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India to host G20 Summit in 2023

23rd November, 2020 International News

Context: India was earlier slated to host the summit in 2022 with the Osaka declaration of the G20 stating last year that “we look forward to meeting again in Saudi Arabia in 2020, in Italy in 2021 and in India in 2022”.

G20 Riyadh Summit Leaders Declaration

  • G20 next meetings will be held in Italy in 2021, Indonesia in 2022, India in 2023 and Brazil in 2024,”
  • On India now hosting the summit in 2023, the order of the rotating presidency is decided among member states on the basis of consultations and mutual convenience.

G20 leaders’ final declaration

  • Leaders of the G20, asserted that they will spare no effort to ensure affordable and equitable access to COVID-19 diagnostics, therapeutics and vaccines for all, while also pledging to use all possible policy tools to protect people’s lives, jobs and incomes in the wake of the pandemic.
  • The G20 leaders also expressed support for the Anti-Money Laundering (AML)/Counter-Terrorist Financing (CFT) policy responses detailed in the FATF’s paper on COVID-19.
  • They reaffirmed their support for the Financial Action Task Force (FATF) as the global standard-setting body for preventing and combating money laundering, terrorist financing and proliferation financing.
  • The G20 has mobilised resources to address the immediate financing needs in global health to support the research, development, manufacturing, and distribution of safe and effective COVID-19 diagnostics, therapeutics and vaccines.

About G-20:

  • The G20 (or Group of Twenty) is an international forum for the governments and central bank governors from 19 countries and the European Union (EU).
  • Founded in 1999 with the aim to discuss policy pertaining to the promotion of international financial stability.