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G-20 (Group of Twenty)

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G-20 or Group of Twenty is the forum of prime ministers, finance ministers and central bank governors. It includes 19 individual countries namely Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States—and the European Union (EU). The total list of countries form two-thirds of the world population, 85% of global GDP (Gross Domestic Product) and over 75% of global trade.

G-20’s goal is global economic co-operation, reform international financial institutions, improve financial regulation and implement the key economic reforms which are necessary in the member economies.

The G-20 was inaugurated in September 1999 as a meeting of Finance Ministers and Central Bank Governors in the consequences of the Asian financial crisis. Canadian prime minister Paul Martin was selected as the first chairman and German finance minister Hans Eichel hosted the first G-20 meeting of finance ministers in December 1999 in Berlin, Germany.

It was in 2008, after the Global Economic crisis the first G-20 leader’s summit was held which played a key role responding to the financial crisis. G-20 leaders have met eight times since 2008. The list of G-20 summits which have taken place and to be held (Till now)are

  • 2008 Washington
  • 2009 London
  • 2009 Pittsburgh
  • 2010 Toronto
  • 2010 Seoul
  • 2011 Cannes
  • 2012 Los Cabos
  • 2013 St Petersburg
  • 2014 Brisbane (To be held on 15 -16 November 2014) – Headed by chairman Tony Abbott.
  • 2015 – Turkey
  • 2016 – China

During each meeting, the host country invites non-member guest countries to attend the G-20 Summit. Australia being the host country for 2014, has invited Spain, Mauritania, Myanmar, Senegal, New Zealand and Singapore.

The G-20 is supported by international organisations which includes Financial Stability Board, the International Labour Organisation, the International Monetary Fund, the Organisation for Economic Co-operation and Development, the United Nations, the World Bank and the World Trade Organization.

Source – BBC, g20