G20 Virtual meeting
31st Mar, 2020
Leaders across the globe, including Prime Minister Narendra Modi, participated in a virtual G20 Leaders’ Summit to discuss strategies to combat the coronavirus pandemic.
- The Group of Twenty, or the 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 socio-economic issues.?
- Originated in 1999 at the level of Finance Ministers and Central Bank Governors, the G20 gathered for high-level discussions on macro-financial issues.
- In the wake of the 2008 global financial crisis, the G20 was elevated to include the leaders of member countries.
- The first G20 Leaders’ Summit took place in Washington D.C. in November 2008. Consequently, the G20 agenda expanded beyond macro-financial issues, to include socio-economic and development issues.
Key-highlights of the Summit:
- Leaders strategised ways to mitigate the global economic impact of the Covid-19 pandemic, along with other matters, at the ‘Extraordinary Virtual G20 Leaders’ Summit’.
- The G20 Leaders’ virtual meeting has been organised following a telephone conversation between PM Modi and Saudi crown prince Mohammed bin Salman. The PM has also been in talks with the Australian Prime Minister.
- 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.
- The summit followed a “Virtual G20 Sherpa” meeting.
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. At the end of the Summit, a G20 Leaders' Statement was issued which called for a coordinated global response to fight the pandemic, adopting measures to safeguard the global economy, minimising trade disruption and steps to enhance global cooperation.