G20 summit would be an event quite different in the organization’s history; what is the difference?
This year, G20 summit would be an event considerably different in the organization’s history. It actually hosted by Saudi Arabia, and the Leaders’ Summit would bring leaders from 19 of the most powerful countries and the European Union together.
However, travel conditions and concerns about social distancing because of the COVID-19 virus pandemic indicate that invitees would have to participate in a virtual conference.
It looks that the schedule for this year is different from the previous years. The global financial reduction resulting from the coronavirus pandemic’s effects would be high on the list for this year’s summit. It also expected that leaders would discuss that ways of dealing with the outcome of worldwide lockdowns during the past year and the ongoing competition to develop a vaccine.
What is the G20?
The G20 is created in 1999 as a platform for national banks and governments of 19 countries and the European Union; it extended its operations and started hosting regular leaders’ summits in 2008. Besides, it invited world leaders from 19 states and the European Union to discuss international monetary policy issues.
Indeed, the presidency alternates between member countries every year. Its origin could be returned to the Bretton Woods conference at the end of the Second World War, which is an early gathering of world leaders to discuss cross-border monetary policy.
The members of G20 are: Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States, whereas Spain is a permanent guest invitee. Moreover, Jordan, Singapore, and Switzerland have been invited as guests to this year’s summit. Many international organizations, including the International Monetary Fund (IMF) and World Trade Organization (WTO) are also invited.
Otherwise, discussions at the G20 summits focus on matters that affected global trade, both political and regulatory. For example: at 2019’s conference in Osaka, members engaged in reforming the WTO’s dispute settlement system that makes rules about how trade is conducted between WTO members.
What is different this year?
Despite that leaders would not be presented directly in the event, but this year’s G20 summit is expected to focus on dealing the coronavirus pandemic’s result. It would be the first time that an Arab nation hosts the summit.
Saudi Arabia’s schedule this year is concentrated on three essential areas: empowering people, safeguarding the planet, and shaping new frontiers for the future.
It also expected that the Kingdom would discuss steps to provide opportunities for everyone worldwide, focusing on women and young people. Environmental concerns will also play a role, as carbon emissions and ocean preservation will be debated. Lastly, there would also be a focus on the future of AI and the digital economy.