The G20, or Group of Twenty, is a forum where the world’s major economies meet to discuss global economic and financial issues. It is not a formal organisation and has no permanent secretariat, so its decisions are political commitments rather than binding laws.
Photo credit: Presidencia de la Nacion Argentina, CC BY-SA 2.0, via Wikimedia Commons.
Who are the members?
The G20 has 19 countries plus the European Union: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkiye, the United Kingdom and the United States. The African Union joined as a permanent member at the 2023 summit in New Delhi.
How did it start?
The G20 was formed in 1999 as a meeting of finance ministers and central bank governors after the Asian financial crisis. It was raised to the level of leaders’ summits in 2008 during the global financial crisis.
How does it work?
The presidency rotates among members every year. The country holding it sets the agenda, hosts the leaders’ summit and runs ministerial meetings and working groups through the year. India held the presidency in 2023 and hosted the summit in New Delhi.
Why does it matter?
According to the G20, its members together account for most of the world’s economic output, trade and population. That is why its discussions on trade, climate finance, debt and technology influence decisions made elsewhere.
Sources: G20 official website and India’s 2023 G20 presidency. Written by The Popular Story desk.
