The Group of G20 (G20) comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Asian countries, South Africa, Turkey, UK, and therefore USA together with the EU Union. G20 members currently account for 80% of world GDP, 75% of worldwide trade, and 60% of the world population.
Origin and Evolution
The G20 was founded in 1999 after the Asian financial crisis as a forum for the Finance Ministers and financial institution Governors to debate global economic and financial issues. The G20 was later upgraded to the extent of Heads of State/Government and was designated the “premier forum for international economic cooperation”. Since 2011, the G20 Summit is held annually, under the leadership of a rotating Presidency. The G20 initially focused largely on broad macroeconomic policy. Still, it’s since expanded its ambit to incorporate trade, global climate change temperature change}, sustainable development, energy, environment, climate change, anti-corruption, etc.
The G20 doesn’t have a charter or a secretariat. The Presidency, aided by the countries holding the Presidency before and after it (Troika), is to blame for setting the agenda of every year’s Summit. The G20 process is led by the Sherpa of member countries, who are personal emissaries of the Leaders. The Sherpa, oversee negotiations over the course of the year, discussing agenda items for the Summit and coordinating the substantive work of the G20. The G20’s work is split into two tracks: the Finance Track and also the Sherpa Track. Within the two tracks, there are thematically oriented working groups during which representatives from the relevant ministries of the members moreover as from invited/guest countries and various international organizations participate. The working groups meet regularly throughout the term of every Presidency. The agenda is additionally influenced by current economic developments moreover as by the tasks and goals set in previous years. The G20 holds a multi-year mandate to make sure institutional continuity.
Participation by Non-Members
There has been a practice of inviting some non-G20 member countries as guests in addition to international organizations. These countries vary from year to year, except Spain which could be a permanent invitee. Regular participants within the G20 process are the international fund (IMF), the planet Bank, the UN (UN), the Organization for Economic Co-operation and Development (OECD), the planet Trade Organization (WTO), the International Labour Organization (ILO) and therefore the Financial Stability Board (FSB), in addition, because the countries holding the presidencies of the regional organizations like ASEAN, the African Union, and therefore the development program NEPAD. The incumbent Presidency may invite other countries and Isoform G20 meetings
Previous G20 Summits Italy – 2021
The Group of Twenty (G20) Leaders’ Summit 2021 will convene in October 2021 in Rome Italy. For 2021, the G20, under the Italian Presidency, will specialize in three broad, interconnected pillars of action: People, Planet, and Prosperity. The Leaders’ Summit is the climax of the G20 process. additionally, to the Summit, ministerial meetings, Sherpa meetings (in charge of closing negotiations and building consensus among Leaders), working groups, and special events are organized throughout the year. The Summit is that the last, at the Leaders’ level, of the extreme work distributed within these various groups throughout the year. Within the three pillars of the 2021 G20, the forum aims to require the lead in ensuring a swift international response to the COVID-19 pandemic – able to provide equitable, worldwide access to diagnostics, therapeutics, and vaccines – while building up resilience to future health-related shocks.