The G20 is a group of 20 major economies, including 19 countries and the European Union. The member countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States.
The G20 was established in 1999 as a forum for international economic cooperation and decision-making. The group represents two-thirds of the world’s population, 80% of global trade, and 85% of global GDP. It serves as a platform for its members to discuss and coordinate policies on a range of economic and financial issues, including trade, investment, fiscal and monetary policies, and development.
The G20 is composed of two main bodies: the G20 Leaders’ Summit and the G20 Finance Ministers and Central Bank Governors Meeting. The G20 Leaders’ Summit is an annual gathering of heads of state and government, while the Finance Ministers and Central Bank Governors Meeting is held several times a year to discuss and coordinate economic policies.
One of the main goals of the G20 is to promote economic growth and development, particularly in developing countries. The group has made efforts to increase international cooperation on trade and investment, improve financial regulation and stability, and reduce global economic imbalances. The G20 has also addressed issues such as climate change, energy security, and anti-corruption measures.
The G20 has faced some criticism for being too exclusive and dominated by wealthy countries, with some arguing that it does not adequately represent the interests of developing countries. However, the G20 has taken steps to address these concerns, such as creating a “Development Working Group” to focus on issues related to developing countries and ensuring that their voices are heard in the group’s discussions.
Overall, the G20 serves as an important platform for international economic cooperation and decision-making, bringing together the world’s major economies to address pressing economic and financial issues.