What is the Group of Twenty (G-20)
About the Group of Twenty (G-20)
The G 20 group was established in the year 1999 after the Asian financial crisis. India is a member of the G-20 since its inception in 1999. It is an organization of finance ministers and central bank governors from 20 of the world’s major economies, including 19 countries and the European Union. It is represented by the President of the European Council and the European Central Bank. This forum was formed as an effort to find a solution to the global economic conditions hit by the global financial crisis in 1997-1999 by involving middle-income countries and having systemic economic influence, including Indonesia. on November 14-15 2008, the leaders of the G-20 countries gathered for the first G-20 Summit.
On that occasion, the country’s leaders coordinated the global response to the impact of the financial crisis that occurred in the US at that time and agreed to hold a follow-up meeting. The G 20 holds a strategic role in securing future glogal economic growth and prosperity. Together, It represent more than 80 percent of world GDP, 75 percent of international trade and 60 percent of the world population. The G 20 includes Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States and the European Union.
The work of the G-20 is divided into two Tracks.
The G20’s work is divided into two tracks: the Finance Track and the Sherpa Track. Within the two tracks, there are thematically oriented working groups in which representatives from the relevant ministries of the members as well as from invited/guest countries and various international organizations participate.
Sherpa track- Through the sherpa tracks, 11 working groups, 1 initiative group, and 10 engagement groups meets to discuss and provides recommendation on the G-20 agenda and priorities.
Finance track- The focus of the issues discussed in this stream are economics and finance, such as: fiscal, monetary and real policies, infrastructure investment, financial regulation, financial inclusion, and international taxation. The discussion is carried out by the Minister of Finance and the Governor of the Central Bank of each member country.
List of G-20 Summits
1)Washington, USA. 2008
2) London, UK. 2009
3) Pittsburgh, USA. 2009
4) Toronto, Canada. 2010
5) Seoul, South Korea. 2010
6) Bronze France. 2011
7) Los Cabos, Mexico. 2012
8) St. Petersburg a Russia. 2013
9) Brisbane, Australia. 2014
10) Antalya, Turkey. 2015
11) Hangzhou A. China. 2016
12) Hamburg, Germany. 2014
13) Buenos Aires, Argentina. 2018
14) Osaka, Japan. 2019
15) Riyadh Saudi Arabia – 2020
16) Italy – 2021
17) Indonesia – 2022
18) India – 2023