The 11th G20 Summit was hosted in China for the very first time with the 2016 theme of “Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy”.
Key points of major discussion during this crucial summit included:
(1) Refraining from extreme currency devaluation as popularly practiced by China in order to maintain a competitive edge in the global economy
(2) Improving humanitarian aid for refugees whose sudden influx into neighbouring nations has posed major issues to the stability and growth of countries on a global scale
(3) Increasing financial transparency through full implementation of the Financial Action Task Force (FATF) standards to increase tax certainty and reduce terror financing that has resulted due to insufficient sharing of key information between strategic countries
(4) Rejecting trade protectionism in an attempt to encourage greater competition in a free-trade international economic environment while increasing efficiency of production
(5) Discussing possible effects of Brexit on the wider economy of both Britain and the rest of the world and developing strategies to turn Britain’s exit from the EU into a success
Representing over 85% of the world’s economy, the G20 Summit does indeed play a major role in shaping the economic policies and structure of countries on a national and interactional scale.