World leaders have come together in Bali this week for the Group of 20 Summit. Leaders will discuss key issues affecting the stability of the global market, with talks likely to be affected by tensions over the war in Ukraine and its economic fallout.
The summit marks the culmination of Indonesia’s presidency of the G20. The group’s annual summit is hosted and chaired by a different member, giving host countries an opportunity to push for action on issues that matter to them.
Established in 1999, the G20 originally focused on broad macroeconomic policy. It has over time morphed into a forum that addresses urgent problems including food security, climate change, and global vaccination access.
The group of G20 is made up of the biggest economies in the world. Together, the 20 economies account for 80 percent of global economic output, about 75 percent of exports, and about 60 percent of the world’s population.
Every year, the leaders of G20 members meet to discuss economic and financial matters and coordinate policy on other issues of mutual interest.
The group’s members are 19 states — Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkiye, the UK, and the US — and the European Union.
Saudi Arabia’s Crown Prince Mohammed bin Salman arrived at the G20 today for the summit talks on issues such as the war in Ukraine, a global economic downturn, food security, and other topics.
The summit also sees many sideline meetings. Saudi Arabia’s Crown Prince had several meetings on the sidelines of the first day of the summit today.
One of which was with British Prime Minister Rishi Sunak. The pair shared their concern over threats to peace and security in the Middle East, as well as Iran’s “destabilizing activity” in the region. Sunak expressed a desire for the two nations to continue working together to stabilize energy markets.
Another bilateral meeting was held with Turkish President Recep Tayyip Erdogan, discussing bilateral ties, regional and international developments, and cooperation across various fields.
The Crown Prince also met with the Director General of the International Monetary Fund (IMF), Kristalina Georgieva, and the UAE’s President Sheikh Mohammed bin Zayed Al Nahyan.
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