7.1. G-20

♤ G-20 the Group of Twenty was established in 1999 as a forum in which major advanced and emerging economies discuss discuss global financial and economic matters

♤ The G20 membership comprises a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85 per cent of global gross domestic product and over 75 per cent of global trade.

♤ The objectives of the G20 are:

o Policy coordination between its members in order to achieve global economic stability, sustainable growth;

o To promote financial regulations that reduce risks and prevent future financial crises; and

o To create a new international financial architecture.

♤ The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.

♤ Since its inception, it has held annual Finance Ministers and Central Bank Governors Meetings and more recently Summits of Heads of State.

♤ G20 was raised to the Summit level in 2008 to address the global financial and economic crisis of 2008.

♤ G-20 leaders Summits have been held in Washington in 2008 and in London and Pittsburgh in 2009. 2017 it was held in Hamburg Germany.

♤ The G20 Presidency rotates annually according to a system that ensures a regional balance over time. Reflecting its nature as an informal political forum, the G20 does not have a permanent secretariat. Instead, the G20 president is responsible for bringing together the G20 agenda in consultation with other members and in response to developments in the global economy.

♤ To ensure continuity, the presidency is supported by a “troika” made up of the current, immediate past and next host countries. The Current Troika is China, Germany and Argentina.

♤ India hosted a meeting of G20 finance ministers and central bank governors in 2002.

♤ The preparatory process for the G20 Summit is conducted through the established Sherpa and Finance tracks that prepare and follow up on the issues and commitments adopted at the Summits.

♤ The Sherpas’ Track or development track focuses on non-economic and financial issues, such as development, anti-corruption and food security, while addressing internal aspects such as procedural rules of the G20 process. The Sherpas carry out important planning, negotiation and implementation tasks continuously.

♤ The Finance Track focuses on economic and financial issues. The Sherpa and Finance tracks both rely on the technical and substantive work of a series of expert working groups.