Ahead of the G20 Summit under Saudi Arabia's Presidency: What is G20? What are its objectives?

Saudi Arabia assumed the G20 2020 Presidency on December 1, 2019. It is the first time for the Kingdom to host this summit. Accordingly, itbecame the first Arab nation to head the G20.

The Kingdom's presidency of 2020 G20 Leaders’ Summit coincided with unprecedented global conditions due to the COVID-19 pandemic, the repercussions of which have caused health, economic and social challenges.

The G20 Leaders' Summit will be the fifteenth meeting of G20 in Riyadh, which will be hosting the Summit virtually as of November 21, 2020. This marks a cornerstone in the Kingdom's history, in light of Vision 2030, as representatives of the G20 member states will meet in Saudi Arabia to discuss various financial, social and economic issues.

Saudi Arabia is a key player in the region, which has a pivotal role in stability of the global economy, given its positive and effective role in promoting stability in the global energy markets through its active role in the oil market. Therefore, Saudi Arabia's oil policy is based on balanced foundations, which take into account the interest of both energy producers and oil consuming countries.

The G20 is the premium forum for international economic cooperation; it brings together leaders from all continents, representing developed and developing countries. Collectively, G20 member states represent nearly 80% of the world’s economic output, two thirds of global population, and three quarters of international trade.

Originated in 1999, G20 was first convened at the level of Finance Ministers and Central Bank Governors,who gathered for high-level discussions on economic and financial issues. In the wake of the financial crisis in 2008, the G20 was elevated to include the leaders of member countries. 

The G20 Summit began its first meeting in Washington DC, in November 2008. The G20 agenda was expanded beyond macro-financial issues, to include socio-economic and development issues.

Member States

The G20 is made up of the EU and 19 countries, namely: The US, The UK, Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, and Turkey.

The hosting country has the right to invite countries from outside the group to participate in the summit in addition to the member states. Spain is a permanent guest in the G20 meetings, while Jordan, Singapore and Switzerland were invited to participate as guests in 2020 summit. International organizations that have contributed over the past years to the summit are also invited, including: Food and Agriculture Organization (FAO), Financial Stability Board (FSB), International Labour Organization (ILO), International Monetary Fund (IMF), Organization for Economic Cooperation and Development (OECD), the United Nations, World Bank Group, World Health Organization (WHO) and World Trade Organization (WTO).

Regional organizations were also invited, in 2020, including: The Arab Monetary Fund (AMF), the Islamic Development Bank (IsDB), Vietnam as the Chairman of the Association of Southeast Asian Nations (ASEAN), South Africa as the Chair of the African Union, the United Arab Emirates as the Chair of the Gulf Cooperation Council (GCC), and Senegal as the Chair of the New Partnership for Africa's Development (NEPAD).

How does G20 work?

The presidency of G20 is assumed among member states by rotation annually. The hosting country is responsible for the process of setting the agenda and organizing the leaders’ summit. At the end of the summit, a concluding statement is issued on the basis of the discussions that took place during the leaders’ summit, as well as the meetings held during the year prior to the main summit itself.

The G20 leaders hold an economic meeting periodically, during which they look into what can help build strong economies and overcome the economic difficulties facing various countries of the world.

During the meetings of state leaders, as well as preparatory meetings held by finance ministers before the summit, ideas are crystallized and solutions are figured out for issues at hand.

In the run-up for the Summit, Saudi Arabia is hosting several meetings that include ministers, senior government officials and representatives of civil society. Preparations and meetings for the G20 Summit are being arranged via three government tracks.