G-20 nations have deployed a remarkable $11 trillion so far to accelerate a fair and sustainable economic recovery from the coronavirus crisis, according to a report released ahead of the G-20 leaders’ summit in Saudi Arabia this week.
G-20 nations will also spend a combined $21 billion to enhance pandemic preparedness and response, the statement added.
Collectively, G-20 (Group of 20) members include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Korea, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union. The summit will be conducted virtually on November 21 and 22 under the presidency of Saudi Arabia.
Prime Minister Narendra Modi, who will lead India at the summit, will focus on mitigating the impacts of the pandemic. At the BRICS summit, earlier this week, the PM had called for WHO reforms. It may be recalled that WHO has been criticized for how it dealt with the novel coronavirus as it spread from China to Europe, the USA, and other countries including India.
PM Modi will also focus on the need for strengthening the World Trade Organization (WTO) based on Delhi’s keenness to push multilateralism and a rule-based trading system. India believes that the WTO is a democratic institution as well as a participatory forum that should be strengthened.