G20 in Bali, Indonesia: everything you need to know: countries, issues, world leaders…
The meeting of 20 of the world’s largest economies in Indonesia is being conducted against the backdrop of slumping economies and war.
Meeting for the first time since the Russian invasion of Ukraine, the G20 has a lot on its plate. It has never been a geopolitical vessel but the impact of the war on the world economy does fall under its remit as a financial and economic organisation.
The G20, also known as the Group of 20, was formed in 1999. It consists of, unsurprisingly, 20 of the world’s largest economies as well as a number of other invitees such as Spain. The group accounts for 80% of the world’s gross domestic product and 75% of international trade.
Who is attending?
The countries that are part of the G20 are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, the United States and the European Union.
Many heads of government and state are visiting Indonesia for the annual meeting including US President Joe Biden, China’s President Xi Jinping, and British Prime Minister Rishi Sunak.
Conspicuous by his absence is Russian President Vladimir Putin. Russia is instead represented by its foreign minister, Sergei Lavrov.
What are the issues being discussed?
While conflict resolution has never been on the G20s agenda, the unfolding war in Ukraine means discussion is inevitable. The fallout of the war is driving up inflation worldwide and, in its role as a self-appointed arbiter of financial might, the G20 will want to deal with this. Whether they will or not is a different matter.
Host nation Indonesia has been keen to divert attention away from the war in Ukraine so that members may find some agreement. A document is usually signed with a number of pledges and directives for nations to work towards though this may be unlikely to be negotiated this year.
The meeting comes as two Polish farmers were killed on Tuesday evening by a rocket, inside Polish lands. The circumstances around the killings are unclear and an urgent meeting of NATO members has taken place.