G20 Summit Agreements

The Group of Twenty (G20), a collection of 20 of the world`s largest economies established in 1999, was conceived as a bloc that would bring together major developed and developing countries to discuss international economic and financial stability. Its annual summit, a meeting of G20 heads of state and government that began in 2008, has become an important forum for debate on the economy and other pressing issues on a global scale. One of the group`s most impressive achievements has been its robust response to the 2008 financial crisis, but some analysts say its cohesion has since unfolded. In a statement Sunday afternoon, the White House summed up Trump`s participation in the weekend summit, appearing to indicate that he would attend the G20 next year, when Italy hosts. In the past, G20 summits have been held about a year apart, giving the host country`s politicians and diplomats enough time to negotiate the most ambitious agreement possible. Economic and financial coordination remains at the heart of the agenda of each summit, but issues such as the future of work, terrorism and global health are also at the heart of the agenda. This has been increasingly the case in the ten years following the global financial crisis, when the G20 was able to draw its attention beyond the acute management of the crisis. Initially, the G20 focused largely on a broad macro-economic policy, but expanded its aumso. The 2018 summit in Argentina focused on equitable and sustainable development, while the previous summit in Germany focused on topics such as corruption, money laundering and international tax havens. Some agendas have been even less macro-economic: at the 2016 summit in Hangzhou, China, US President Barack Obama and Chinese President Xi Jinping officially announced their countries` accession to the Paris climate agreement. OSAKA – The outcome of the summit of 20 heads of state and government in Osaka has shown that holding several large meetings over a relatively short period of time, especially when several fleshy subjects are on the dock, is likely to be the subject of unanimous agreement between countries that sometimes have very different views on each subject in the space of just two days. Each year, the heads of state and government of G20 members meet to discuss economic and financial issues first and foremost and coordinate policies on several other issues of common interest.

For example, when the G20 discussed at the 2009 summit how to approach an outsourced Iranian nuclear power plant and when the forum discussed at the 2017 summit how to manage a partial ceasefire in Syria. The G20 is not a permanent institution with its headquarters, offices or staff. Instead, their leaders change each year among their members, their decisions are taken by mutual agreement and the implementation of their agenda depends on the political will of each state. The Osaka summit in 2019 is expected to attract dozens of heads of state and government. On September 25, 2009, the G20, which was the first summit of 2008, announced that the G8 would be the main Economic Council of rich nations. [7] Since its inception, the policies of G20 members have been criticized by some intellectuals[8] [9] and their summits have been widely contested. [10] [11] Lord

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