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G20 finance boffins session

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Recently, ‘G20 finance boffins session’ was held. Before Russian officials spoke during the event, US Treasury Secretary Janet Yellen and her Western Bloc officials walked out of the session.

Thus, on organizing the G20, the US and these countries have boycotted Russia in a way ‘to oppose Moscow’s war on Ukraine’.

It should be noted that officials from at least ten other countries, including Indonesia, China, India, Brazil, South Africa and Saudi Arabia, did not participate in these boycotting countries.

Opposing countries say Russia’s illegal invasion of Ukraine poses a “serious threat to the global economy”.

There is a demand from these countries that Russia should not participate in such meetings.

About G20 Group:

  • The G20 is a grouping of countries with the largest and fastest growing economy in the world.
  • In addition, the group controls 85 percent of the world’s GDP, and represents two-thirds of the world’s population.
  • The G20 summit is formally known as the ‘Financial Markets and Global Economy Summit’.

Presidency:

  • The G20 Group has no permanent staff, and no headquarters. The G20 grouping is chaired by the member states sequentially.
  • The President is responsible for organizing the country, the next summit and the smaller meetings to be held in the following year.
  • Non-member countries can be invited as guests to the meeting of the G20
  • The first meeting of the G20 was held in Berlin in December 1999, after the financial crisis in East Asia affected many countries around the world.

G20 member countries:

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States and the European Union.

Source – The Hindu

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