Home News Explainer: Here’s everything you need to know about the G20 summit

Explainer: Here’s everything you need to know about the G20 summit

Explainer: Here’s everything you need to know about the G20 summit

Cape Town – Leaders of the G20 nations will gather in Bali, Indonesia, for an annual summit made up of 19 of the world’s major economies plus the EU.

The 17th G20 Leaders’ Summit will be held at the Apurva Kempinski, Bali, on November 15 and 16.

The G20, which is an economic global powerhouse, accounts for nearly two-thirds of the global population, 85% of the world’s economic output and 75% of world trade.

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, South Korea, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the EU all form part of the G20.

The G20 was formed in 1999 n the wake of the Asian financial crisis and was originally a meeting of the finance ministers and central bankers of 20 of the world’s largest established and emerging economies in an effort to resolve the global economic and financial crisis.

So what’s at stake at this year’s summit, in an ever-changing global political climate?

As the world sees and feels the effects of the Russia-Ukraine war, on the back of a deadly pandemic which hurt both developed and developing economies, coupled with a growing climate crisis, and a staggering humanitarian crisis in the horn of Africa, the decisions at the G20 Leaders’ Summit are critical to the current global political climate.

North Korea’s simmering nuclear programme, and China’s increasing global ambitions will also probably be high on the agenda for discussion.

Russian President Vladimir Putin will not attend in person, according to the Russian embassy in Indonesia. Russia will be represented by veteran Foreign Minister, Sergei Lavrov.

On Monday, the UK’s Foreign Secretary, James Cleverly said the UK will not normalise ties with Russia in light of the Ukrainian conflict as the two countries attend the G20 summit in Indonesia.

Key meetings to watch

Although not strictly a G20 meeting, US President Joe Biden and his Chinese counterpart, Xi Jinping met in Bali on Monday afternoon for their first face-to-face meeting as leaders.

“I’m looking forward to the G20 Leaders’ Summit in Bali, where I’ll highlight America’s commitment to working with our allies and partners to build a sustainable and inclusive global economy,” said Biden in a tweet.

New UK Prime Minister Rishi Sunak, who arrived in Indonesia on Monday afternoon, said on his Facebook account, “We need to get on with the job that the G20 was created to do stewarding the global economy through crisis and putting it back on the path to growth. Together we must take urgent action.”

South Africa said on Sunday it will push for the AU to get a seat at the G20.

A spokesperson for Ramaphosa said South Africa will help table a framework for the continental group to officially join the G20.

Ahead of the start of the G20 Leaders’ Summit, Ramaphosa will chair an engagement of the AU and New Partnership for Africa’s Development (Nepad) on Africa’s value proposition and priorities, according to the Presidency.

Just arrived in Bali, #Indonesia to join the @g20org Leaders Summit. Looking forward to productive discussions on pandemic prevention and preparedness, including via a #PandemicAccord; as well as the health impact of #ClimateChange, and food and energy insecurity. #G20

— Tedros Adhanom Ghebreyesus (@DrTedros) November 14, 2022

Professor of Peace and Conflict Research, Ashok Swain, tweeted, “Why the success of G20 matters more for the world than G7! In the last 8 years, China contributed more to the world’s economic growth than the G7 combined.“

Current Affairs

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