G 20:Developing Nations

About G-20

The Group of Twenty Finance Ministers and Central Bank Governors (also known as the G-20, G20, and Group of Twenty) is a group of finance ministers and central bank governors from 20 major economies: 19 countries plus the European Union, which is represented by the President of the European Council and by the European Central Bank.

The G-20 was proposed by former Canadian Prime Minister Paul Martin as a forum for cooperation and consultation on matters pertaining to the international financial system.

The group was formally inaugurated in September 1999, and held its first meeting in December 1999.

G-20 members represent around:

1. 85 per cent of global gross domestic product

2. Over 75 per cent of global trade, and

3. two-thirds of the world’s population.

  

The members of the G-20 are:

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

Objective:

It studies, reviews, and promotes high-level discussion of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization.

Management Arrangements

The G-20 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 G-20 President is responsible for bringing together the G-20 agenda in consultation with other members and in response to developments in the global economy.

To ensure continuity, the Presidency is supported in this by the “troika”, made up of the current, immediate past and future host countries.

During Australia’s host year, the members of the G20 troika are Australia, Russia and Turkey.

The G20 works closely with international organizations which are invited to attend a relevant G20 meeting which includes: 

1. Financial Stability Board

2. International Labour Organisation

3. International Monetary Fund

4. Organisation for Economic Co-operation and Development

5. United Nations

6. World Bank and the

7. World Trade Organization.