(VOVWORLD) - The G20 Leaders’ Summit concluded after two days of online meetings under the chairmanship of Saudi Arabia’s King Salman bin Abdulaziz Al Saud. Themed“Realizing opportunities of the 21st Century for all”, they discussed measures to recover the global economy from the COVID-19 pandemic.
 Vietnamese Prime Minister Nguyen Xuan Phuc attends the online G20 Leaders' Summit. |
The G20 Leaders’ Summit this year focused on measures to protect lives and shape a better future for a world badly shaken by the coronavirus pandemic. The main objective was to seek economic policies capable of bringing about a strong, sustainable, balanced and inclusive recovery.
Sharing responsibility
The COVID-19 pandemic gave an unprecedented shock to the world with severe consequences for the global economy. The pandemic has set back the world’s development decades and pushed tens of millions of people into poverty.
The G20, to meet the crisis, has taken unprecedented measures to support damaged economies, including allocating 11 trillion USD to help struggling businesses and individuals.
The G20 leaders said they would ensure an affordable and fair distribution of COVID-19 vaccines around the world. They also urged better preparedness for future pandemics. They agreed to reopen their borders to restore trade and travel and help developing countries maintain their progress.
The G20 Leaders’ Summit promoted the Circular Carbon Economy as a way to achieve climate goals and generate cleaner, more sustainable energy more cheaply.
 Participants at the online G20 Leaders' Summit |
Building a resilient future
The G20 was established in 1999 after the Asian financial crisis of 1997 and 1998. Its members include the G7 (the US, the UK, Germany, France, Japan, Canada, and Italy), BRIC (Brazil, Russia, China, and India), 8 emerging economies (Australia, Argentina, Mexico, South Korea, Indonesia, South Africa, Saudi Arabia, and Turkey), and the EU.
Encompassing two thirds of the world’s population, 90% of the global GDP, and 80% of global trade, the G20 has become a leading forum for handling global problems.
The G20 Leaders’ Summit has focused efforts to end poverty, reduce inequalities, and respond to climate change and environmental degradation. The G20 are determined to play a leading role in implementing the 2030 Agenda for Sustainable Development, and empowering women and children through improved education and greater financial access.