19th G20 Summit -2024

Tags: Summits

19th G20 Summit -2024

Why in the news?

1. The 19th G20 Summit 2024,officially known as the Summit Rio 2024, is set to convene onNovember 18 and 19, 2024, in Rio de Janeiro, Brazil.
2. Brazil took over the rotating presidency of the G20 on December 1, 2023 fromIndia.

What is the G20?

• The G20 (Group of Twenty) comprises 19 countries(Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom and United States) and two regional bodies: the European Union and the African Union (as of 2024). 
• The G20 members represent around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population.
• The G20 doesnot have a permanent secretariat or headquarters. Instead, the presidency rotates annually among member countries, which host the summit and set the agenda for the year.

G20 Summit 2024 Theme:

• The theme for the G20 Summit 2024 is “Building a Just World and a Sustainable Planet.”
• This theme underscores Brazil’s commitment to addressing global inequalities, promoting environmental sustainability, and reforming international institutions to better reflect the current global landscape.

Significance of G-20:

• It was established in 1999, its primary objective is to promote international financial stability and sustainable development by facilitating dialogue among major economies. 
• This pivotal gathering brings together leaders from the world’s major economies to address pressing global challenges and shape international economic policies.