Established in 1999 in response to a series of major international debt crises, the G20 aims to unite world leaders around common economic, political and health challenges. Let’s take a look at what the group is and what it does.
The G20 includes 19 countries and the European Union.
In addition to the United States, its member states are Argentina, Australia, Brazil, the United Kingdom, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, and South Korea. And Türkiye. The African Union is also poised to participate after receiving an invitation from Indian Prime Minister Narendra Modi on Saturday.
Together, members of this group account for more than 80% of the world’s economic output.
This is the creation of a more select Group of 7, an informal bloc of advanced democracies. Proponents argue that as national economies become increasingly global, it is essential that political and fiscal leaders work closely together.
The G20 Summit is held every year.
The G20 meeting brings together finance ministers and heads of state representing member countries. The organization calls itself “the premier forum for international economic cooperation.”
Heads of state convened officially for the first time in November 2008, just as the global financial crisis was beginning to unfold. The summit will be hosted by the country hosting the rotating presidency. This year it’s India.
A joint statement will be prepared at this meeting.
The two-day summit typically focuses on a number of core issues on which leaders hope to reach agreement for collective action.
The goal is to end the rally with a joint statement pledging participants to take action, but the declaration is not legally binding. However, one-on-one meetings between onlookers often overshadow official business.
