G20
Context:
• Russian President Vladimir Putin received valuable backing from Beijing on Wednesday in a pushback to suggestions by some members that Russia could be barred from the G20 group.
What is G 20?
• The G20 or Group of Twenty is an intergovernmental forum comprising 19 countries and the European Union (EU).
• It works to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development
• The G20 is composed of most of the world’s largest economies, including both industrialized and developing nations, and accounts for around 90% of gross world product (GWP), 75–80% of international trade, two-thirds of the global population, and roughly half the world’s land area.
• The G20 was founded in 1999 in response to several world economic crises. Since 2008, it has convened at least once a year, with summits involving each member’s head of government or state, finance minister, foreign minister, and other high-ranking officials.
West V/s Russia
• The U.S. and its Western allies are assessing whether Russia should remain within the Group of Twenty major economies following its invasion of Ukraine.
• China, which has not condemned Russia’s invasion, defended Moscow, calling Russia an “important member” of the G20.
• But any move to exclude Russia would probably be vetoed by others in the group.
Source: THE HINDU
