G20 (or Group of Twenty) is an international forum consisting of 20 major economies. Initially, the forum was developed in the year 1999 with a goal of studying and reviewing as well as promoting high-level discussion about issues related to policies for promoting international financial stability. This forum is important as it considers those issues, which are beyond the scope of any one organization. Members of the forum include 19 individual countries along with the European Union (EU), which is represented by the European Central Bank and the European Commission.
2016 G20 summit
G20 summit of 2016 was the eleventh meeting that was held on 4–5 September 2016 in Hangzhou. It was the first summit that was held in China. However, South Korea was the first Asian nation to host the event. Atthe summit, the members discussed the problem of tax evasion, and the importance of international trade as well as investments. They also discussed economic growth and the support for refugees.
G20 considered the importance of global growth
Atthe G20 summit, Xi Jinping, the Chinese President asked leaders to help in the development of guidelines on global economical growth and investment. Mr. Xi was of opinion that major economies have to work as an “action team” rather than just becoming a “talk shop”.
While pointing to the logo designed by the host country for the summit, Mr. Xi noted the importance of international cooperation. The logo had a stylized bridge having 20 green lines. He said that the G20 is like a bridge that is connecting people from all parts of the world. He also said that China wanted to improve “even more stable, better” relations with the new government of Britain after recent issues like Brexit between the two nations caused contention.
He considered the importance of improving cooperation in the areas of energy, investment, finance, and infrastructure.
Barack Obama, U.S. President, and Theresa May, British Prime Minister, also noted the importance of improving the lives of ordinary citizens. In the meeting, Mr. Obama and Vladimir Putin, Russian president, for the first time in a year in a meeting that was predictably frosty.
