Current Affairs What is G20 summit

What is G20 summit

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dheeksha.r@news4children.com

How did G20 began?

  • Financial crisis in 1997-98, made the G7 finance ministers (USA, Japan, Germany, UK, France, Italy and Canada) to acknowledge the need of participation of major emerging market economies.
  • G7 finance ministers agreed to establish G20 Finance Ministers and Central Bank Governors meeting in 1999 to address the financial crisis.
  • The meeting focussed on major economic and monetary policy issues amongst major countries in the global financial system. It aimed at promoting cooperation toward achieving stable and sustainable global economic growth for the benefit of all countries.
  • The participating members in the meetings were the same as the current G20 members.
  • Post that, in November 2008 again faced with the global financial crisis that occurred in the wake of the collapse of the Lehman Brothers, the G20 inaugural summit was held in Washington D.C.
  • The G20 Meeting of Finance Ministers and Central Bank Governors was upgraded to the head of state level, as a forum for leaders from major developed and emerging market countries.
  • In September 2009, the third summit was held in Pittsburgh where the leaders designated the G20 as the “premier forum for international economic cooperation.”
  • From thereon, the summit meetings were held semiannually until 2010 and annually from 2011 onwards.

G20 MEMBERS

  1. Argentina
  2. Australia
  3. Brazil
  4. Canada
  5. China
  6. France
  7. Germany
  8. India
  9. Indonesia
  10. Italy
  11. Japan
  12. Mexico
  13. Republic of Korea
  14. Republic of South Africa
  15. Russia
  16. Saudi Arabia
  17. Turkey
  18. United Kingdom
  19. United States of America
  20. European Union (EU)
    Source: G20.org
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