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5Ws: 2022 G20 Summit in Indonesia in Facts and Details

5Ws: 2022 G20 Summit in Indonesia in Facts and Details

Sputnik International

The G20 Summit opens in Bali, Indonesia, on November 15 in a gathering that brings together leaders of the world’s developed and developing economies. Here’s a closer look into the event.

2022-11-14T14:35+0000

2022-11-14T14:35+0000

2022-11-14T17:21+0000

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The 2022 G20 Summit will come against the backdrop of the looming global economic meltdown, something that is expected to be high on the Bali gathering’s agenda.What is the 2022 G20 Summit?The Group of Twenty (G20) Summit is a top-level forum for leaders of governments from 19 industrialized and developing countries plus the European Union (EU). It is currently held on an annual basis to discuss global economy-related issues.The G20’s decisions, which are taken on the basis of consensus, are not binding and subject to approval by the International Monetary Fund (IMF), the World Bank and other global financial and economic institutions.When is the 2022 G20 Summit Being Held?The forum is due to open on November 15 and will wrap up on November 16.Where is the 2022 G20 Summit Taking Place?The summit is being held in Bali’s resort area of Nusa Dua in Indonesia.Who Will Attend the 2022 G20 Summit?The gathering are due to be attended by the following presidents:Russian Foreign Minister Sergey Lavrov and his Mexican counterpart Marcelo Ebrard, as well as German Chancellor Olaf Scholz and Crown Prince of Saudi Arabia Mohammed bin Salman are taking part in the summit as well.European Commission President Ursula von der Leyen and European Council President Charles Michel will visit the forum as representatives of the EU.Invited guests will include:Russia’s President Vladimir Putin will not attend the gathering, with Kremlin spokesman Dmitry Peskov earlier explaining that the decision was connected with Putin’s work schedule, and “the need for him to be in the Russian Federation”.What Will Be Discussed at the 2022 G20 Summit?G20 leaders are expected to deliver keynote speeches during the Bali summit, where numerous talks will also be held to discuss a spate of sensitive issues, including those related to the ensuing global economic downturn, climate change, the Ukraine conflict, North Korea’s nuclear program and China’s drive to expand its international clout.Also topping the agenda will be the world’s economic recovery from the COVID¬19 pandemic, as well as topics pertaining to global health-related steps and the energy crisis.Why is the 2022 G20 Summit Important?It’s safe to assume that the forum is of great significance given the fact that it is the most massive get-together of the group since the beginning of the coronavirus pandemic, which was declared by the World Health Organization (WHO) in March 2020.How is Security Ensured in Bali Amid the 2022 G20 SummitSecurity in Bali is provided by 8,000 police officers and 12 warships. Military hardware pieces have been brought to the island, where the Indonesian Army has taken control of the traffic situation using unmanned aerial vehicles.When Was the First G20 Summit?The first such forum was held on November 14-15 in Washington D.C. – an event that came amid the global financial crisis that rode roughshod over the world economy at the time.Where Was the Last G20 Summit?The 2021 G20 Summit took place in the Italian capital Rome between October 30 and October 31 of that year.The gathering’s main outcome pertained to the Biden administration and the EU clinching a deal to scrap the steel and aluminium tariff yoke, slapped on the bloc by Donald Trump’s White House in 2018. The document also envisaged lifting retaliatory tariffs on US goods introduced by Brussels.Why Was G20 Formed?The founding conference of the G20 was held on December 15-16, 1999, in Berlin in a move initiated by the finance ministers of the leading industrialized countries from the so-called Group of Eight (G8), of which Russia was a member between 1997 and 2014. The group currently comprises the UK, the US, Italy, Canada, Germany, France and Japan – countries that are now known as the Group of Seven (G7).As for the G20, it was formed against the backdrop of the 1997-98 global financial meltdown with the aim of involving developing countries in the management of the global economy.

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