Next year's G-20 summit will 'look into challenges facing world economy'

Singapore has been invited by Japan to next year's Group of 20 (G-20) meetings and summit in Osaka.

The summit on June 28 and 29 will "look into the challenges facing the world economy and discuss how we could seek to achieve strong, sustainable, balanced and inclusive growth", said a statement from Singapore's Ministry of Foreign Affairs and the Finance Ministry yesterday.

It will be the 14th meeting of the G-20, which comprises the 20 countries that together make up about two-thirds of the world population and contribute to 75 per cent of global trade.

Singapore is not a member of the G-20, but has been invited previously due to the country's status as a financial hub in Asia.

"Singapore and Japan enjoy excellent relations and cooperate closely in regional and multilateral fora," said the statement.

It added that Singapore "will seek to promote stronger engagement between the G-20 and the Global Governance Group as well as the wider United Nations membership".

The Global Governance Group is an informal group of 30 small and medium-sized countries that aims to promote transparency and inclusivity in the G-20 process.

 

Seven other countries have been invited to the G-20 summit - Chile, Egypt, the Netherlands, Spain, Senegal, Thailand and Vietnam - as well as nine international organisations, including the United Nations, World Bank and International Monetary Fund.

A version of this article appeared in the print edition of The Straits Times on December 21, 2018, with the headline 'Next year's G-20 summit will 'look into challenges facing world economy''. Print Edition | Subscribe