Context

Leaders across the globe, including Prime Minister Narendra Modi, participated in a virtual G20 Leaders’ Summit to discuss strategies to combat the coronavirus pandemic.

About

• 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.?
  
  

  Historical background: 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.