encourage its financial institutions to provide new financing support on a voluntary basis and according to market principles”. Indian PM Narendra Modi on Sunday said that India was “focused on saving citizens, economy from pandemic; equally important to focus on fighting climate change”. Japanese PM Yoshihide Suga said that Japan will “lead international efforts to combat climate change”. The forum’s host King Salman said that although there was optimism about “the progress made in developing vaccines, therapeutics and diagnostics tools for Covid-19”, the grouping must work together “to create the conditions for affordable and equitable access to these tools for all people”.
US President Donald Trump, who was available for only part of Saturday’s “digital diplomacy” meeting before substituting his presence with Treasury Secretary Steven Mnuchin, spoke about how the US “marshalled every resource at its disposal to respond to the crisis, as well as the unprecedented economic recovery of the United States on a foundation of tax and regulatory cuts, energy independence, and fair trade deals” White House press secretary Kayleigh McEnany said in a statement.
India is now set to host the summit in 2023, instead of 2022. Created in 1999, the G20 is a key forum for international cooperation on financial and economic issues. It is composed of 19 countries – Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, Britain and the United States – plus the European Union.
G20 Leaders Assemble to Deliver United Message on Economic Recovery
Among other agenda items, G20 Member countries pledged their commitment to a sustainable and inclusive economic recovery from the COVID-19 pandemic. Read more:
November 23, 2020
SOURCE: G20