Saudi Arabia First Arab nation to take over the G20 Presidency
Saudi Arabia became the first Arab nation to assume the G20 Presidency on Sunday, December 1, 2019. The G20 Presidency was taken over from Japan and will lead up to the fifteenth meeting of Group of Twenty(G20), scheduled to be held in the capital city of Saudi Arabia, Riyadh on 21-22 November 2020.
The theme of the 2020 Riyadh G20 Summit- “Realising Opportunities of the 21st Century for All”.
The King of Saudi Arabia, Salman bin Abdulaziz Al Saud will be the Chairman of the G20 Riyadh Summit.
The G20 was founded on 26 September 1999 for central bank governors and finance ministers of the member states, discussing policies for the promotion of financial stability globally.
In 2008, it was expanded to heads of government or heads of states. Its inaugural head of government or head of state summit was held in 2008 at Washington, D.C.
From 2010, G20 was further expanded for Labour and Employment Ministers of its member states.
19 individual countries and the European Union are the Members of G20, collectively making two-third of the world population, 90% of the gross world product (GWP) and 80% of the total world trade.
India will host the 2022 G20 Summit in New Delhi.