A Short Note On History Of G20

The G20 or Group of 20 was formed to establish economic stability, fight climate change and sustainable development between 19 major countries and the European Union. The group consists of the most powerful countries globally that contribute to more than 90% of the Gross World GDP. The main intention behind the organisation is to mitigate financial crises. In 1999, G20 was formed when the world was reeling from an economic crisis. 

The Group of 20 or G20

The Group of 20, abbreviated as G20, is an intergovernmental forum that includes 20 entities – 19 major countries and the European Union. The intention of this forum was to address issues related to the global economy like financial crisis, climate change, etc. Generally, economic ministers and governors of central banks of these countries attend the G20 meeting apart from heads of state. The group of 20 comprises the following countries:

• Australia
• China
• Brazil
• The Republic of Korea
• France
• Germany
• Saudi Arabia
• Russia
• Turkey
• The United Kingdom
• Argentina
• Canada
• Japan
• The United States
• Italy
• European Union
• India
• Mexico
• South Africa

More than two-thirds of the world population is represented in the G20, and the G20 member countries also do almost 75% of international trade.

The origin of the Group of 20

The Asian financial crisis in 1999 was one of the building bricks behind the establishment of the Group of 20. The first G20 summit was in 2008, however. US President George W Bush invited the leaders of the 20 countries for a new beginning of collaboration, hope, and cooperation. The summit was held in Washington DC. From that meeting, G20 members decided to conduct a summit every year. The presidency post was to be rotated between the members. Each year a representative from one of the countries is selected as president. This rotation concept was formed at the 2010 summit held in South Korea.

G20 Summits

Following is the list of G20 meetings held so far.

The 18th, 19th and 20th summits are scheduled in 2023, 2024, and 2025 in India, Brazil, and South Africa, respectively.

G20 Agenda in Recent Years

• The main intention of the first G20 agenda was the growth of the global economy and to improve the structural factors affecting the global economy. 

• The agenda during the second summit was a follow-up to the first. Certain organisations were given powers to be influential in working to retain and strengthen financial stability, such as the Financial Stability Board (FSB).

• At the Pittsburgh summit, the G20 agenda was to make strict rules for the banking sector to reduce financial risk to the government.

• “Recovery and a new beginning” were the themes of the fourth summit held in Toronto. Evaluation of progress in financial reform was a significant discussion subject, as was also global trade and growth.

• The Seoul summit discussed “Shared Growth Beyond Crisis”. G20 also started the Multi-Year Action Plan (MYAP) during this summit. The plan works under nine pillars, including Human Resource Development, private investment, job creation, knowledge sharing etc. 
• In the sixth summit held at Cannes, the Cannes Action Plan for Growth and Jobs Adaptation was instituted. Agricultural Market Information System (AMIS) was also discussed in this meeting.

• The seventh summit was held in Mexico. Unemployment in youth worldwide was the central issue of concern at this summit. And also, sustainable development, green growth and fighting against climate change were on the G20 agenda.

• The motto of the Saint Petersburg summit was “Boosting Economic Growth and Job Creation”. Base Erosion and Profit Shifting (BEPS) was also introduced at this summit.

• The 2014 G20 summit in Brisbane saw an agenda focused on creating jobs and promoting resilience in the global economy. And also, the objective was to increase GDP by 2% with the help of National Growth Strategies (NGS).

• The Antalya G20 summit was the tenth summit. Migration and the refugee movement was the principal matter on the agenda for this summit. There were discussions on the fight against terrorism too.

• The eleventh summit in 2016 saw the agenda revolve around energy efficiency, international negotiation, and climate change.

• “Shaping an interconnected world” was the theme of the Hamburg summit in 2017. Fighting against terrorism also was a part of the agenda. Energy security was another highlight.

• The 2018 G20 summit in Buenos Aires was focused on sustainable development. Food security was also a discussion topic. 

• The fourteenth summit was held in Osaka, Japan. Ensuring global sustainability and development was the motto. Digital transformation, energy, climate, etc., were other topics.

• The Riyadh G20 summit in 2020 was virtual due to the COVID-19 pandemic. There were discussions on fighting COVID-19 and its after-effects on specific industries.

• “People, Planet and Prosperity” was the motto of the 2021 G20 summit hosted by Rome. Recovery from the pandemic and improving global health were on the agenda. Food security was also discussed. 

Conclusion

G20, or the Group of 20, was formed to safeguard the global economy by some of the most powerful countries in the world. Over the years, it has become an influential group capable of addressing some of the most pressing issues in the world, including climate change. The G20 members meet every year to discuss these issues and implement steps to safeguard the world’s economy.