Founded in 1999 after a series of major international debt crises, the G20 aims to unite world leaders around common economic, political and health challenges. Here’s 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 members are Argentina, Australia, Brazil, Britain, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, and South Korea. And Turkey. The African Union is also preparing to join after an invitation on Saturday from Indian Prime Minister Narendra Modi.
Collectively, the group’s members represent more than 80% of global economic output.
It is the creation of the more selective Group of Seven, an informal bloc of industrial democracies. Proponents argue that as national economies become increasingly globalized, it is essential for political and financial leaders to work closely together.
The G20 summit is held annually.
The G20 meeting brings together the finance ministers and heads of state representing the members. It describes itself as “the premier forum for international economic cooperation”.
Heads of state formally met for the first time in November 2008 as the global financial crisis began to unfold. The country that holds the rotating presidency will host the summit meeting. This year, it’s India.
The meeting issues a joint statement.
The two-day summit typically focuses on several key issues on which its leaders hope to reach consensus on collective action.
The goal is to conclude the gathering by issuing a joint statement committing its members to action, although the declaration is not legally binding. But bilateral meetings between leaders on the sidelines often overshadow official business.