G20 Summit

Why is it in news?
  • India presented a nine-point agenda to G20 member nations calling for strong and active cooperation among them to comprehensively deal with fugitive economic offenders.
  • The agenda was presented by Prime Minister Narendra Modi in the second session of the G20 Summit on international trade, international financial and tax systems.
More in news
  • Nine point agenda- India called for joint efforts by G-20 countries to form a mechanism that denies entry and safe havens to fugitive economic offenders.
  • Trilateral meet- PM Modi met the presidents of China and Russia in a trilateral meet with the nations in Buenos Aires. 
  • 1st trilateral meet- Prime Minister Narendra Modi, US President Donald Trump and Japanese Prime Minister Shinzo Abe met for their first trilateral meeting on the sidelines of the G-20 summit to discuss major issues of global and multilateral interests.
  • Quote-PM Modi said, "The 'JAI' (Japan, America, India) meeting is dedicated to democratic values...'JAI' stands for victory (in Hindi)."
  • Flagship schemes- PM also highlighted the flagship programmes like the Pradhan Mantri Jan DhanYojna, MUDRA and Start-up India undertaken by his government to modernise the economy and promote inclusive growth at the opening session of the G-20 summit.
  • Cooperation to counter terrorism- PM Modi underlined the need for the BRICS and G-20 countries to work together to strengthen the UN counter terrorism framework to stop terrorist networks, their financing and movement.
About G20 summit
  • Theme for 2018 G20 summit- Building Consensus for Fair and Sustainable Development.
  • Member countries- 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.
  • The G20 is made up of the world's 19 biggest economies and the European Union.
  • The group of 20 accounts for 85% of the world's GDP and two-thirds of its population.
  • G20 economies account for 80% of world trade, two-thirds of the world population, and nearly half of the world land area.
  • The G20 summit has taken place every year for the past 10 years, to discuss world affairs.
  • The G20 is an international forum for the governments and central bank governors.
  • It is established in 1999.
  • Aim- To discuss policy pertaining to the promotion of international financial stability.
  • Expansion of agenda- since 2008, G20 expanded its agenda and heads of government or heads of state, as well as finance ministers and foreign ministers.
  • It seeks to address issues that go beyond the responsibilities of any one organization.
Source
The Hindu, G20
Posted by Jawwad Kazi on 1st Dec 2018
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