G-20 was constituted in 1999 with a view to bring together industrialized and developing economies to discuss major issues in the world economy. It is a Group of Twenty (G-20), Finance Ministers and Central Bank Governors.
G20’s inaugural summit took place in December 1999 in Berlin. It was hosted by the Finance Ministers of Germany and Canada.
Member Countries of G-20
The G-20 comprises the finance ministers and central bank governors of 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, and The United States of America. The remaining one seat is occupied by the European Union that is represented by the rotating Council presidency and the European Central Bank.
Read Also: The European Union (EU)
Time of the meeting of G-20
The Finance Ministers and Governors of G-20, adhering to a normal practice, generally meet once a year. However in 2009 and 2010, when the world was going through an acute economic crisis the leaders of G20 met twice in the above-mentioned consecutive years. The last G-20 summit was held in Antalya, Turkey on 15-16 November 2015. The Antalya summit was the tenth edition of the G20 leaders’ meeting. China will host the next G20 summit, the 11th edition, in 2016.
The G-20 member countries, together, represent around 9 % of global GDP, 80 % of global trade and two-thirds or world’s population.
Who chairs the G-20 Meet
Since G-20 has not got the permanent staff of its own, its chair rotates between member countries and is selected from diverse regional groupings on the yearly basis.
The host country of G-20 summit gets the opportunity of setting the agenda and leading the discussion.
When the UK, in 2009, hosted a special spring summit, its the then Prime Minister Gorden Brown successfully clenched a deal in which world leaders agreed to pour in a Financial aid of $ 1.1 trillion in the global economy. The deal was termed “historic” and perceived as a huge success.
Must Read: Analysis of 13th EU-India Summit
Difference between G-20 and G7
The G7 was set up as an informal forum in 1976. It consisted, at the time of its inauguration, of seven major Industrial economies: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America. When Russia got the entrance in G7 in 1998, it was re-named G8.
This March G7 voted to suspend Russia in response to Russia’s annexation of Crimea; the annexation was the result of the increasing tension between Russia and Ukraine. However, the suspension, it is said, is designed to be of a temporary nature.
Member possesses equal influence
Since there are no formal votes or resolutions on the basis of fixed economic criteria or voting shares, every member country of G20 has one voice with which it can participate actively in G20 functions.