- Full Name: Group of Twenty
- Type: Intergovernmental Organization
- Membership: 19 countries and the European Union
- Establishment: Established on 26 September 1999
- Official Language(s): English
- Headquarters: No permanent headquarters; rotates annually among member nations
The Group of Twenty (G20) is a premier forum for international economic cooperation, bringing together the world’s major advanced and emerging economies. The G20 plays a crucial role in shaping and strengthening global architecture and governance on all major international economic issues.
Group of Twenty History
The G20 was founded in 1999 in response to the financial crises of the late 1990s and a growing recognition that key emerging-market countries were not adequately included in the core of global economic discussion and governance. The G20 initially focused on broad macroeconomic issues, but it has since expanded its agenda to include trade, climate change, development, and other crucial global issues.
Group of Twenty Structure
The G20 does not have a permanent secretariat or headquarters. The work of the G20 is divided into two tracks: the Finance Track and the Sherpa Track. The Finance Track is managed by finance ministers and central bank governors and focuses on monetary and fiscal issues, while the Sherpa Track focuses on broader issues such as political engagement, anti-corruption, and development.
Each year one of the member countries holds the G20 presidency and is responsible for hosting and organizing the leaders’ summit and the ministerial meetings, setting the year’s agenda, and leading the group’s work.
Group of Twenty Membership
The members of the G20 are 19 individual countries plus the European Union. The countries include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States. Spain is also invited as a permanent guest.
Group of Twenty Objectives
Global Economic Stability and Growth
The primary aim of the G20 is to promote global economic growth and stability. The G20 deliberates on policy issues that impact the global economy and endeavors to support sustainable economic growth for all.
Financial Market Regulation
Improving the regulation of financial markets is a key goal of the G20, ensuring that global financial markets operate with transparency, are free of systemic risks, and support economic growth.
Development and Low-Income Countries
The G20 is committed to addressing the challenges faced by low-income countries and ensuring that they are part of the global economic agenda. This includes focusing on development issues and providing support to boost their economies.
Group of Twenty Funding
As the G20 is an informal forum without a permanent secretariat or headquarters, its funding mainly comes from its members, particularly the country holding the rotating presidency for the year. This country organizes and funds the annual summit and related meetings.
Group of Twenty Projects
G20 Action Plan
The G20 Action Plan focuses on achieving strong, sustainable, balanced, and inclusive growth. It includes commitments to use all policy tools to achieve these goals, including monetary, fiscal, and structural reforms.
Green Finance Study Group
The G20 Green Finance Study Group works to mobilize private capital for green investments to support environmentally sustainable growth in the global economy.
Group of Twenty Members
Member Countries and Entities
- Argentina
- Australia
- Brazil
- Canada
- China
- France
- Germany
- India
- Indonesia
- Italy
- Japan
- Mexico
- Russia
- Saudi Arabia
- South Africa
- South Korea
- Turkey
- United Kingdom
- United States
- European Union
Observer Entities
- Spain (Permanent Invitee)
- ASEAN, African Union, NEPAD, and other international organizations also participate in meetings.
The G20 continues to be a pivotal forum in addressing the most pressing economic challenges faced by the global community. Through cooperation and dialogue among the world’s major economies, the G20 contributes significantly to global economic stability and sustainable growth, playing a crucial role in shaping the international economic and financial agenda.