A Detailed Study on G20

The Group of Twenty (G20) refers to a collection of the world’s twenty largest economies. The formation of this group took place in the year 1999. At the time of its inception, experts believed that this bloc would unite the most important industrialised economies of the world. This would provide a suitable platform for discussing the matters of international stability pertaining to financial and economic matters. Its annual summit debuted in the year 2008, in which a gathering of their leaders took place. Over the years, an evolution of the G20 summit has taken place into a major forum in which the discussion of the economic and other significant global issues. Keep on reading to know all about G20.

What is Meant by G20?

The G20 countries are nineteen in total. Some of these counties are the largest economies in the world. It also includes the European Union (EU). The G20 countries are as follows:

·  The United States

·  Mexico

·  The United Kingdom (UK)

·  Australia

·  Canada

·  Argentina

·  Brazil

·  China

·  Japan

·  Germany

·  France

·  Italy

·  Indonesia

·  India

·  Russia

·  Saudi Arabia

·  South Africa

·  South Korea

·  Turkey

The nation of Spain is invited as a permanent guest.

Every year, a meeting of leaders of G20 countries takes place for the discussion of mainly economic and financial matters. This is what is known as a G20 summit. Their coordination takes place to frame a policy on various matters of mutual interest. Below are a few examples:

·  At the 2009 summit, a discussion on how to address a covert Iranian nuclear plant

·  At the 2017 summit, debating on how to administer a partial cease-fire in the nation of Syria

This group is not a permanent institution. As such, a rotation of its leadership takes place on an annual basis among the member nations. The decisions in this group are reached by consensus. Furthermore, the implementation of the agenda of this group is dependent on the political will of the individual members.

Public Policy

The establishment of the agenda and activities of this group takes place by its rotating Presidencies. This happens with the cooperation of the member nations. In the initial years, the discussion of this group had focused on sustaining sovereign debt and global financial stability. Although those themes continue to be discussed in the current times, various other important topics have been added to the discussions. These other important topics are as follows:

·  Global economic growth

·  International trade

·  Regulation of financial markets

Under the Indonesian Presidency, which is the ongoing one, the focus of the G20 is on the following:

·  Global health architecture

·  Digital transformation

·  Sustainable energy transition

At the 2021 summit, which took place in Rome, the topics were as follows:

·  Supporting small and medium-sized enterprises (SMEs)

·  Supporting women-owned businesses

·  Supporting the role of the private sector in the fight against climate change

·  Focus on sustainable development

As for the 2019 G20 Osaka summit, the focus was on the following:

·  Global economy

·  Trade and investment

·  Innovation

·  Environment and energy

·  Employment

·  Women’s empowerment

·  Development

·  Wellness

At the 2018 G20 summit in Argentina, the focus was on:

·  The future of work

·  infrastructure for development

·  sustainable food for future

This should give a good idea of the public policy of the G20.

Difference between G20 and G7

All the members of the Group of Seven (G7) are also members of the G20, but the reverse is not possible. G7 refers to a forum of seven nations with the largest developed economies in the world. It also includes the European Union. The member nations of G7 are as follows:

·  France

·  Germany

·  Italy

·  Japan

·  The United States

·  The United Kingdom

·  Canada

The meeting of G7 takes place on an annual basis about global economic and monetary matters.

The major differences between the two are as follows:

·  G7 is older than the G20

·  G7 is a more political body

·  G7 comprises only developed countries, unlike the Group of Twenty. This is because; the Group of Twenty also includes the developing economies.

Conclusion

The Group of Twenty (G20) refers to a collection of the world’s twenty largest economies. The formation of this group took place in 1999. The G20 countries are nineteen in total. The European Union (EU) is also included in it. The meeting of its member nations takes place every year. The establishment of the agenda and activities of this group takes place by rotating presidencies. All the members of the Group of Seven (G7) are included in this group.