In a recent development, Saudi Arabia has ascended to the mantle of the G20 Presidency, thereby becoming the first Arab nation to hold this prestigious position. This transpired on December 1, 2019, with Saudi Arabia succeeding Japan. The Arab nation will be responsible for hosting the G20 summit in its capital, Riyadh, on November 21 and 22, 2020. The focus of the Summit will be “Realising Opportunities of the 21st Century for All.”
The Goals of the G20 Presidency in 2020
The G20 Presidency under Saudi Arabia will target three main objectives during its tenure. These goals include:
1. Empowering People: Provisions will be made to enhance conditions where all people, particularly women and youth can thrive.
2. Safeguarding the Planet: Collective efforts will be fostered to safeguard our global resources.
3. Shaping New Frontiers: Long-term strategies will be adopted to equally distribute the benefits derived from innovation and technological advancement.
Challenges Associated with the Presidency
As the current G20 President, Saudi Arabia faces critical risks that need to be addressed globally, such as climate change and demographic problems like low birth rates, increasing life expectancy and ageing societies. However, the rise in populism and nationalism might hinder progress at the multilateral level. Even though Saudi Arabia has driven liberalisation initiatives, including granting more rights to women, incidents like the murder of journalist Jamal Khashoggi have attracted considerable international criticism regarding human rights issues. Therefore, it is suggested that other G20 member states exert pressure on Saudi Arabia about its authoritative policies and hold it accountable for adhering to human rights obligations.
| Country | Percentage of World’s Population | Percentage of Global GDP | Percentage of Global Investment | Percentage of Global Trade |
|---|---|---|---|---|
| G20 | Two-Thirds | 85% | 80% | Over 75% |
The G20: An Overview
The G20 is an informal group consisting of 19 countries and the European Union, with representatives from the International Monetary Fund and the World Bank. The G20 membership comprises some of the largest advanced and emerging economies worldwide, representing about two-thirds of the world’s population, contributing to 85% of the global gross domestic product, 80% of global investment, and over 75% of global trade.
Operating Structure and Origin of the G20
In contrast to an organisation, the G20 operates as a forum. Therefore, it doesn’t possess any permanent secretariat or management and administrative structure. It emerged as a ministerial-level forum post the Asian Financial Crisis between 1997-1999 when G7 invited both developed and developing economies. The finance ministers and central bank governors started meeting in 1999. During the 2008 Financial Crisis, there was a consensus for a new political level, and it was decided that the G20 leaders would meet once annually.
G20 Member Nations
The G20 members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, the United States, and the European Union. One nation holds the Chair every year, known as ‘G20 Presidency’. Argentina chaired the G20 summit of 2018 and Japan for 2019.
