Nirmala Sitharaman to attend G-20 Finance Ministers’ meeting in Japan
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Finance Minister will attend the two-day meeting of G-20 Finance Ministers and central bank governors in Japan.The deliberations at this meeting would be followed by the G-20 Leaders Summit scheduled on June 28,2019 at Osaka,Japan.
The G-20 finance ministers are likely to discuss issues such as (a)infrastructure investment (b)resilience against natural disasters and (c)strengthening health financing for ensuring health for all in developing countries.
The other issues which would be discussed are international taxation in the context of digitised economy, issues concerning shifting of tax liability to low tax jurisdiction and real time exchange of tax-related information.
G20 is an international forum of the governments and central bank governors from 20 major economies formed in 1999.The group accounts for 85% of world GDP and two-thirds of the population.They have no permanent staff of its own and its chairmanship rotates annually between nations divided into regional groupings.
The members of the G20 consists of 19 individual countries plus the European Union (EU).The 19 member countries of the forum are Argentina, Australia, Brazil, Canada,China,France,Germany,India, Indonesia, Italy, Japan, Mexico, Russia,Saudi Arabia,South Africa,South Korea,Turkey,United Kingdom and the United States.
The objectives of the G20 are:(a) Policy coordination between its members in order to achieve global economic stability, sustainable growth (b) To promote financial regulations that reduce risks and prevent future financial crises and (c)To create a new international financial architecture.
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