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G20 Digital Ministerial Meeting on Digital Economy held in Germany
The G20 Digital Ministerial Meeting on Digital Economy was held in Dusseldorf, Germany. The Ministers responsible for the digital economy from G20 countries had participated in it. It concluded with an adaptation of declaration on ‘Shaping Digitalization for an Interconnected World’.
- It talks about the need for greater availability of affordable broadband connectivity, broader adoption of digital technologies and services improved digital skills and literacy, greater digital entrepreneurship for the digital economy to achieve the Sustainable Development Goals.
- These Three annex papers including on ‘Digital skills in vocational education and training’, ‘A Roadmap for Digitalization: Policies for a Digital Future’ and ‘G20 Priorities on ‘Digital Trade’.
- It has greater support for the Micro Small and Medium Enterprises (MSMEs) which might be constrained by their scale in the adoption of digital technologies.
- The countries and all stakeholders, including academia and private sector and sharing of best practices forms.
- The Group of Twenty (G20) is the premier forum for its members’ international economic cooperation and decision-making.
- The governments and central bank governors from 20 major economies on economic issues and other important development challenges.
- It was started in 1999 as a meeting of Central Bank Governors in the Finance Ministers and aftermath of the Southeast Asian (Tiger economies) financial crisis.
- The address and opportunities challenges of an increasingly digital world, in order to enable a dynamic and thriving digital economy to drive inclusive global growth that benefits all.
- The first G20 Leaders’ Summit was held in Washington DC, US. The group had played a key role in responding to the global financial crisis in 2008.
- It comprises total 19 countries plus the European Union (EU), representing 85% of global GDP, 80% of international trade, 65% of world’s population.
- These members are:- Australia, Argentina, Brazil, Canada, China, India, France, Germany, Indonesia, Italy, Japan, South Korea, Mexico, Saudi Arabia, Russia, Turkey, South Africa, UK, US and EU.
- It was established for studying, reviewing, and promoting high-level discussion of policy issues pertaining to the promotion of international financial stability.