Fact Box: What is G20 and how it works?
The G20 has no permanent staff of its own & its chairmanship rotates annually between nations divided into regional groupings, which is divided into five groups.
The 12th G20 summit concluded on 8 July 2017 in Hamburg, Germany. The summit was held with the central theme “Shaping the Interconnected World”. It concluded with the adaption of Hamburg Action Plan, which sets out the group’s strategy for achieving strong, sustainable, balanced and inclusive growth.
The action plan focuses on addressing the major global challenges of trade and globalisation, Paris climatic agreement, global health systems and harnessing digitisation among others, which would contribute to the prosperity of the world and its well-being.
About G20 or the Group of Twenty
• The G20 is an international forum for the governments and central bank governors from 20 major economies.
• The forum was formed in 1999 with an aim to discuss policy issues pertaining to the promotion of international financial stability.
• The forum seeks to address issues that go beyond the responsibilities of any one organisation.
• Collectively, the G20 economies account for around 85 per cent of the gross world product (GWP), 80% of world trade (or, if excluding EU intra-trade, 75%).
• It is a home of two-thirds of the world population.
• To tackle the problems or the address issues that plague the world, the heads of governments of the G20 nations periodically participate in summits (the first summit was held in 2008). In addition to it, the group also hosts separate meetings of the finance ministers and foreign ministers.
• The first G20 summit occurred in Berlin, in December 1999, and was hosted by the German and Canadian finance ministers.
Participant countries: Membership of the G20 consists of 19 individual countries plus the European Union (EU). The 19 member countries of the forum apart from the European Union are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom and the United States.
The European Union is represented by the European Commission and by the European Central Bank.