- Founded in 1999, the Group of Twenty (G20) is the premier forum for its members’ international economic cooperation and decision-making.
- The G20 brings together the leaders of both developed and developing countries from every continent.
- The G20 comprises Argentina, Australia, Brazil, Canada, China, European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK and USA.
- The G20 Countries together represent around 90% of global GDP, 80% of global trade, and two thirds of the world’s population.
- The objectives of the G20 are:
- Policy coordination between its members in order to achieve global economic stability, sustainable growth;
- To promote financial regulations that reduce risks and prevent future financial crises; and
- To create a new international financial architecture.
Why in News?
- The Digital Ministers of G20 Members conducted a virtual summit known as G20 Digital Economy Ministerial’ Summit.
- India was represented by Ravi Shankar Prasad, Union minister for Law and Justice, communications and electronics and IT.
- During the summit, Mr. Prasad said all digital platforms need to be accountable and sensitive towards concerns related to defence and data privacy of citizens of sovereign countries.
- The comments follow the Indian government’s move to ban 59 Chinese applications, including TikTok, Shareit, Mi Video Call, Club Factory and Cam Scanner, citing a threat to national security and sovereignty.