Notes on G20+

The formation of G20+ developing nations can be traced back to June 2003, when the foreign ministers of South Africa, India, and Brazil formed an agreement/pact on 6th June 2003. They emphasized heavily Trade Policies and Practices involving trade disruption. Along with it, South Africa, Brazil, and India also mutually agreed on their initiatives regarding trade liberalization.

On the other hand, the G20 was formed in 1999 by 19 countries and the European Union (EU) that meet consistently to coordinate global policies addressing trade, healthcare, climate and other sustainable issues.

How did G20+ Come into Existence?

A joint proposal on agriculture for the Minister of Cancun and the group’s appearance in response to a message published by the EU (European Community) and the United States of America happened on 13th August 2003. A signed document assigned by the twenty countries dated 20th August 2003 reissued the Minister of Cancun’s proposal on 4th September. The document presented the group’s establishment and provided an alternative feedback/framework for the European Union and US for agriculture.

The original group who signed the documents or the signatories dated 20th August in 2003 was known by multiple names like G21, G22 etc. Finally, after much consideration, G20+ was selected as the definitive name with the established date of the group. There have been many changes in the group since its formation.

The Policy Focus of G20

Initially, G20 was largely focused on macroeconomic policies, but it expanded the scope. In 2018, the group of G20 summit in Argentina focused on sustainable and fair development, while the previous summit held in Germany focused on critical issues such as corruption, international tax havens, and money laundering. Economic and financial coordination remain inevitably the centrepiece of every summit’s agenda, but crucial matters impacting global development such as terrorism and healthcare are also considered.

The COVID-19 turned out to be a significant path-breaking test for the group. As a result, at President Joe Biden’s first summit held in Rome in October 2021, the policy focus of the group of G20 leaders pledged to assist in vaccinating 70 per cent of the world’s population by mid-2022.

G20 vs G7

The Group of Seven (G7) is an intergovernmental organization formed in 1975 and constitutes Canada, Japan, Italy, France, Germany, the United States and the United Kingdom. The key difference between G20 and G7 is that G20 includes all members of G7 and a forum of the European Union (EU). On an annual rotating basis, government leaders of the group of G7 address several international issues of economic and monetary matters.

Another reason of significance between the G20 and G7 is that the G7 has been described as a more influenced political body because of the inclusion of financial heads and chief ministers, prime ministers, and presidents. However, the group G20 has increased the inclusion of finance ministers and bank governors after the global financial crisis of 2008.

Conclusion

The group of G20 developing nations or G20+ appeared in 2003 at the WTO’s fifth ministerial conference held in Cancun, Mexico. Its origins can be traced back to the Brasilia Declaration signed by the foreign ministerial department of India, South Africa, and Brazil dated 6th June 2003. The G20+ has a crucial role in 60% of the world’s population, agricultural exports consisting of 26% and 70% of the farmers. The declaration highlighted the major economies’ practices related to protectionism in the less competitive sectors to ensure that the trade negotiations are given for the policy reversal.