G-20 plans to approve greater role for Asia

  • 12/15/2022
  • 17:31
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Pittsburgh, September 25, SPA --The G-20 summit today plans toapprove a greater voice for Asian countries, while Europeanleaders were also expected to secure a limit on bankers'bonuses, according to AP. The leaders of the world's 20 largest economies began atwo-day meeting Thursday dedicated to fostering a healthyglobal recovery with a historic shift recognizing therising influence of countries such as China, South Koreaand India. The leaders decided the G-20 will serve as the board ofdirectors on global economic cooperation, a function thatfor more than three decades had been performed by a smallerclub: the U.S., Japan, Britain, Germany, France, Italy,Canada and later Russia. The G-8 will, however, continue to meet on matters ofcommon importance such as national security. PresidentBarack Obama initiated the move, to be announced Friday,according to a White House fact sheet. The measure underscores how the world's balance of powerhas shifted since a small club of wealthy, industrialcountries began meeting in the mid-1970s in an effort torespond to oil shocks, stagflation and other economiccrises of that period. The leaders trickled into Pittsburgh throughout the day _most of them in from New York, where they attended theopening of the U.N. General Assembly. Later, they gatheredwith their spouses for a welcoming reception at a botanicalreserve, before parting for separate banquets Thursdaynight. The summit was marred by protests as police clashed withdemonstrators who rolled trash bins and threw rocks. Policesaid about 20 people were arrested, but there were noreports of injuries. --SPA www.spa.gov.sa/703099

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