G20 Current Affairs - 2020

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G20 Video Summit on Corona Virus

The Saudi Arabian King Salman is to chair the G20 summit on Corona Virus through a video conference. The Summit is to be held on March 26, 2020. The summit becomes significant as several international organizations are to participate in the summit.

India is a member of G20.

International Organizations

Several worldwide international organizations are to participate in the summit. It includes WHO (World Health Organization), FAO (Food and Agriculture Organization), WTO (World Trade Organization), IMF (International Monetary Fund), ASEAN (Association of South East Asian Nations), Organization for Economic Cooperation and Development, Gulf Cooperation Council and NEPAD (New Partnership for Africa’s Development).

Significance

From India, PM Modi is to attend the summit. The leaders will strategize methodology to combat virus. The global growth for the year is negative according to IMF. The recession is to bring about the biggest financial crisis in history. G20 suggests “A Moment for Solidarity” in this situation. The finance ministers of G20 had already held a meeting under this theme virtually.

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Saudi Arabia to hold virtual G20 Summit as that of India’s SAARC

On March 17, 2020, PM Modi interacted with the Saudi Arabian Crown Prince Mohammed Bin Salman. Prime Minister shared about India’s preparedness to fight against Corona Virus. He also mooted the idea of SAARC like virtual conference among G20 nations.

SAARC Conference

Recently, with India’s initiation, a virtual conference of SAARC leaders were recently held. PM Modi attended the conference. The leaders of Bangladesh, Sri Lanka, Maldives and other members shared their preparedness. They also agreed to cooperate among themselves to control the spread of the virus.

India also proposed emergency SAARC fund to combat the deadly virus.

SAARC after long time

SAARC has been silent for three years now. The 19th SAARC summit was to be held in Pakistan in 2016. However, it got cancelled due to the attack (Uri attack) on Indian army in Kashmir. Following the attack, India boycotted the summit and was followed by Sri Lanka, Bangladesh, Afghanistan, Bhutan and Maldives.

With the virtual conference, India has renewed the summit. The same strategy may even be used by India to take the summit to next level in coming days.

G20

The Group of 20 is an international platform formed by 19 countries and European Union. It discusses promotion of international financial stability. The 2020 G20 summit is to be held in Riyadh, Saudi Arabia. It is scheduled on November 21-22, 2020.

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