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- US President and China’s leader could possibly meet on the sidelines of the G20 summit to talk out their differences on trade.The G20 summit is scheduled to take place in Osaka,Japan on June 28-29,2019.
- Recently,US and Chinese negotiators ended their 11th round of talks after failing to reach an agreement to end the trade war that began in 2018.
- The US has demanded China to make concrete changes to Chinese law.However, China has been reluctant to put into law the changes that had been agreed upon as it would harm its own interests.
- 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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