Recently, Saudi Arabia hosted the G-20 foreign ministers meeting with focus on cross-border movement amid the Covid-19 pandemic.
Currently, Saudi Arabia holds the presidency of G-20.
It is the first Arab nation to take over the G-20 Presidency.
What is G-20?
The G20 is an informal group of 19 countries and the European Union, with representatives of the International Monetary Fund and the World Bank.
The G20 membership comprises a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85% of global gross domestic product, 80% of global investment and over 75% of global trade.
The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.
It does not have any permanent secretariat or headquarters.
European Union
The European Union is a group of 28 countries that operate as a cohesive economic and political block.
19 of these countries use EURO as their official currency.
9 EU members (Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Poland, Romania, Sweden, and the United Kingdom) do not use the euro.
The EU and European citizenship were established when the Maastricht Treaty came into force in 1993.
In 2012, the EU received the Nobel Peace Prize for having “contributed to the advancement of peace and reconciliation, democracy, and human rights in Europe.”
In 2013, Croatia became the 28th EU member.
