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May 30, 2022 View:

Italy becomes G20 presidency

On Dec. 1, Italian Prime Minister Antonio Conte released a video message announcing Italy's assumption of the presidency of the Group of 20 (G20), calling for concerted efforts to address major global challenges and build a better future together.

Image courtesy of: The Italian Post

Conte said that the next G20 Leaders Summit, to be held in the Italian capital Rome on October 30-31, 2021, will require the international community to show courage and confidence to overcome today"s great challenges: from recovering from a new coronavirus pandemic to tackling climate change, from supporting innovation to overcoming poverty and inequality.

People - Planet - Prosperity are the three pillars of this Italy Summit. We need to protect people and the planet as a whole, while ensuring a strong, inclusive and sustainable economic recovery. Here, in October, in Rome, the eternal city of Italy's capital, we will reap the promised results.

The Group of Twenty (G20) was established in 1999 at the initiative of the G7 Finance Ministers' Meeting, with a broad and representative membership that includes major developed economies and emerging market economies. United States, and the EU20.

Its members account for two-thirds of the world's population, 86% of the world's GDP and 75% of the world's trade volume. The G20 plays a pivotal role in international affairs and has become an effective multilateral mechanism to jointly address global issues.

The G20 Summit adopts a dual-track preparatory mechanism of coordinators and financial channels, and operates according to the principle of consensus, with no permanent body at present.