G20

WHY IN NEWS?

Union Commerce and Industry Minister recently attended the 2nd G20 Virtual Trade & Investment Ministers Meeting, held through video-conferencing.

ABOUT G20

• The Group of Twenty or G20 is the premier forum for international economic cooperation.
• The G20 brings together the leaders of both developed and developing countries from every continent.
• Collectively, G20 members represent around 80% of the world’s economic output, two-thirds of global population and three-quarters of international trade.
• Throughout the year, representatives from G20 countries gather to discuss financial and socioeconomic issues.?
• Previous G20 Summit (14^th Summit) was held in in Osaka (Japan) in 2019.
• The current chair is Saudi Arabia which will host the G20 Riyadh summit in 2020.
• The 2021 summit will be held in Italy.