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, the G20 economies account for around 90% of the gross world product (GWP), 80% of world trade, two-thirds of the world population, and approximately half of the world land area.
Throughout the year, representatives from G20 countries gather to discuss financial and socioeconomic issues.
Historically, the G20 was founded 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 crises, 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. Consonantly, the G20 agenda expanded beyond macro financial issues, to include socio-economic and development issues.
The presidency of the G20 rotates between member countries every year. The presidency plays a leading role in setting the agenda and organizing the Leaders’ Summit, which is attended by the G20 Heads of State or Government. At the Summit, the leaders issue a declaration, or communiqué, based on policy discussions at meetings held throughout the year. In the run-up to the Summit, the presidency hosts several meetings featuring Ministers, senior government officials as well as civil society representatives. At the government level, the G20 work is organized around the Finance and Sherpa Tracks, while civil society assembles through Engagement Groups.
G20 Members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.
Eight official engagement groups; Business 20 (B20), Youth 20 (Y20), Labour 20 (L20), Think 20 (T20), Civil 20 (C20), Women 20 (W20), Science 20 (S20), Urban 20 (U20) and many Non-official engagement groups of different interests are carrying out different forms of activities throughout the year in order to provide the leaders during the summit with specific recommendations of their concerns.
For the Year 2020, Saudi Arabia hosted country for G20 summit. The economy of Saudi Arabia is considered to be the largest in the Middle East and the 18th largest in the world. Saudi Arabia has the world’s second-largest proven petroleum and fifth largest proven natural gas reserves, as such, Saudi Arabia is considered an “energy superpower” . The Saudi G20 Presidency began 1 December 2019 and ended on 30 November 2020, the Leader’s summit was held on 21- 22 November 2020 in Riyadh.
The economy of Italy is the third-largest national economy in the European Union, the eighth-largest by nominal GDP in the world, and the 12th-largest by GDP (PPP). Italy is a founding member of the European Union, the Eurozone, the OECD, the G7 and the G20. it is the tenth-largest exporter in the world, with $632 billion exported in 2019. Its closest trade ties are with the other countries of the European Union, with whom it conducts about 59% of its total trade.