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What Does the G20 Do?

World leaders meet at the 2023 G20 summit in New Delhi, India.

The G20, formed in 1999, is a group of twenty of the world’s largest economies that meets regularly to coordinate global policy on trade, health, climate, and other issues.
Previous summits have addressed the COVID-19 pandemic, 2008 financial crisis, the Iranian nuclear program, and the Syrian civil war.
At the 2023 summit, the group welcomed the African Union as its newest member, even as the Russian invasion of Ukraine continued to cause divisions.

Introduction

The Group of Twenty (G20), a collection of twenty of the world’s largest economies formed in 1999, was conceived as a bloc that would bring together the most important industrialized and developing economies to discuss international economic and financial stability. Its annual summit, a gathering of G20 leaders that debuted in 2008, has evolved into a major forum for discussing economics as well as other pressing global issues. Bilateral meetings on the summit’s sidelines have occasionally led to major international agreements. And while one of the group’s most impressive achievements was its robust response to the 2008 financial crisis, its cohesion has since frayed, and analysts have criticized its lackluster response to the COVID-19 pandemic.

Under President Donald Trump, the United States clashed with the rest of the group on trade, climate, and migration policy. President Joe Biden promised a return to multilateral cooperation, achieving a new global agreement on corporate taxation, but tensions have continued to grow as high- and low-income countries have increasingly diverged on major issues such as climate change, economic development, and the ongoing fallout from the war in Ukraine. At the 2023 summit in New Delhi, India aimed to bolster its leadership bona fides by welcoming the African Union as the group’s newest member.

Who is in the G20?

G20 (Group of Twenty)
International Economics
Diplomacy and International Institutions

The G20 is a forum comprising nineteen countries with some of the world’s largest economies, as well as the European Union (EU) and, as of 2023, the African Union (AU). The countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom (UK), and the United States. Spain is invited as a permanent guest.

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Every year, the leaders of G20 members meet to discuss mainly economic and financial matters and coordinate policy on some other issues of mutual interest. Examples include when the G20 discussed how to address a covert Iranian nuclear plant at the 2009 summit and when the forum debated how to administer a partial cease-fire in Syria at the 2017 summit. The G20 is not a permanent institution with a headquarters, offices, or staff. Instead, its leadership rotates on an annual basis among its members, its decisions are made by consensus, and implementation of its agenda depends on the political will of the individual states.

Why does the G20 matter?

Together, the nations of the G20 account for more than 85 percent of global economic output, around 75 percent of global exports, and about 80 percent of the world’s population. These figures have remained relatively stable while the corresponding rates for Group of Seven (G7) nations, a smaller group of advanced democracies, have shrunk, as larger emerging markets take up a relatively greater share of the world’s economy.

The G20 was formed in 1999, in the wake of the Asian financial crisis, to unite finance ministers and central bankers from twenty of the world’s largest established and emerging economies. A decade later, at the height of the global economic crisis, the G20 was elevated to include heads of state and government. Many experts credit the G20 with quick action; former CFR fellow Stewart Patrick said the group “ rescued a global financial system in free fall .” In 2008 and 2009, G20 nations agreed to spending measures worth $4 trillion to revive their economies, rejected trade barriers, and implemented far-reaching reforms of the financial system.

Since then, many observers say, the G20 has struggled to achieve similar success on its goals of coordinating monetary and fiscal policies, achieving higher growth, and rooting out corruption and tax evasion. Geopolitical analysts Ian Bremmer and Nouriel Roubini have argued against the G20’s utility, saying that a “G-Zero” world is emerging instead—one in which countries go it alone or form ad hoc coalitions to pursue their interests. In 2021, then CFR President Haass and senior fellow Charles A. Kupchan called for a new concert of powers , contending that “fly-in, fly-out” G20 summits are often bogged down by “haggling over detailed, but often anodyne, communiqués.”

But experts point out that the G20’s membership is still more representative of the current international balance of power than blocs of countries formed earlier, such as the G7. Several rising democracies, including Brazil, India, and Indonesia, belong to the G20, as do other influential autocratic countries, such as China, Russia, and Saudi Arabia. (Russia’s G7 membership was suspended indefinitely in 2014 following its annexation of Ukraine’s Crimea region.) For this reason, Patrick described the 2008 elevation of the G20 as a watershed moment in global governance and argued that the group was the best-suited forum for tackling the challenges of the COVID-19 pandemic.

What’s been on the agenda?

The G20 initially focused largely on broad macroeconomic policy, but it has expanded its ambit. The 2016 summit in Hangzhou, China, broke new ground when U.S. President Barack Obama and Chinese President Xi Jinping formally announced their countries’ accession to the Paris Agreement on climate.

Economic and financial coordination remains the centerpiece of each summit’s agenda, but issues such as the future of work, climate change, and global health are recurring focuses as well. Broader agendas became more common in the decade following the global financial crisis, when the G20 was able to turn its attention beyond acute economic crisis management. But at recent summits, countries have struggled to reach a unified consensus—the hallmark of previous iterations of the conference—as the interests of high- and low-income economies continue to diverge.

The COVID-19 pandemic posed a major test for the group, which Patrick has criticized for largely failing to move beyond “uncoordinated national policies.” However, G20 countries did agree to suspend debt payments owed to them by some of the world’s poorest countries, providing billions of dollars in relief.

Although climate change has been a focus of recent summits, meetings have yielded few concrete commitments on the issue. At the 2021 Rome summit, countries agreed to curb emissions of methane and end public financing for most new coal power plants overseas, but they said nothing about limiting coal use domestically. (China, the world’s largest emitter, permitted more domestic coal power plants in 2022 than any year since 2015). At the 2022 gathering, Indonesia agreed to close coal power plants in exchange for $20 billion in financing from high-income countries, including the United States. But as of 2023, it is still building coal-fired plants.

As the 2023 host, India sought to cast itself as a voice for the so-called Global South, framing the agenda around issues facing lower-income countries. These include rising debt levels, persistently high inflation, depreciating local currencies, food insecurity, and increasing severe weather events associated with climate change. In addition, New Delhi presided over the admittance of the AU, expanding representation to fifty-five countries. This allowed Indian Prime Minister Narendra Modi to “showcase his status as the leader of a rising India,” according to CFR’s Manjari Chatterjee Miller and Clare Harris.

What have been the main points of contention?

Geopolitical tensions, heightened by the Russian invasion of Ukraine but also spurred by strategic competition between China and the United States, have increasingly threatened cooperation. In the United States, bipartisan legislative efforts have aimed to deny Russia standing in the World Trade Organization (WTO) and other international institutions. Russia’s participation in the G20 has grown contentious, with some Western countries seeking to exclude Moscow, though members including China and Brazil have opposed that idea. Neither Chinese President Xi Jinping nor Russian President Vladimir Putin attended the 2023 summit. The issue continued to split the group in New Delhi, and their joint declaration on the war failed to mention Russia by name.

G20 members also faced divisions over how to address the economic shocks disproportionately affecting emerging economies. The energy crisis resulting from the war in Ukraine has led to food scarcity and soaring energy prices, as well as inflationary pressures that have engendered a stronger U.S. dollar at the expense of depreciating currencies in emerging economies. As a result, more countries are turning to international lenders for bailouts; over one hundred countries have requested emergency assistance from the International Monetary Fund (IMF) since the beginning of the pandemic. IMF lending to distressed economies soared to a record high of $140 billion in 2022. The G20 introduced a common framework for debt treatment ahead of its 2020 summit, but only four countries—Chad, Ethiopia, Ghana, and Zambia—have requested debt relief under the framework. Experts blame divisions between lender countries.

“No framework for coordination among official creditors can work if official creditors don’t have enough in common to work together,” CFR senior fellow Brad W. Setser wrote in March 2023. “The ‘Common Framework’ exists in name only.” International lenders are now considering ways to reform the framework.

The group’s long-standing commitment to an international order based on WTO principles of reducing tariffs and other trade barriers has in recent years collided with growing economic competition between great powers. President Trump launched a multifront trade war involving several G20 members, imposing a suite of tariffs on China that the Biden administration has largely left in place. Biden has also pursued other measures meant to “de–risk” the U.S. economy from China’s. In August 2022, he signed the CHIPS and Science Act, which encourages advanced technology manufacturing to move back to the United States. That measure was followed by strict export controls that restricted China’s ability to buy certain chips made anywhere in the world with U.S. inputs, and an outbound screening regime prohibiting some U.S. investments in Chinese sensitive technology sectors.

There is also still friction within the group regarding climate change. China, India, Russia, and Saudi Arabia reportedly blocked an agreement on phasing out coal use and fossil fuel subsidies at a July 2021 meeting of environment ministers. And following the invasion of Ukraine, Germany and other G20 countries have reneged on previous promises to stop financing fossil fuel projects overseas. The New Delhi summit again failed to produce ambitious climate action, calling only for a “phasedown” of coal rather than the “phaseout” sought by many climate advocates.

What happens on the sidelines of the summits?

Some experts have emphasized the G20’s flexibility compared with other multilateral institutions, noting that it can help shake up a sometimes rigid geopolitical order. This flexibility extends to the summits themselves, where bilateral meetings between heads of state and government often focus on issues outside the formal agenda.

These tête-à-têtes, whether planned or impromptu, often grab headlines due to their diplomatic gravity. In Hamburg, Germany, in 2017, Trump met Putin for the first time, holding multiple meetings that lasted several hours each and sparked concerns among U.S. allies within the G20. The following year, a bilateral meeting again overshadowed the G20 summit, this time between Trump and Chinese President Xi Jinping. The two leaders agreed to delay threatened tariff hikes.

The 2022 Bali summit hosted the first in-person meeting between Biden and Xi since Biden was elected in 2020. Though the two leaders did not agree to any tangible measures, they committed to keeping diplomatic lines of communication open. In 2023, summit sidelines saw the formation of the India-Middle East-Europe Economic Corridor (IMEC), a rail and port deal linking India and Europe via infrastructure networks that cut through the Middle East. Some observers see IMEC as one of the most serious challenges to China’s Belt and Road Initiative to date.

Many experts stress the substantial effects of personal relationships among leaders on the creation of foreign policy. By gathering so many leaders together, G20 summits offer rare opportunities to develop such relationships and recast bilateral ties.

Recommended Resources

For Foreign Affairs , CFR’s Richard Haass and Charles A. Kupchan make the case for a new concert of powers .

This Backgrounder explains the recent international agreement on a new framework for corporate taxation .

This In Brief breaks down the progress countries made at the twenty-seventh Conference of the Parties (COP27) climate summit.

In this blog post, CFR expert Brad W. Setser analyzes the G20 common framework and its limitations.

Experts from around the world break down the 2023 G20 summit in this Council of Councils Global memo .

Andrew Chatzky and Megan Fahrney contributed to this report.

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Essay on G20

Introduction to G20

The Group of Twenty (G20) stands as a pivotal forum in contemporary global economic governance, offering a platform for the world’s most influential economies to collaborate on addressing pressing economic challenges. Emerging in the wake of 2008, the G20 has transformed from a platform where finance ministers discuss to a high-profile summit attended by world leaders. With its diverse membership and broad mandate, the G20 is crucial in steering international economic policy, fostering cooperation, and ensuring financial stability. This essay explores the origins, composition, objectives, achievements, challenges, and future prospects of the G20, shedding light on its significance in shaping the trajectory of the global economy.

Origins and Evolution of the G20

The Group of Twenty, commonly known as the G20, emerged as a response to the global economic challenges of the late 20th century. Its origins and evolution reflect the need for a more inclusive forum for international economic cooperation.

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Historical Context: The G20 originates from the aftermath of the Asian financial crisis in 1997 and 1998 . This crisis highlighted the shortcomings of the existing economic governance structures, particularly the dominance of the Group of Seven (G7) countries.
Emergence and Formation : In 1999, finance ministers and central bank governors from 19 major economies and the European Union convened for the first G20 meeting in response to the Asian financial crisis. This gathering marked the formal inception of the G20. Leaders established the G20 as a platform for discussing and coordinating economic policies, focusing on promoting financial stability and sustainable growth.
Expansion to Leaders’ Summit : Following the global financial crisis in 2008, leaders elevated the G20 to a summit level. This decision reflected the recognition of the need for high-level political engagement to address the magnitude of the crisis and its global ramifications. The first G20 leaders’ summit was held in Washington, D.C., in November 2008, where leaders pledged to take coordinated action to stabilize financial markets and support economic recovery.
Evolution of Mandate and Scope : Over time, the G20’s mandate has expanded beyond its initial focus on financial stability to encompass a broader range of economic issues, including trade, investment, development, and climate change. The G20 stands as the foremost platform for international economic cooperation, uniting the world’s major economies to tackle common challenges and promote policy coordination.
Key Milestones : The G20 has convened annual summits since 2008, with each summit addressing the global economy’s priorities and challenges. Notable milestones include adopting the G20 Action Plan for Growth and Jobs, establishing the Financial Stability Board (FSB), and developing the Sustainable Development Goals (SDGs).
Continued Relevance and Adaptation : The G20 continues to adapt and evolve to remain relevant despite growing global economic dynamics and emerging challenges. The G20 has played a crucial role in coordinating responses to crises such as the COVID-19 pandemic, demonstrating its agility and capacity for collective action in times of need.

Composition and Membership

Core Membership: The G20 comprises 19 individual countries and the European Union (EU), representing a diverse mix of advanced and emerging economies. These countries are selected based on their significant economic influence, representing approximately 85% of the global GDP and two-thirds of the world’s population.
Inclusion Criteria: Membership in the G20 is based primarily on economic criteria, including a country’s GDP, trade volume, and strategic importance in the global economy. While there are no formal criteria for inclusion, organizers typically invite countries with the largest economies and most significant influence on global economic dynamics to join.
Selection Process: G20 membership is not fixed and can evolve over time. New members may be invited based on changes in economic status or geopolitical considerations. The G20 operates on a consensus basis, and membership decisions are made collectively by existing members.
Non-Member Invitees: The G20 extends invitations to guest countries and international organizations, besides its core members, for participation in its meetings. These invitees may include representatives from smaller economies, regional groupings, or international financial institutions.
Outreach Groups: The G20 engages with various outreach groups, including the Business 20 (B20), Civil 20 (C20), Labour 20 (L20), Think 20 (T20), and Women 20 (W20). These groups represent different stakeholders, such as the business community, civil society, labor unions, think tanks, and women’s organizations, and they provide input and recommendations to G20 leaders.
Representation and Diversity: While the G20 represents a significant portion of the global economy, it also faces challenges related to representation and diversity. Critics argue that smaller economies and developing countries are underrepresented in the G20, limiting their ability to influence decisions that affect them.
Flexibility and Adaptability: The G20’s composition is dynamic and adaptable, allowing flexibility in addressing emerging economic challenges and incorporating diverse perspectives. The G20 maintains relevance in a swiftly evolving global economic landscape and tackles a broad spectrum of issues impacting the international community due to its flexibility.
Impact of Membership: G20 membership confers influence and responsibility on member countries, providing a platform to shape global economic policy and governance. However, membership also entails commitments to cooperative action and collective decision-making, requiring member countries to balance national interests with the broader objectives of the G20.

Members of G20

The G20 comprises 19 individual countries and the European Union (EU). The member countries are:

Additionally, the European Union (EU) participates as a member in the G20 meetings, contributing to the group’s total of 20 members.

Objectives and Mandates

The Group of Twenty (G20) has broad objectives and mandates to promote global economic stability, sustainable development, and cooperation among its member countries. Elaborate on these objectives and mandates as follows:

Economic Stability: One of the G20’s primary objectives is to promote global economic stability by coordinating policies to address macroeconomic imbalances, financial vulnerabilities, and systemic risks. The G20 seeks to prevent and mitigate financial crises, enhance resilience to shocks, and foster sustainable economic growth through policy coordination, exchange rate stability, and prudent macroeconomic management.
Financial Regulation and Reform: The G20 is committed to strengthening the international financial system by implementing comprehensive regulatory reforms to address the root causes of the 2008 global financial crisis. Key focus areas include enhancing financial sector supervision, improving risk management practices, and increasing transparency and accountability in financial markets. Initiatives such as the Basel III framework for banking regulation, reforms to over-the-counter derivatives markets, and efforts to address “too-big-to-fail” banks are part of the G20’s agenda to promote financial stability and prevent future crises.
Sustainable and Inclusive Growth: The G20 acknowledges the significance of promoting sustainable and inclusive economic growth that benefits all segments of society, including marginalized and vulnerable populations. The G20’s agenda for inclusive growth includes measures to combat climate change , increase access to healthcare and education, decrease income inequality, and promote job development. The G20 also prioritizes the United Nations Sustainable Development Goals (SDGs) and seeks to align its policies with the broader international development agenda to achieve sustainable development outcomes globally.
International Trade and Investment: The G20 supports an open, transparent, and rules-based multilateral trading system that fosters global trade and investment flows. Member countries commit to refraining from protectionist measures and working towards removing trade barriers to promote economic integration and competitiveness. The G20 also addresses trade imbalances, intellectual property rights, market access, and trade facilitation to promote a level playing field for businesses and ensure trade benefits are widely shared.
Global Governance and Cooperation: The G20 is a venue for discussion, collaboration, and collective action on a wide range of global economic concerns, such as taxation, anti-corruption, infrastructure development, and digitization. Member countries collaborate with international organizations, such as the World Bank, (IMF) International Monetary Fund, and World Trade Organization (WTO), to strengthen the effectiveness of global governance mechanisms and address common challenges.
Crisis Response and Management: The G20 is crucial in crisis response and management, providing a platform for coordinated action during economic and financial turmoil. Member countries commit to taking timely and decisive measures to restore confidence, stabilize financial markets , and support economic recovery in crises or emergencies.

Structure and Decision-Making Process

The Group of Twenty (G20) operates with a flexible structure and decision-making process that accommodates its member countries’ diverse interests and priorities. This section outlines the key components of the G20’s structure and decision-making process, including:

Organizational Structure:

Presidency: The G20 operates on a rotating presidency system, where a member country holds the presidency for one year. The presidency sets the agenda, organizes meetings, and facilitates discussions among member countries.
Sherpa Process: Each member country appoints a sherpa, who serves as the personal representative of the head of state or government in G20-related matters. Sherpas are crucial in coordinating negotiations, preparing summit agendas, and advancing their country’s interests within the G20.
Working Groups: The G20 establishes working groups on specific thematic areas, such as finance, trade, development, and climate change . These working groups conduct technical analysis, develop policy recommendations, and facilitate discussions among experts and policymakers.

Decision-Making Processes:

Consensus Building: The G20 operates on the principle of consensus, where member countries reach decisions through dialogue and negotiation. Consensus building allows for accommodating diverse viewpoints and ensures broad ownership of decisions.
Informal Nature: The G20 is an informal forum without legally binding commitments or formal voting procedures. Instead, member countries base decisions on mutual agreement and political commitments.
Declaration and Communiqués: After each summit, the G20 issues a declaration or communiqué summarizing the key outcomes, policy priorities, and commitments agreed upon by member countries. These documents guide future action and serve as a basis for monitoring progress.

Summit Meetings:

Annual Summit: The G20 convenes an annual summit of heads of state or government hosted by the country holding the presidency. The summit allows leaders to discuss pressing economic issues, exchange views, and make policy decisions.
Ministerial Meetings: Besides the annual summit, the G20 holds ministerial meetings yearly, focusing on specific thematic areas such as finance, trade, labor, and environment. These meetings provide opportunities for in-depth discussions and policy coordination among ministers and officials.

Outreach and Engagement:

Engagement Groups: The G20 engages with various stakeholder groups, including business, civil society, labor unions, and think tanks, through engagement groups such as the Business 20 (B20), Civil 20 (C20), and Labor 20 (L20). These groups provide input, recommendations, and expertise to inform G20 discussions and outcomes.
Dialogue with International Organizations: To leverage their experience and advance consistency in global economic policy, the World Bank, the International Monetary Fund (IMF), the World Trade Organization (WTO), and the Organization for Economic Cooperation and Development (OECD) are just a few of the global institutions with which the G20 works.

Major Achievements

The G20 has been instrumental in achieving significant milestones and facilitating crucial reforms in global economic governance. Here are some of its major achievements:


2008 Financial Crisis Response	Coordinated efforts to stabilize financial markets, implement stimulus packages, and reform regulations.
Sustainable Development Goals (SDGs)	Endorsed the 2030 Agenda for Sustainable Development, committing to tackle poverty, inequality, and climate change.
Trade Liberalization and WTO Reform	Promoted free trade, reduced barriers, and reformed the World Trade Organization (WTO) for effective governance.
Anti-Corruption Measures	Established action plans and commitments to enhance transparency and accountability in public and private sectors.
Infrastructure Investment	Promoted development through public-private partnerships and investment initiatives.
Debt Relief for Developing Countries	Implemented programs to alleviate the debt burden on developing countries, particularly during crises.
Paris Agreement on Climate Change	Endorsed the Paris Agreement to combat climate change by reducing emissions and promoting sustainable development.
Digital Economy and Innovation	Focused on fostering innovation, digitalization, and technology transfer for economic growth.
Health Security and Pandemic Preparedness	Mobilized resources, shared medical supplies, and coordinated vaccine distribution efforts during the COVID-19 pandemic.
Financial Regulation and Stability	Implemented regulatory reforms to prevent financial crises and strengthen the resilience of financial systems.

Challenges and Criticisms

Despite its achievements and contributions to global economic governance, the Group of Twenty (G20) faces several challenges and criticisms that warrant attention. These challenges and criticisms include:

Representation and Legitimacy: Critics argue that the G20’s membership needs to adequately represent the diversity of the global economy, with some regions and countries underrepresented or excluded from the decision-making process. The informal and exclusive nature of the G20 raises questions about its legitimacy and accountability, as decisions made by a select group of countries may not reflect the interests and perspectives of the broader international community.
Ineffectiveness and Implementation Gaps: Critics have criticized the G20 for its limited effectiveness in implementing policy reforms and achieving tangible outcomes despite its ambitious agenda and commitments. Implementation gaps and delays in translating agreements into concrete actions undermine the G20’s credibility and erode trust among member countries and stakeholders.
Lack of Enforcement Mechanisms: The G20 operates without formal enforcement mechanisms or binding commitments, relying instead on voluntary cooperation and peer pressure to encourage compliance with agreed-upon measures. The absence of enforceable rules and sanctions limits the G20’s ability to hold member countries accountable for their commitments, leading to uneven implementation and compliance.
Narrow Focus and Prioritization: Critics argue that the G20 often dominates its agenda with short-term economic and financial issues, neglecting broader challenges such as social inequality, environmental sustainability, and human rights . The G20’s narrow focus on economic growth and stability may overlook structural issues and systemic imbalances that require long-term solutions and holistic approaches.
Lack of Civil Society Engagement: Civil society organizations and grassroots movements have raised concerns about the need for more meaningful engagement and participation in G20 processes. The G20’s opaque decision-making processes and limited opportunities for civil society input hinder transparency, accountability, and democratic governance.
Geopolitical Tensions and Divisions: Geopolitical tensions and rivalries among G20 member countries, such as those between the United States, China, and Russia, pose challenges to consensus-building and cooperation within the forum. Divisions over trade disputes, geopolitical conflicts, and ideological differences can hinder progress on shared objectives and undermine the G20’s effectiveness as a platform for global economic governance.

Future Prospects and Recommendations

There are chances for the Group of Twenty (G20) to increase its influence over the direction of global economic governance as it continues to manage intricate geopolitical dynamics and challenging global economic issues. Future prospects and recommendations for the G20 include:

Enhanced Multilateral Cooperation: The G20 should prioritize strengthening multilateral cooperation and dialogue among its member countries, fostering trust, and building consensus on shared objectives and challenges. Prioritizing diversity, openness, and accountability can improve the G20’s credibility and efficacy as a platform for international economic governance.
Comprehensive Policy Agenda: The G20 should adopt a comprehensive policy agenda that addresses short-term economic and financial issues and broader challenges such as climate change, social inequality, and technological innovation. Balancing economic growth with sustainability, equity, and resilience can promote more inclusive and sustainable development outcomes globally.
Institutional Reform and Governance: The G20 should consider institutional reforms to enhance its governance structure and decision-making processes, ensuring greater representation and participation of all member countries and stakeholders. Exploring mechanisms for accountability, enforcement, and peer review can strengthen the implementation of agreed-upon measures and enhance the G20’s effectiveness in addressing global challenges.
Engagement with Civil Society and Stakeholders: The G20 should engage more actively with civil society organizations, academia, businesses, and other stakeholders to foster transparency, inclusivity, and dialogue. Creating platforms for meaningful participation and consultation can enrich policy discussions, build public trust, and enhance the relevance of the G20’s decisions and initiatives.
Innovation and Adaptation: The G20 should embrace innovation and adaptability to respond effectively to emerging challenges and opportunities in the global economy. Leveraging digital technologies, data analytics, and scientific research can facilitate evidence-based policymaking and enhance the G20’s capacity to address complex and interconnected issues.
Commitment to Sustainable Development: The G20 should reaffirm its dedication to sustainable development goals, including climate action, poverty reduction, and gender equality . Integrating sustainability considerations into economic policies, investment decisions, and infrastructure development can promote green growth and build resilience to environmental and social risks.
Strengthening Global Health Security: Building on lessons learned from the COVID-19 pandemic, the G20 should prioritize strengthening global health security and pandemic preparedness. Investing in healthcare systems, vaccine production capacity, and international cooperation can mitigate the impact of future health crises and promote global health equity.

The G20 has proven instrumental in navigating complex global economic challenges, fostering cooperation among member countries, and shaping international policy responses. Through collaborative efforts, the G20 has achieved notable milestones in financial regulation, trade facilitation, crisis management, and global health response. However, the forum faces ongoing challenges, including representation issues and divergent national interests. Despite these challenges, the G20 remains a vital platform for addressing shared global concerns and advancing collective prosperity. Moving forward, sustained commitment to dialogue, cooperation, and multilateralism will be essential to effectively tackle evolving threats and promote inclusive and sustainable economic growth on a global scale.

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Essay on G20 Summit- The G20 Summit is an annual gathering of leaders from the world’s largest economies and the European Union. It serves as a critical forum for international economic cooperation and development. Established in 1999, the G20 Summit plays a significant role in shaping the global economic landscape and addressing pressing global challenges. This essay will explore the origins and evolution of the G20, its organizational structure, the importance of the summit, India’s G20 Summit presidency in 2023, and the key discussions and outcomes of the G20 New Delhi Summit.

Origins and Evolution of the G20

The G20 was created in response to the financial crises that emerged in several emerging economies in the 1990s. It aimed to provide a platform for Finance Ministers and Central Bank Governors to discuss global economic and financial issues. In December 1999, the first informal dialogue took place in Berlin, Germany, with representatives from advanced and emerging economies. Since then, Finance Ministers and Central Bank Governors have met annually.

Organizational Structure of the G20

Unlike other international organizations, the G20 operates without a permanent secretariat or staff. The chairmanship of the G20 rotates annually among its members. The chair, along with the past and future chairs, forms the Troika, which manages the G20’s affairs. The preparatory process for the G20 Summit is conducted through the Sherpa and Finance tracks. The Sherpa track focuses on non-economic and financial issues, while the Finance track addresses economic and financial matters. Expert working groups support both tracks in their technical and substantive work.

Importance of the G20 Summit

The G20 Summit holds immense importance as it brings together countries that represent approximately 85% of global GDP, 80% of global trade, and two-thirds of the world’s population. It serves as a platform for leaders to exchange ideas, deliberate on policy solutions, and coordinate efforts to address global challenges. The G20 Summit has played a crucial role in responding to major crises such as the 2008 global financial crisis and coordinating the global response to the COVID-19 pandemic.

India’s G20 Summit Presidency 2023

India assumes the G20 Summit presidency in 2023, reflecting its growing economic prowess and global influence. As the host of the G20 Summit, India aims to advocate for its economic interests and contribute to resolving critical global challenges. India’s G20 leadership provides an opportunity to showcase its expertise in areas such as women empowerment, democracy, and digital technologies. As a country with core democratic values, India can demonstrate that conflicts can be resolved when democracy becomes a culture.

India’s foreign policy focuses on the “global common good.” Through its G20 leadership, India aims to find sustainable solutions to key global challenges, including climate change, emerging technologies, food and energy security. India’s G20 presidency also presents an opportunity to address long-standing anomalies that disadvantage developing countries, especially in the areas of agriculture and food subsidies.

G20 New Delhi Summit: Discussions and Outcomes

The G20 New Delhi Summit, held on September 9 and 10, 2023, focused on the theme “One Earth, One Family, One Future.” The summit addressed various important issues, including food security, climate and energy, development, health, and digitalization. The discussions aimed to find collaborative solutions to these challenges and promote global economic stability and sustainable growth.

In Session 1, titled “One Earth,” participants discussed the world economy, food security, climate and energy, and the environment. The importance of observing the United Nations Charter and achieving a just and lasting peace in Ukraine was emphasized, given Russia’s aggression. Prime Minister Kishida highlighted the need for cooperation among countries to address global crises and reaffirmed the significance of the G7 Hiroshima Summit’s outcomes being integrated into the G20.

In Session 2, titled “One Family,” inclusive growth, the Sustainable Development Goals (SDGs), and health were discussed. G20 members stressed the importance of reducing poverty and inequality, accelerating efforts towards achieving the SDGs, and preparing for pandemics.

In Session 3, titled “One Future,” leaders discussed multilateral reforms, digitalization, and other issues. Prime Minister Kishida reiterated Japan’s support for the African Union’s membership in the G20, acknowledging the increasing roles of African countries in the international community. He highlighted the necessity of multilateral system reforms to overcome global challenges and shape a better future.

The G20 New Delhi Leaders’ Declaration, issued as a summary of the discussions, highlighted the commitments and actions agreed upon by the participating countries. Prime Minister Kishida engaged in brief talks with leaders from over 29 countries, fostering dialogue and strengthening international cooperation.

The G20 Summit plays a vital role in shaping the global economy and addressing pressing global challenges. As India assumes the G20 Summit presidency in 2023, it has the opportunity to advocate for its economic interests and contribute to finding sustainable solutions to key global issues. The discussions and outcomes of the G20 New Delhi Summit reflect the commitment of participating countries to collaborate and take collective action for global economic stability, inclusive growth, and the well-being of all nations. By working together, the G20 members can shape a better future for the world economy and foster international cooperation on a scale commensurate with their collective influence.

What is the G20?

The Group of 20 aims to unite world leaders around shared economic, political and health challenges. It also serves as an all-purpose jamboree of diplomatic activity.

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By Michael Crowley

Published Oct. 30, 2021 Updated Oct. 31, 2021

The annual Group of 20 summit meeting, which brings together President Biden and other world leaders, is intended to foster global economic cooperation. But with so many top officials in one place, it also serves as an all-purpose jamboree of nonstop formal and informal diplomatic activity.

This year’s meeting is taking place in Rome on Saturday and Sunday and is expected covering issues like climate change, the global supply chain, the pandemic and the chaotic withdrawal of American troops from Afghanistan. If the members can reach consensus on such subjects, they will produce an official joint declaration at the end.

Here is a look at what the Group of 20 is and does, and some of the important things to watch during the summit.

The Group of 20 is an organization of finance ministers and central bank governors from 19 individual countries and the European Union.

In addition to the United States, those countries are Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea and Turkey. Collectively, its members represent more than 80 percent of the world’s economic output.

Established in 1999 after a series of major international debt crises, the G20 aims to unite world leaders around shared economic, political and health challenges. It is a creation of the more select Group of 7, an informal bloc of industrialized democracies.

Supporters argue that as national economies grow ever more globalized, it is essential that political and finance leaders work closely together.

What is the G20 summit?

Formally the “Summit on Financial Markets and the World Economy,” the G20 meeting is an annual gathering of finance ministers and heads of state representing the members.

It bills itself as the “premier forum for international economic cooperation.” The heads of state first convened officially in November 2008 as the global financial crisis began to unfold.

The annual summit meeting is hosted by the nation that holds the rotating presidency; this year, it’s Italy.

What happens at a G20 summit?

It is focused on several core issues around which its leaders hope to reach a consensus for collective action.

The goal is to conclude the two-day gathering by issuing a joint statement committing its members to action, although the declaration is not legally binding. But one-on-one meetings can overshadow official business.

Michael Crowley is a diplomatic correspondent in the Washington bureau. He joined The Times in 2019 and was a White House correspondent for the last 18 months of the Trump administration. More about Michael Crowley

Essay on G20

Students are often asked to write an essay on G20 in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on G20

Introduction.

G20, short for Group of Twenty, is an international forum for governments and central bank governors. It consists of 19 countries and the European Union.

Members of G20

The member countries are 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.

Importance of G20

The G20 was formed to discuss policy issues pertaining to the promotion of international financial stability. It seeks to address issues that go beyond the responsibilities of any one organization.

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250 Words Essay on G20

Introduction to g20.

The Group of Twenty (G20) is an international forum for the governments and central bank governors from 19 countries and the European Union. Established in 1999, the G20 aims to discuss policy issues pertaining to the promotion of international financial stability.

Member Countries and Influence

The G20 members include a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85% of global gross domestic product, and over 75% of global trade. The influence of the G20 extends beyond its core members due to its economic and political weight.

Role and Function

The primary role of the G20 is to prevent future international financial crises. It seeks to shape the global economic agenda, by fostering dialogue amongst key countries within the global economic system. The G20 has no permanent staff or headquarters, making it a flexible and informal forum.

Significance and Criticism

The G20’s significance lies in its capacity to facilitate international economic cooperation. However, it has been criticized for its lack of transparency, accountability, and representation of smaller or less developed countries.

Despite its criticisms, the G20 remains an important platform for dialogue and decision-making at the highest levels of government and central banking. Its ability to adapt and respond to global economic challenges will continue to shape its relevance in the years to come.

500 Words Essay on G20

The Group of Twenty, popularly known as G20, is an international forum for governments and central bank governors from 19 countries and the European Union. Established in 1999, the G20 aims to discuss policy issues pertaining to the promotion of international financial stability. It seeks to address issues that go beyond the responsibilities of any one organization.

Member Nations and Structure

The G20 comprises 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, United States, and the European Union. These economies represent around 85% of the gross world product (GWP), 80% of world trade, two-thirds of the world population, and approximately half of the world’s land area. The G20 operates without a permanent secretariat or staff, and its chairmanship rotates annually among its members.

Role and Importance

The G20 plays a pivotal role in global economic governance. Amidst the global financial crisis of 2008, the G20 was instrumental in preventing the global economy from slipping into a depression. It did so by coordinating national fiscal stimulus packages, enhancing the resources of international financial institutions, and initiating a financial sector reform agenda.

Challenges and Criticisms

Despite its significant role, the G20 has been criticized for its lack of representation and transparency. Critics argue that many countries, especially those from Africa, are underrepresented. Furthermore, decisions are often made behind closed doors, with little input from non-member countries. The G20’s effectiveness has also been questioned given the persisting global economic imbalances and the lack of enforceability of its decisions.

Future of G20

The future of the G20 hinges on its ability to adapt and respond to global challenges. Climate change, income inequality, and digital transformation are just a few issues that require a coordinated international response. The G20’s capacity to effectively address these issues will determine its relevance in the coming years.

If you’re looking for more, here are essays on other interesting topics:

G20 and It’s Importance in Today’s World

Introduction

A common saying has it that when China sneezes, the rest of the world catches a cold. However, with China’s economic rise, this phrase has gained momentum.

In the face of a new virus (COVID-19), world economies are reportedly shutting down production lines, consumption around the world is weakening and growth forecasts are being revised downwards. As a result, experts around the world are now rushing to understand the true impact of the spread of COVID-19 in this globalised world.

Globalisation and interconnectedness are interchangeable terms. Due to globalisation, the world has become one global village. Indian Prime Minister Narendra Modi on the side-lines of Extraordinary Virtual G20 Leaders’ Summit 2020 has made a call to conceptualise this globalized world with humanity at the centre. Furthermore, PM gave a call to move ahead from the anachronistic agenda of finance and economics to humanity, climate change and terrorism.

In June 1999 the Finance Ministers at the G7 summit in Cologne recommended founding the G20 in order to strengthen the international financial architecture. The G20 was subsequently established in December 1999 as a regular forum for finance ministers and central bank governors. The G20 was further valorised when the heads of state and government met for the first time at the G20 summit in Washington in November 2008 to deal with the global economic and financial crisis. It thus became the key forum for the most important industrial and emerging countries to discuss major issues of international currency and financial policy.

Since then, The Group of Twenty, or G20, is the premier forum for international cooperation on the most important aspects of the international economic and financial agenda. It brings together the world’s major advanced and emerging economies. Moreover, The G20 Countries together represent around 85 percent of global GDP, 80 percent of global trade, and 60 percent of the world’s population. The objectives of G20 is to coordinate policy between its members, sustainable growth, risk reduction and creating a financial architecture. The G20’s work is organized around the Finance and Sherpa Tracks, while civil society assembles through Engagement Groups. However, it has been argued that G20 is not a legally binding institution and needs to be given more teeth.

Fir. 1 G20 population in millions

Roles and Responsibilities

G20 is a platform where the Leaders’ committed to work with developing countries, particularly low-income countries to support them in implementing their nationally driven policies and priorities which are needed to fulfil internationally agreed development goals, particularly the Millennium Development Goals (MDGs) and reaffirmed their standstill commitment.

G20 provides policy coherence, analysis and practical tools to support growth and development. This helps G20 members to better target their cooperation with developing countries and can help amplify development efforts on the international agenda. It promotes inclusive societies and opportunities for all. Co-ordinated work associated with G20 on human resources has helped many job-seekers with employment opportunities. The G20 members have and will continue to have, important implications for growth and development in Low Income Developing Countries (LIDCs).

G20 plays a critical role in creating an enabling environment for inclusive global growth and development. Its work on ensuring financial stability, promoting growth and avoiding and managing crises is critical in supporting the opportunities. In turn, the increasing integration of developing countries into the global economy contributes to the G20’s objective of strong, sustainable, balanced and inclusive global growth. The 2030 Agenda for Sustainable Development also sets an ambitious, transformative and universal agenda for sustainable development efforts. The G20 is well placed to contribute to its implementation and can maximize its collective impact.

Role in Fighting COVID-19

Today, when the global pandemic COVID-19 is making its way into the annals of the world, G20 needs a more humane touch. British installations during the Second World War were plastered with posters which said Careless talks costs lives. It also has to be noted that 90 percent of the COVID-19 cases and 88 percent of deaths were in G20 countries. Therefore, proactive talks with a collective approach will bring to halt this crisis of pandemic. Realising the dream of a virus-free world will take extra effort from every G20 nation. A “reformed multilateralism” is required for making the systems more effective to meet present-day challenges as well as making them more inclusive.

Theoretically, the School of Structural Realism says it’s the structure of the world which is anarchical in nature and there is no global governance. States behave in a way where there is a goal for self-survival and self-help. A humanitarian call by Indian PM for the empathy to nurture within states is an endeavour in the right direction.

In the Seoul Summit in 2010, the theme ‘Shared Growth Beyond Crisis’ was central. This vividly explains the core agenda of the grouping but undermines the humanitarian issues which need urgent attention. The role of G20 will become more active if the leaders will put the parlance into practice by bringing COVID-19 impact and humanitarian agenda into centrality.

Therefore, as a larger chunk of G20 integrates a larger population, the role of G20 has become more and more fierce and integral. A comprehensive and collective endeavour is a need for an hour for the institution to live.

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What is the G20 and why does it matter?

The 2022 summit in bali on november 15-16 will feature leaders from 19 countries, the eu and guest nations.

November 15, 2022

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Essay on G20 Summit 2023 in English for School Students

Essay on g20 summit delhi: the g20 summit 2023 is being held in new delhi, india. students must understand how important this is for our nation. check this english essay on g20 summit 2023 and amaze your teachers and friends with your knowledge.

About G20 Summit 2023

The 18th G20 Summit is the high point of a year filled with G20 activities. The G20 Summit 2023 is being held in Delhi, India from September 9 and September 10, 2023.

Who are G20 Members?

When did india join the g20, what is the theme of the 2023 g20 summit delhi, which country will host the g20 presidency in 2024, 200 words essay on g20 summit 2023.

The G20 Summit stands as a pivotal international gathering where the leaders and central bank governors from 20 of the world's most influential economies come together to deliberate on matters of global economic significance. Established in 1999, this summit was conceived to facilitate discussions surrounding policy issues concerning international economic cooperation and development.

The G20 member nations collectively wield tremendous economic power, representing a staggering 85% of the world's Gross Domestic Product (GDP) and a majority of the global population. These member countries include Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Russia, Mexico, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States.

For India, the 2023 G20 is of paramount importance. It serves as a platform through which the nation can engage with the world's foremost economic players, advocating for its economic interests and addressing pressing global concerns. India, with its rapidly growing economy and substantial population, seeks to leverage this forum to not only safeguard its own interests but also to contribute to the resolution of critical global challenges, such as climate change, trade, and economic stability.

Importance of the G20 Summit

Together, the G20 members account for approximately 85% of the world's total economic output (GDP), more than 75% of worldwide trade, and nearly two-thirds of the global population, making it a vital forum for international economic cooperation. The G20 Summit is important as it serves as a platform for the leaders of the world's largest economies to collaborate on pressing global matters.

At the G20 Summit, leaders exchange ideas, deliberate on policy solutions, and coordinate efforts to tackle various global challenges, encompassing economic issues like recessions, trade, and investments, as well as social concerns like poverty, inequality, and climate change.

Importance of India’s G20 Summit Presidency 2023

G20 is the premier forum for international economic cooperation representing around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population.

During the course of its G20 Presidency, India will host about 200 meetings in 32 different sectors in multiple locations across India.

According to Prime Minister Modi, this term can be an opportunity for India to share its expertise with the world in areas of women empowerment, democracy and digital technologies.
As a country with core democratic values, India can show the world that the scope of conflict can come to an end when democracy becomes a culture. This gains significance amidst the ongoing Russia-Ukraine conflict.
India’s foreign policy is focusing on the ‘global common good’. Through its G20 leadership, India hopes to extend this principle towards finding sustainable solutions to some of the key global challenges emerging out of the interconnectedness of the world, such as climate change, new and emerging technologies, food and energy security, etc.
This would be the first time when the Troika would consist of three developing countries and emerging economies.
It is hoped that as a result there would be a shift in the balance of power within the G20 favouring emerging economies to have a greater share in decision-making at this grouping.
The G-20 Presidency presents a great opportunity for India to correct the long-standing anomalies that go against developing countries, especially in the domain of agriculture and food subsidies.

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Essay on G20 Summit- 100, 200, and 500 words

Reported by Pankaj Bhatt

Published on 29 August 2024

What if you have to write an essay on G20 Summit in school or anywhere else? Do you know what it is and why we have the number 20 in it ? If you don’t know anything about G20 or know a little bit and want to know more and, most notably, how you can write an essay on this complicated yet exciting topic, then do read this article because we have everything for you on this page.

The G20, commonly known as The Group of Twenty, is an international platform where many nations participate and discuss the cardinal points regarding the global financial and economic agendas. Moreover, one of the main objectives of this forum is to bring together all the economies emerging with the world’s advanced economies.

Furthermore, the Group of Twenty provides a forum for International Cooperation regarding economics. The G20 group was introduced in the year 1999.

In 2023, India was the presidential candidate of the G20, which was held in September. The next edition of G20 will be held in Rio De Janeiro, Brazil. The other critical details about the G20 we have shared are in essay format. In this article, we have provided essays on the G20 summit. The essay has been divided into three sections of 500, 200 and 100 words in the forthcoming paragraphs.

500 Words Essay on G20 Summit

The Group of Twenty, also known as G20, is an international platform for economic cooperation. The G20 forum plays a crucial role in reinforcing the global architecture and the governance or administration of all the economic issues that have been doing rounds worldwide. The presidency of G20 for the year 2024 is handed over to Brazil, which will be held on 18 and 19 November 2024 in Rio De Janeiro. In 2023, the 20 summit was headed by India.

Moreover, after discussing establishing the G20 summit, the Group of Twenty was founded in 1999. It was established in the wake of the Asian Financial Crisis.G20 is a platform in which the Central Bank Governors and the Finance Ministers of many countries participate in the summit to discuss financial and economic issues worldwide.

The G20 summit is held once every year under the leadership of the presidency, which is rotated among all the participating countries. The G20 comprises 19 countries in the current situation. The participating countries are as follows Indonesia, Argentina, Canada, Australia, Japan, Mexico, South Africa, United Kingdom, Türkiye, the United States, the Republic of Korea, Australia, China, Germany, France, Saudi Arabia, Brazil, Russia, Italy and the European Union. In terms of GDP, 85% of the world GDP is represented by the G20 members. Along with this, global trade of over 75% is also done by the G20 members. The various G20 summits held in the previous years have been stated below:

The First Summit was held in the year 2008 and was hosted by the US in Washington.
The Second Summit was held in April 2009 and was held in London.
The Third Summit was held in September 2009 in Pittsburgh.
The Fourth Summit was held in June 2010 in Toronto.
The Fifth Summit was held in November 2010 in Seoul.
The Sixth Summit of G20 was held in November 2011 in Cannes.
The Seventh Summit of G20 was held in June 2012 in Mexico.

The summits mentioned above are the G20 summit held in 2012. However, after 2012 also, the G20 summit was held every year. The 2023 G20 summit will be held in India and this will be the 18th G20 summit. The 17th G20 summit was held in Bali, i.e. the G20 summit 2022.

As we have mentioned earlier, this year the G20 summit will be held in India. The theme of the G20 Summit 2023 will be ‘One Earth · One Family · One Future’ or ‘Vasudhaiva Kutumbakam’.The inspiration for the theme is the ancient Sanskrit text i.e., Maha Upanishad. The theme indicates the importance of life for every creature present on the earth. The objective of the G20 Summit 2023 is as follows:

To discuss the policies regarding global economic stability as well as sustainable growth.
To discuss the crisis of the climate.
Apart from this, the G20 members are expected to discuss the recovery of many nations from the recent pandemic and the impact of the pandemic on jobs.
Discussing the Ukraine-Russia Conflict.

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Essay on mahatma gandhi, 200 words essay on g20 summit.

The G20 summit to be held in the year 2023 will be very important for India. The primary point of the discussion for the participating countries will be as follows.

Economic Growth: The G20 platform is one of the biggest platforms for many developing and developed countries. From this perspective of India, it will provide India with the opportunity to get engaged with many larger and more developed economies all over the world. India will get the opportunity to attract investment into the country, and it will help the nation in its overall development along with its economic growth.
Financial Stability: Regarding financial stability, India can gain from the discussion regarding financial stability and regulations at the G20 Summit to be held in India.
Global Issues: The G20 summit is always considered an important platform for discussing global issues. Therefore, India can be considered a platform in which it can address various issues such as the Ukraine-Russia conflict. The G20 summit 2023 can be a game changer regarding this conflict.

World Happiness Index 2023

100 words essay on g20 summit.

The G20 is a forum mainly regarding economic cooperation. Since its inception and implementation, it has played an important role in strengthening world architecture. In addition to this, it has also helped in governing the major economic issues countered by the world. Furthermore, this year the G20 summit will be held in India.

The G20 summit will be from the 9th of September to the 10th of September, 2023 in New Delhi. It will be held under the presidency of India only. The theme of the G20 Summit 2023 will be ‘ One Earth. One Family. One Future’ and ‘Vasudhaiva Kutumbakam’.The G20 Summit 2023 will be important for India from many perspectives.

You can also follow the G20 India Official Twitter Page for more updates on this.

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Which Country will host the G20 Summit in 2024?

G20 Summit 2024 will be headed by Brazil.

Which country host the G20 in 2023?

India hosts the G20 summit for 2023.

When will the G20 summit be held in 2024?

It is scheduled for 18 and 19 November 2024.

Pankaj Bhatt

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Explained | What is G20, Why it Matters & How it Works: All About the Int'l Grouping and Its Origins

Curated By : Majid Alam

Last Updated: September 09, 2023, 09:00 IST

New Delhi, India

People stand infront of Nataraja, a statue of Hindu lord Shiva as the cosmic dancer, installed next to 'Bharat Mandapam', the main venue of the G20 Summit, in New Delhi. (Reuters)

G20 was founded in 1999 to bring together financial ministers from 19 countries and the European Union to address issues related to the global economy

Leaders and heads of state from the leading economies of the world arrived in New Delhi to attend the two-day G20 summit, beginning from Saturday. World leaders including US President Joe Biden, German Chancellor Olaf Scholz, French President Emmanuel Macron and others will meet at the Bharat Mandapam, situated in New Delhi’s Pragati Maidan over the weekend and discuss the economic and pressing challenges before the leading markets.

Here is everything you need to know about the G20 – from its members to its origin and about the agenda and common communique.

What is G20?

The G20 or the Group of Twenty is an annual summit of the influential grouping of 20 countries, that represent around 85 percent of the global GDP, over 75 percent of the global trade, and about two-thirds of the world population.

What are G20 Countries?

The grouping comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union (EU).

What is G20 Meeting?

The G20 countries meet every year and the summit is the culmination of all the G20 processes and meetings held throughout the year among ministers, senior officials and civil society groups.

The leaders of G20 countries adopt a ‘G20 Leaders’ Declaration’ at the conclusion of the summit stating their commitment towards the priorities discussed and agreed upon the conclusions arrived at the meetings.

When and Why Was G20 Formed?

G20 was founded in 1999 to bring together financial ministers from 19 countries and the European Union to address issues related to the global economy. Earlier, the group was designed to be a forum for finance minister and officials to discuss economic issues.

However, after 2008 financial crisis, the first leaders’ summit was held in view of the financial turmoil to promote better international cooperation. Since then, the finance ministers meet every year under finance track while the heads of states meet under G20 Heads of State and Government Summit.

What has the G20 achieved?

The G20 has been a summit of the global powerhouses to meet and tackle challenges facing the global economy. During the financial crisis, the G20 leaders in 2008 and 2009 summits agreed on a host of measures to tackled economic challenges.

In 2019 summit in Osaka, then US president Donald Trump and Chinese President Xi Jinping agreed to resume talks to settle a major trade dispute.

What Happened at G20 Summit in Bali?

In the last year’s Bali Summit, the deliberation of the world’s 20 biggest economies was hindered by differences over Russia’s invasion of Ukraine. However, Indonesian President Joko Widodo managed to produce a declaration at the eleventh hour after wrangling over the conflict for days.

The Bali Leaders’ Declaration said “most members strongly condemned the war in Ukraine and stressed it is causing immense human suffering and exacerbating existing fragilities in the global economy." It also said that “there were other views and different assessments of the situation and sanctions."

How does the G20 work?

The G20, unlike other formal international bodies, is only an informal grouping. Therefore, unlike the United Nations (UN) or World Bank, it does not have a permanent secretariat or staff.

The G20 works in three major tracks : Finance Track, Sherpa Track and Engagement Groups. While the first two are official, the engagement group is unofficial.

The Finance Track is led by Finance Ministers and Central Bank Governors of the G20 countries, who meet four times a year.

The Sherpa Track is headed by the representative, who are the personal emissaries of the heads of states of the G20 countries. India’s G20 Sherpa is former NITI Aayog CEO Amitabh Kant.

What is the Agenda this Year?

Under India’s presidency, the bloc has centred discussions around more loans to developing nations from multilateral institutions, reforming international debt architecture, regulations on cryptocurrency and the impact of geopolitical uncertainties on food and energy security.

India also intends to focus on the following issues:

Green Development, Climate Finance and LiFE (Low-carbon Technologies for Fighting Epidemics)
Accelerated, Inclusive and Resilient Growth
Accelerating Progress on Sustainable Development Goals
Technological Transformation and Digital Public Infrastructure
Multilateral Institutions for the 21st Century
Women-led Development

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Explained | All about the G20: History of the forum and India’s presidency Premium

G20 members currently account for more than 80% of the world’s gdp, 75% of global trade and 60% of the planet population.

Updated - January 26, 2023 01:31 pm IST

Published - December 07, 2022 12:18 pm IST

Prime Minister Narendra Modi and Indonesia’s President Joko Widodo take part in the handover ceremony during the G20 Summit in Nusa Dua, Indonesia, on November 16, 2022. | Photo Credit: AFP/Willy Kurniawan

The story so far: On December 1, India assumed the presidency of the G20 forum, taking over from Indonesia. Prime Minister Narendra Modi called it a “huge opportunity for India” .

“India must utilise the opportunity of G20 leadership by focusing on global good and welfare. Be it peace or unity, sensitivity towards the environment or sustainable development, India has solutions to challenges related to all such things,” he said during his radio show Mann ki Baat .

The G20 comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the U.K., the U.S. and the European Union.

History of G20

The G20 forum was established in 1999 by the finance ministers and central bank governors of seven countries – Canada, France, Germany, Italy, Japan, the U.K., and the U.S. after a meeting in Washington DC. The uniting factor was the 1997-98 financial crisis and its aftermath.

The representatives met in Berlin, Germany, for the first annual meeting of the group. The first meeting of G20 leaders took place in 1999, and it was elevated to the level of heads of government/State in 2008. In 2009, G20 was designated the “premier forum for international economic cooperation”.

The forum initially dealt with matters related to macroeconomics, but over the years, its agenda has expanded to cover issues relating to trade, climate change, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption.

Today, G20 members account for more than 80% of the world’s GDP, 75% of global trade and 60% of the population of the planet.

India as the G20 President-nation

G20 Summit is held annually under a rotating presidency, which currently rests with India for 2023. The group does not have a permanent secretariat, and the presidency is supported by the previous, current, and future holders of the post, together called the troika. Along with India, 2023’s troika includes Indonesia and Brazil.

As the President-nation, India will host the 18th G20 Heads of State and Government Summit in December 2023 in New Delhi. The summit will bring an end to a series of meetings over the course of the year. Tentative host cities for meetings between December 2022 and February 2023 include Bengaluru, Chandigarh, Chennai, Guwahati, Indore, Jodhpur, Khajuraho, Kolkata, Lucknow, Mumbai, Pune, Rann of Kutch, Surat, Thiruvananthapuram, and Udaipur.

India G20 logo and theme

Apart from hosting the summit and setting the theme, the G20 presidency does not come with any formal powers. However, India plans on showcasing its philosophies of Vasudhaiva Kutumbakam (one earth, one family, one future), and LiFE (Lifestyle for Environment) through the theme and the logo of the event. India’s G20 presidency is “striving for just and equitable growth for all in the world, as we navigate through these turbulent times, in a sustainable, holistic, responsible, and inclusive manner,” an official statement said.

India’s presidency also comes as many countries witness inflation and recession trends, compounded by the Russia-Ukraine war and the standoff between the European Union and Russia. The war will complete one year in February 2023.

India’s own problems with China, also a part of the G20 group, pose a potential issue for the effective functioning of the forum. However, Prime Minister Modi’s brief interaction with Chinese President Xi Jinping during the G20 Summit in Indonesia in November 2022 has left experts feeling optimistic about the situation.

How G20 works

Processes under G20 are divided into two parallel tracks – the finance track and the sherpa track. The finance track is led by finance ministers and central bank governors of member nations, who meet throughout the year. Sherpas, who are personal emissaries of leaders, lead the sherpa track. They oversee negotiations all through the year, discussing agenda items for the summit and coordinating the substantive work of the G20.

Working groups designed around specific themes operate within both tracks. These include representatives from relevant ministries of member nations and invited/guest countries too. Various international organisations, like the United Nations, International Monetary Fund, and the Organisation for Economic Co-operation and Development also participate in working groups.

This year’s working groups will cover topics like financial inclusion, digital economy, and environment and climate sustainability.

G20 Summit is held annually under a rotating presidency, which currently rests with India for 2023.
Today, G20 members account for more than 80% of the world’s GDP, 75% of global trade and 60% of the population of the planet.
The G20 forum was established in 1999 by the finance ministers and central bank governors of seven countries – Canada, France, Germany, Italy, Japan, the U.K., and the U.S. after a meeting in Washington DC.

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What is the G20 and what are the key issues for the 2023 Delhi summit?

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Rehearsal ahead of the G20 Summit in New Delhi

WHAT IS THE G20?

What are the key issues this year, summit theme, when and where is the next meeting.

Compiled by Aftab Ahmed and Shivangi Acharya; Editing by Raju Gopalakrishnan

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The G20 was upgraded to the level of Heads of State/Government in the wake of the global economic and financial crisis of 2007, and, in 2009, was designated the “premier forum for international economic cooperation”.

The G20 Summit is held annually, under the leadership of a rotating Presidency. The G20 initially focused largely on broad macroeconomic issues, but it has since expanded its agenda to inter-alia include trade, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption.

Inclusion of AU as G20 Member

India put forth a proposal for the African Union to attain permanent membership status within the G-20, a proposal that garnered unanimous support from all participating nations. Hence, the African Union was accepted as a permanent member of the G20.

G20 Members

The Group of Twenty (G20) comprises 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom and United States) and two regional bodies: the European Union and the African Union (as of 2023). The G20 members represent around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population.

Republic of Korea

Saudi Arabia

South Africa

United Kingdom

United States of America

European Union

African Union

G20 Invitees

Netherlands

Invited International Organisations

In addition to the regular International Organisations ( UN , IMF , WB , WHO , WTO , ILO , FSB and OECD ) and Chairs of Regional Organisations ( AU , AUDA-NEPAD and ASEAN ), India, as G20 Presidency, will be inviting ISA , CDRI and ADB as Guest IOs.

How G20 Works

The G20 Presidency steers the G20 agenda for one year and hosts the Summit. The G20 consists of two parallel tracks: the Finance Track and the Sherpa Track. Finance Ministers and Central Bank Governors lead the Finance Track while Sherpas lead the Sherpa Track after Finance Track.
The G20 process from the Sherpa side is coordinated by the Sherpas of member countries, who are personal emissaries of the Leaders. Finance Track is led by Finance Ministers and Central Bank Governors of the member countries. Within the two tracks, there are thematically oriented working groups in which representatives from the relevant ministries of the members as well as from invited/guest countries and various international organisations participate. The Finance Track is mainly led by the Ministry of Finance. These working groups meet regularly throughout the term of each Presidency. The Sherpas oversee negotiations over the course of the year, discussing agenda items for the Summit and coordinating the substantive work of the G20.
In addition, there are Engagement Groups which bring together civil societies, parliamentarians, think tanks, women, youth, labour, businesses and researchers of the G20 countries.
The Group does not have a permanent secretariat. The Presidency is supported by the Troika – previous, current and incoming Presidency. During India’s Presidency, the troika comprised Indonesia, India and Brazil, respectively. During the Brazilian Presidency the troika will comprise India, Brazil and South Africa.

Previous Summits

Sherpa Meeting

Union Finance Minister Smt Nirmala Sitharaman at the 2nd Finance Ministers and Central Bank Governors Meeting in Bali, Indonesia

Sherpa meeting

Finance ministers meeting.

External Affairs Minister Dr. S. Jaishankar at the Foreign Ministers Meeting in Indonesia.

G20 Foreign Ministers Meeting held in Bali, Indonesia.

G20 Summit in New Delhi, India, September 9-10, 2023

The 18th G20 Summit was successfully conducted at Bharat Mandapam in New Delhi during 9-10 September, 2023. It was a culmination of all the G20 processes and meetings held throughout the year among ministers, senior officials, and civil societies. The G20 Leaders’ Declaration was be adopted at the G20 New Delhi Summit, stating their commitment towards the priorities discussed and agreed upon, during the respective ministerial and working group meetings.

Leaders' Declaration

Compilation of documents annexed to the G20 New Delhi Leaders' Declaration and other official documents adopted during India's G20 Presidency

November 24, 2023

Ministerial Communiqué

G20 g20 2023 new delhi update.

November 13, 2023

Communiqué : Fourth G20 Finance Ministers and Central Bank Governors Meeting

October 13, 2023

G20 Summit in Bali, Indonesia, November 15 - 16, 2022

The 17th G20 Heads of State and Government Summit took place on 15-16 November 2022 in Bali. The Summit was the pinnacle of the G20 process and intense work was carried out within the Ministerial Meetings, Working Groups, and Engagement Groups throughout the year.

G20 Bali Leaders' Declaration and Annexes

November 15-16, 2022

G20 Chairs Summary 3rd FMCBG Meeting

July 15-16, 2022

G20 FMCBG Communiqué Jakarta

February 17-18, 2022

PM Modi joins the other G20 leaders for a family photo at the G20 Summit in Rome.

PM Modi participates in Build Back Better for the World (B3W).

PM participates in the Summit on Global Supply Chain Resilience, on the side-lines of G20.

G20 leaders at the traditional visit of the Trevi Fountain to throw the coin of good return to the city of Rome, Italy.

G20 Summit in Rome, Italy, October 30-31, 2021

The G20 Summit under Italian Presidency was held in Rome on October 30-31, 2021, with the participation of its members, six invited countries (Spain, The Netherlands, Singapore, Democratic Republic of Congo, Rwanda and Brunei, NEPAD and ASEAN) and nine representatives of international organizations. Under the motto “People, Planet, Prosperity” the Leaders’ Summit discussed in three main sessions the macroeconomic global development connected with the health crisis; solutions for environmental and climate challenges; the need to develop sustainable development at a global scale. Two side events were dedicated to financial inclusion of SME (with a focus on female-led business) and to public-private partnership in the fight against climate change. The Summit has adopted a Leaders’ Declaration which enshrines important progress in international taxation, special drawing rights, the creation of a health-finance task force, but also on the global supply and access to vaccines, especially in support of more vulnerable countries, and the common objective of the G20 countries to tackle climate change. Other important outcomes of the Italian Presidency were the formal acceptance of the Matera Declaration on food safety, the shared goal of planting a trillion trees globally by 2030. By committing to implement the “Roadmap Towards and Beyond the Brisbane Goal” the G20 Summit expressed its support for female empowerment. Finally, the Leaders have recognized culture as a G20 issue and adopted innovative tools in the fight against corruption.

G20 Rome Summit Declaration

ITG20 ENV Final

July 22, 2021

G20 Development Communiqué

Joint ministerial declaration education labour, 2nd finance ministers and central bank governors meetingg20 italy communiqué, 3rd finance ministers and central bank governors meeting g20 communiqué, 4th finance minister s and central bank governors meeting g20 communiqué, g20 culture ministers declaration, g20 education ministers’ declaration, g20 labour and employment ministerial declaration, g20 agriculture ministers communiqué, g20 joint finance and health ministers communiqué.

October 29, 2021

G20 Research Ministerial Declaration

G20 tourism communiqué final, women ministerial italy communiqué, declaration of g20 digital ministers 2021 final.

Group photo of the G20 leaders projected on the walls of the UNESCO World Heritage Site At-Turaif District in Ad-Diriyah outside Riyadh, Saudi Arabia.

G20 Leaders Summit, November 20-21, 2020.

G20 Summit in Riyadh, Saudi Arabia, November 21-22, 2020

A virtual G20 summit was hosted by the Kingdom of Saudi Arabia in Riyadh on November 21-22, 2020. The G20 leaders expressed their commitment for coordinating global action, solidarity, and multilateral cooperation, safeguarding the planet, and shaping new frontiers. The G20 leaders further committed to work together to overcome the COVID-19 pandemic restore growth, build a more inclusive, sustainable and resilient future. The G20 leaders were determined to support the most vulnerable and fragile countries, notably in Africa, in their fight against the pandemic. The leaders of G20 also focused on Employment for millions of workers who continue to face job and income loss especially for women and youth. It also focused on active social protection for all, including those in the informal economy.

G20 Riyadh Summit Leaders' Declaration

Final g20 fmcbg communiqué - july 2020.

July 18, 2020

G20 2020 Agriculture and Water Ministers Communiqué EN

November 22, 2020

G20SS_Communiqué_TIMM_EN

September 22, 2020

G20SS_G20 Education Ministers Communiqué_EN

September 5, 2020

PM Modi in a group photo during G20 Cultural Program at the Osaka Geihinkan with fellow leaders attending G20 Japan Summit on June 28, 2019, in Osaka, Japan.

Group Photo of Heads of G20 Summit 2019 Member States in Osaka, Japan on June 28, 2019.

G20 Leaders at a Special Event on Women Empowerment during G20 Summit 2019 in Osaka, Japan on June 29, 2019.

PM Modi during the Japan-South Africa CEO Business Roundtable, upon concluding his participation at the G20 Summit in Osaka, Japan.

Prime Minister makes an intervention on Digital Economy and Artificial Intelligence at Session II of G20 Summit 2019 in Osaka, Japan on June 28, 2019.

G20 Summit in Osaka, Japan,June 28-29, 2019

The G20 Summit, which Japan hosted for the first time in Osaka in 2019, included G20 members, 8 invited countries, and representatives from 9 international organizations, and was historically the largest Summit ever held in Japan. Leaders of the major countries gathered to identify a common ground, and to jointly grapple with major issues related to world economy.

Amidst worldwide uneasiness and dissatisfaction stemming from changes accompanying globalization, Japan took leadership as the Presidency, ensuring that the G20 expressed strong message to the world via G20 Osaka Leaders' Declaration, which includes various areas such as leading global economic growth through promoting free trade and innovation, and addressing inequalities, as well as contributing to resolving environmental and global challenges.

G20 Osaka Leaders' Declaration

Communiqué g20 finance ministers & central banks governors meeting.

June 8-9, 2019

G20 Agriculture Ministers' Declaration

May 11-12, 2019

Okayama Declaration of the G20 Health Ministers

October 19-20, 2019

G20 Labour and Employment Ministers’ Meeting

September 1-2, 2019

G20 Tourism Ministers’ Meeting Kutchan, Hokkaido, Japan

October 26, 2019

G20 Ministerial Statement on Trade and Digital Economy

Group Photo of G20 Members at Plenary Session of G20 Summit in Buenos Aires on November 30, 2018.

G20 leaders and their spouses pose for a group photo at G20 Buenos Aires Summit.

Prime Minister addresses RIC Informal Summit on the margins of G20 Summit in Buenos Aires on November 30, 2018.

G20 Members at Plenary Session of G20 Summit in Buenos Aires.

Prime Minister meets António Guterres, UN Secretary General on the sidelines of the G20 Summit in Buenos Aires on November 29, 2018.

G20 Summit in Buenos Aires, Argentina, November 30 -1 December, 2018

Argentina took over the Presidency of the Group of Twenty (G20) on December 1, 2017, which lasted until December 1, 2018 when the Leaders' Summit in the City of Buenos Aires concluded. The fact of having been chosen to chair the most relevant forum for global economic governance was of great importance since Argentina hosted the first G20 Summit held in South America. This Forum provides the opportunity to demonstrate the Government's commitment to international cooperation, multilateralism and global governance, as well as to identify the main global challenges. Argentina has proven its capacity to lead the meeting and find consensus on sensitive issues such as international trade, excess steel capacity, as well as the role of the Paris agreement in the area of climate change, and the way in which the 2030 Agenda should be addressed.

Within the framework of the motto “Building consensus for equitable and sustainable development”, these issues were strategic in the G20 2018 and defined three priorities that permeated the entire agenda of the Argentine presidency: “the future of work”, “infrastructure for development”, and “a sustainable food future”. The G20 agenda had people as its central axis. Likewise, the gender perspective was another issue that Argentina promoted and was strategic and transversal in the various working groups of the forum.

Throughout the year, there were more than 60 meetings held that included ten meetings of ministers. Meetings were held in the city of Buenos Aires, and in the provinces of Neuquén, Buenos Aires, Mendoza, Misiones, Santa Fe, Jujuy, Salta, Tucumán and Tierra del Fuego. As a result there were ministerial declarations on Finance, Employment, Education (whose working group was created for the first time in the history of the G20 and at the initiative of Argentina), Digital Economy, Agriculture, Health, Trade and Energy.

Argentina worked at all times in the G20 with the intention of promoting the perspective of developing countries and with the aim of giving the meeting a broader and more inclusive vision.

The work of the Argentine Presidency of the G20 fostered different instances for dialogue between the members, seeking to highlight the agreements reached within the framework of the working groups, and the result of this exercise has been reflected in a substantive Leaders' Communiqué, even in sensitive issues on the international agenda such as trade and climate change. In this way, Argentina was able to identify the coincidences instead of continuing to deepen antagonistic positions, as happened in other fora held throughout that year. The member States acknowledged that it was time to start rebuilding common positions, even when they may seem less ambitious than agreements reached in the past that are not in force today.

G20 Buenos Aires Leaders' Declaration

Agriculture declaration, communiqué finance and central banks july 2018, communiqué finance ministers and central banks meeting, digital economy ministerial declaration, education and employment joint declaration, education declaration., employment declaration, energy communiqué, health ministers declaration, trade and investment ministerial statement.

Family photograph of Leaders’ of G20 Nations, at Hamburg, Germany on July 7, 2017.

Prime Minister at the G-20 Leaders’ Retreat Meeting, at Hamburg, Germany

Prime Minister at the informal meeting of leaders of the BRICS countries, on the side-lines of the 12th G20 Summit, at Hamburg, Germany on July 7, 2017.

Prime Minister comes out of the venue after the conclusion of the 12th G20 Summit, in Hamburg, Germany on July 8, 2017.

Prime Minister in the Family Photograph with other Leaders' of G20 Nations, at Hamburg, Germany.

Plenary Session of the 12th G20 Summit, at Hamburg, Germany on July 7, 2017.

G20 Summit in Hamburg, Germany, July 7- 8, 2017

Under the motto “Shaping an Interconnected World”, the G20 in Hamburg (2017) prioritized and paved the way for tangible multilateral cooperation on key issues that remain critically relevant today. The G20 demonstrated notable prescience on pandemic preparedness and AMR, and established the G20 Africa Partnership including the Compact with Africa, focused on sustainable investment and opportunities.

The G20 in Hamburg saw adoption of further new initiatives, such as the G20 Hamburg Climate and Energy Action Plan for Growth for Paris Agreement implementation, and the Hamburg Update, to implement the 2030 Agenda for Sustainable Development.

Further, the G20 reaffirmed multilateral rules-based trading system, including renewed commitment to sustainable supply chains and addressing excess capacities; reinforced counter-terrorism capabilities via the Financial Action Task Force; made concrete steps towards achieving gender equality through women’s empowerment (including initiatives like #eSkills4Girls and Women Entrepreneurs Finance Initiative, designed to help women in developing countries to grow their own businesses), and highlighted the need to address the underlying causes of displacement, and the needs of refugees and migrants.

G20 Leaders' Declaration

G20 agriculture ministerial, g20 digital economy ministerial, g20 finance ministerial and central bank governors, g20 health ministerial, g20 labour ministerial.

G20 Hangzhou Summit Family Photo. World leaders gathered in Hangzhou for the 11th G20 Leaders’ Summit from September 4 to 5, 2016.

Prime Minister with other world leaders in a family photograph, at G20 Summit 2016, in Hangzhou, China.

G20 leaders and their spouses pose for a group photo before their dinner banquet at the G20 Summit in Hangzhou on September 4, 2016.

Prime Minister attending the BRICS leaders’ meeting, on the sidelines of G20 Summit 2016, in Hangzhou, China on September 4, 2016.

G20 Summit in Hangzhou China, September 4-5, 2016

On September 4-5, 2016, the 11th G20 Summit was held in Hangzhou, China. The theme was "Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy." The participants held extensive discussions on four key agenda items - breaking a new path for growth, more effective and efficient global economic and financial governance, robust international trade and investment, and inclusive and interconnected development.

Coinciding with a crucial juncture for world economic growth and transformation of the G20, the Hangzhou Summit invited high expectations from all sides. It ended with the adoption of the G20 Leaders' Communique Hangzhou Summit and 28 outcome documents. The outcomes reflected a spirit of working together to meet challenges, and charted the course for the world economy. The endorsement of such pragmatic action plans as the G20 Action Plan on the 2030 Agenda for Sustainable Development and the G20 Strategy for Global Trade Growth reflected a commitment to common development.

The Hangzhou Summit conveyed this message to the international community: The G20 serves not only its members but also the wider world, especially developing countries and their people. This showed China's unique perspective as the host of the summit.

G20 Leaders' Communiqué Hangzhou Summit

G20 Strong, Sustainable and Balanced Growth Framework Working Group

G20 green finance study group (total four meetings), 2016 first g20 energy sustainability working group meeting, 2016 first g20 employment working group (ewg) meeting, first workshop of the global partnership for financial inclusion(gpfi), g20 strong, sustainable and balanced growth framework working group (fwg)’s meeting, g20 sherpa meetings (total 2 meetings), third meeting of g20 international financial architecture working group (ifa wg), g20 agriculture ministers meeting, g20 finance and central bank deputies meetings (total four meetings), g20 strong, sustainable and balanced growth framework working group (fwg) third meeting in xiamen, g20 energy ministerial meeting at yanqi lake international conference center in beijing, g20 labour and employment ministerial meeting, 2016 w20 meeting, g20 statement on the fight against terrorism, message from president xi jinping on 2016 g20 summit in china.

G20 leaders pose for a family photo during the G20 Turkey Leaders’ Summit on November 15, 2015 in Antalya, Turkey.

Prime Minister Narendra Modi, German Chancellor Angela Merkel and European Commission President Jean-Claude Juncker attend the Working Session-1 on the "Inclusive Growth: Global Economy Growth Strategies, Employment and Investment Strategies.

A general view of the Working Session-1 on the "Inclusive Growth: Global Economy Growth Strategies, Employment and Investment Strategies" during the G20 Turkey Leaders Summit on November 15, 2015 in Antalya, Turkey.

G20 Summit in Antalya. Türkiye, November 15-16, 2015

Türkiye was G20 Chair in 2015 and hosted Leaders’ Summit in Antalya on 15-16 November 2015. Turkish G20 Presidency aimed to focus on developing more inclusive global growth, enhancing investments, and effectively implementing previous commitments. Therefore, Türkiye defined its G20 Presidency priorities with three I’s, namely “Inclusiveness, Investment, and Implementation”.

Leaders' Summit joined by representatives from 26 countries and seven international organizations with 13.000 participants, started with President Erdoğan's welcoming ceremony of the head of the delegations and family photo. President Erdoğan delivered a speech at the opening of the Summit.

On the first day of the Summit, Leaders attended the working lunch on “Development and Climate Change”, session titled “Inclusive Growth: Global Economy, Growth Strategies, Employment and Investment Strategies” and the working dinner on “Global Challenges: Terrorism and Refugee Crisis”.

Leaders discussed financial regulations, international tax, anti-corruption and IMF reform in the session titled "Enhancing Resilience". Trade and energy topped the agenda of the working lunch where the final communiqué of the Summit and Antalya Action Plan were adopted.

G20 antalya leaders summit Communiqué

Chairmans summary g20 trade ministers meeting istanbul, chairs statement joint meeting of g20 finance and labour ministers ankara, communiqué g20 agriculture ministers meeting istanbul, communiqué g20 energy ministers meeting istanbul, communiqué g20 finance ministers and central bank governors meeting washington dc, declaration g20 labour and employment ministers meeting ankara, declaration g20 tourism ministers meeting antalya, communiqué g20 finance ministers and central bank governors meeting ankara, communiqué g20 finance ministers and central bank governors meeting istanbul.

Leaders from the G20 Summit pose for the family photo at their meeting in Brisbane.

Prime Minister Narendra Modi signs the official G20 Leaders' Summit Group Photograph.

Prime Minister at the First Plenary Session of the G20 Summit in Brisbane, Australia on November 15, 2014

First Plenary Session of the G20 Summit in Brisbane, Australia.

Prime Minister arrives for the G20 Summit in Brisbane, Australia.

G20 Summit in Brisbane, Australia, November 15-16, 2014

Australia’s 2014 G20 Summit was held in Brisbane, 15-16 November. The Summit delivered outcomes across the agenda’s three themes of growth and jobs, economic resilience and strengthening global institutions.

Leaders at the Brisbane Summit discussed key global economic challenges and strategies for economic growth. The G20 committed to lifting G20 GDP by more than 2 per cent over 5 years. It also agreed to boost growth and create quality jobs as set out in the Brisbane Action Plan and associated growth strategies.

Leaders agreed to increase investment in infrastructure through the creation of a Global Infrastructure Hub; improve energy collaboration and strengthen energy markets through the G20 Principles on Energy Collaboration; and reduce the gap between male and female workforce participation rates by 25 per cent by 2025 through the Brisbane Goal. Leaders also agreed reforms to strengthen financial regulation and combat tax avoidance. The Summit resulted in a Leaders’ Communique, Brisbane Action Plan and a standalone statement on Ebola.

Communiqué G20 Finance Ministers and Central Bank Governors Cairns

Communiqué g20 finance ministers and central bank governors sydney, communiqué g20 finance ministers and central bank governors washington, g20 trade ministers chairman's summary.

Group Photograph of Prime Minister and the other Leaders at the Konstantinovsky Palace courtyard at the G-20 summit in St. Petersburg on September 6, 2013.

Prime Minister at the Leader's First working session in the G-20 summit held at St. Petersburg in Russia on September 5, 2013.

G20 Summit Saint Petersburg, Russia, September 5–6, 2013

The G-20 Summit in St. Petersburg was the eighth meeting of the leaders of the G20 countries, which was held in Russia, in St. Petersburg on September 5-6, 2013.

The main topics proposed for the consideration of the summit were:

Implementation of the Framework Agreement for Sustainable, Strong and Balanced Growth;
Providing employment;
Reforming the international monetary and financial system;
Reform of financial regulation and supervision;
Sustainable development of global energy markets;
Promoting international development;
Strengthening multilateral trade;
Anti-corruption.

As for the objectives of the Russian G20 Presidency, it decided not to introduce any new items to the agenda but rather concentrate on the traditional track in support of a sustainable, inclusive and balanced growth and job creation around the world. To meet this strategic goal, Russia planned to concentrate common efforts on the three following priorities aimed at starting the new global economic growth cycle, that include boosting growth through quality jobs and investment, through trust and transparency in the markets, through effective and efficient regulation. In addition to the traditional G20 agenda two new financial topics were added – financing for investment and government borrowing and public debt sustainability. Russia concentrated on coordinating policy measures that could be taken to stimulate the expansion and developing of long-term investment sources of growth, as well as discussing the future of sovereign borrowings within the context of the national commitments to a set of agreed international rules.

In order to ensure the continuity and implementation of the earlier commitments Russia focused to work with partners to advance traditional vital issues on the G20 agenda, such as the state of the global economy, implementation of the Framework Agreement for Strong, Sustainable and Balanced Growth, facilitation of job creation, reform of the currency and financial regulation and supervision systems, including the reform of the IMF formula and quotas, as well as maintaining stability in global energy markets, stepping up international development, strengthening multilateral trade and countering corruption.

September 2013

Communiqué FMM

G20 2013 action plan, g20 2013 tax annex to leaders declaration, g20 2013 roadmap, g20 5th anniversary vision statement.

Prime Minister in a group photo with the G-20 leaders, at Los Cabos, Mexico on June 18, 2012.

Prime Minister at the first Plenary Session of the G-20 Summit, at Los Cabos, Mexico.

G20 Summit Los Cabos, México, June 18-19, 2012

Mexico assumed the Presidency of the G20 in 2012 with the aim of achieving a more effective global economic governance system, considering the interests and priorities of emerging and developing countries.

The priorities of the Mexican presidency were the economic stabilization and structural reforms for growth and employment; strengthening financial systems and promoting financial inclusion to boost economic growth; improve the international financial architecture in an interconnected global economy; reinforce food security and mitigate the volatility of the price of raw material; promote sustainable development, green growth and the fight against climate change.

G20 Leaders' Declaration 2012

Agriculture report, labour and employment ministers conclusions, progress report of the development working group, policy commitments, the los cabos growth and jobs action plan, tourism declaration.

Family photo of the G20 Summit, Cannes, 3 November 2011.

G20 Summit in Cannes, France, November 3-4, 2011

The G20 Leaders’ Summit was held from November 3-4, 2011 in Cannes, France.

Following were the steps taken and progress made:

Commodity market transparency: In a move to curb excess volatility in commodity prices, the G20 has made strong commitments in Cannes to increase transparency on the physical -- energy and agricultural -- and financial commodity markets.

Investing in infrastructure in developing countries : The G20 supports the recommendations made by the High-Level Panel made up of experts of the private sector chaired by Mr. Tidjane Thiam and the development banks to build human resources and capacity in developing countries etc.

Innovative financing for development and the climate : In Cannes, the G20 has, for the first time, mobilized in support of innovative financing for development and climate change.

Banking regulation :The G20 agreed on a renewed framework of rules applicable to banks in response to the difficulties encountered by the banking sector since 2007.

Protecting against the instability of agricultural prices : Price volatility poses significant problems to developing countries, penalizing consumers when prices increase and producers when they fall, and creating uncertainty which is unfavourable to investment decisions, to increasing production and productivity, and ultimately to agricultural development.

Fighting corruption : The G20 has made major progress in the fight against corruption since the Seoul Summit in November 2010. Individual and collective progress by the G20 countries should be credited to the French Presidency of the G20. In addition, the G20 countries have begun work in areas including the recovery of assets, the fight against money laundering, whistleblower protection, the functioning and the independence of anti-corruption agencies, public sector transparency and international cooperation.

Market regulation : In Cannes, the G20 solemnly committed to complete this major reform of the financial sector and to align national arrangements to prevent risks of regulatory arbitrage. The G20 also decided to launch new focuses to bring national arrangements into line concerning 1) rules on financial guarantee requirements applicable to non-centrally cleared derivatives and 2) harmonization of central databases and procedures for regulator data access.

Trade :The G20 members have renewed their pledge not to introduce new measures restricting trade before 2013 and to withdraw all protectionist measures which have already been implemented. The WTO is tasked, alongside the OECD and the UNCTAD, to review the situation every six months for the G20. This decision will help prevent conflict between States at a time when cooperation is absolutely vital.

Enhancing the IMF's response capacity and surveillance: In the framework of reforming the international monetary system, the G20 has decided to enhance the IMF's capacity to respond to and prevent crises and improve surveillance of its members and the world economy.

Agriculture :France has put agriculture and food security at the heart of the G20 priorities. The President of the Republic asked Bruno Le Maire to bring together the G20 Agriculture Ministers with the major international organizations with responsibility for food security, including the Food and Agriculture Organization of the United Nations (FAO) for the first time. The G20 adopted an "Action Plan on Food Price Volatility and Agriculture". It provides ambitious, tangible and immediate solutions to meet the world agriculture and food challenge.

Social regulation of globalization : In 2011, the French Presidency of the G20 added the social dimension of globalization to the G20 agenda. The President of the French Republic asked Xavier Bertrand to arrange a meeting between the G20 Labour and Employment Ministers in Paris on 26 and 27 September. In Cannes, the Heads of State acknowledged that it is essential for the social dimension to become a long-term addition to the G20 agenda.

Emergency humanitarian food reserves :The G20 Action Plan on food price volatility and agriculture, adopted on 23 June 2011, mandated the World Food Programme (WFP) and other competent international organizations, such as the United Nations and the World Bank, to perform a feasibility study on the implementation of such a system in Africa, alongside existing national food reserves. A feasibility study has been conducted with African regional organizations.

Reform of the International monetary system :The G20 has adopted a reference framework to better manage capital flows: It recognizes that measures to manage or monitor capital flows can be legitimate, as they complement sound macroeconomic policies and can be put into action when capital flows are particularly high and volatile.

Tax havens and non-cooperative jurisdictions :The G20 in Cannes has fully reviewed these processes. This is an extremely tricky exercise as it calls for a collective judgment on certain extremely reluctant countries.

Action plan for growth and jobs : Heightened tensions and significant downside risks for the global economy prompted the G20 to take decisive actions to restore confidence, financial stability and growth. This is the Action Plan for Growth and Jobs.

Cannes Leaders Communiqué

November 4, 2011

Declaration eng Cannes

G20 leaders pose for a family photo at G20 Seoul Summit 2010.

G20 summit Seoul 2010

G20 Summit in Seoul, Republic of Korea, November 11-12, 2010

The G20 Seoul Summit was held on November 11-12, 2010. G20 countries and invited participants including five countries and seven international organizations attended the summit. About 6,000 government delegates and 4,000 people from the media community visited Korea, while 120 CEOs from global corporations attended the Business Summit. The G20 Seoul Summit was indeed the largest event in the history of Korea.

The G20 Seoul Summit was a great success in terms of agenda, protocol, and management. The major outcome of the G20 Seoul Summit included such agreements as ‘the framework for strong, sustainable and balanced growth’, ‘IMF quota reform and adjustment the Executive Board’s composition’, ‘the Basel III agreement and SIFI (Systemically Important Financial Institutions) problem solutions’, and ‘reaffirming commitment to the DDA’. Considering that the ‘currency conflict’ was the topic of international interest then, the consensus was reached for making a set of indicative guidelines. Its policy orientation was agreed to make a shift towards a more market-based exchange rate that reflected economic fundamentals, as well as the establishment of a more flexible exchange rate are deemed as significant outcomes. This would not have been possible without the strong mutual understanding of G20 leaders on the G20 spirit of international cooperation - an agreement on preventing the global economy from turning to protectionism and finding solutions through international coordination.

In regard to the reform of international financial organization and financial regulatory measures, the Seoul Summit reached agreement on the 6% quota shift to emerging and developing countries, which IMF Managing Director Dominique Strauss-Kahn called the most historically significant agreement ever reached since the G20 Finance Ministers and Central Bank Governors Meeting (October 22-23, 2010, Gyeongju). By agreeing to adjust the composition of Executive Board members and adopt Basel III, leaders at the Seoul Summit were able to reach agreement on issues which had not been agreed upon for a very long time.

Furthermore, by adopting the ‘Seoul Development Consensus for Shared Growth’ and ‘Multi-Year Action Plan on development', the Seoul Summit laid the foundation for developing countries to achieve sustainable growth through capacity building.

In regard to global financial safety nets, the summit produced tangible outcomes on the creation of a preemptive response system for future financial crisis by improving the existing flexible credit line and introducing a precautionary credit line and a multinational flexible credit line. These outcomes are of keen interest to developing and emerging countries, the majority in the international community, which will help Korea play a bridging role between non-G20 countries and G20 member states, and lay the institutional and academic basis for increasing the legitimacy of the G20 in the future.

It would have been impossible for the Seoul Summit to produce such tangible outcomes on key interests of developing and emerging economies without the Korean Government’s efforts to engage in continuous consultation with non-G20 countries on multiple aspects. These consultations were largely carried out by the Ambassador at large for the G20 who visited Asia, Africa, America and Europe for multiple briefing sessions with key international organizations like the ILO (International Labor Organization) and UN (United Nations), in order to collect the general opinion of the international community and explain them the details on the preparatory works directed toward the Seoul Summit.

G20 Seoul Summit Leaders' Declaration

Seoul development consensus shared growth, multi year action plan development, g20 anti corruption action plan, g20 member policy commitments, seoul summit document.

Leaders of the G20 nations in a family photo taken in Toronto Canada.

Leaders of the G20 nations in a family photo taken in Toronto Canada

G20 Summit in Toronto, Canada, June 26-27, 2010

At the time of G20 Toronto Summit, most of the countries were entering recovery mode from the global economic recession. The Summit Declaration stated that serious challenges remained in the form of high unemployment rates in various economies and the concurrent existence of the impact of the financial crisis. The International Monetary Fund, in its post-summit document, indicated that a speedy cut in deficits might substantially slow growth. The organization insisted that balanced public spending could stabilize bond markets, reduce interest rates from less government spending, and encourage private investment. It also recommended that emerging economies such as China, which had largely benefited from trade surpluses, should rely less on developed nations and increase their own spending in order to promote domestic demand.

Summit Declaration G20 Toronto 2010

G20 leaders at g20 london summit 2009..

G20 Summit in London,UK, April 2, 2009

The London Summit took place at a time when the world confronts the worst economic crisis since the Second World War. The London Summit aims were to bring together leaders of the world’s major economies and key international institutions to take the collective action necessary to stabilize the world economy and secure recovery and jobs. Leaders faced an unprecedented range of challenges – of averting an even more severe downturn and restoring growth in the short term, while at the same time reshaping the financial system, preserving the world trading system, and laying the foundations for a sustainable recovery. Real action was agreed at the Summit, with Leaders agreeing on steps to restore confidence, growth and jobs; strengthen financial supervision and regulation; fund and reform our international financial institutions to overcome this crisis and prevent future ones; promote global trade and investment and reject protectionism, to underpin prosperity; and to build an inclusive green and sustainable recovery.

Leaders’ declaration adopted during the UK Presidency

London summit communiqué, london summit communiqué annex 1 – strengthening the financial system, london summit communiqué annex 2 – delivering resources through ifis, g20 finance ministers communiqué, g20 finance ministers communiqué annex – restoring lending, g20 finance ministers working papers, g20 working group 1: enhancing sound regulation and strengthening transparency, g20 working group 2: reinforcing international cooperation and promoting integrity in financial markets, g20 working group 3: reform of the imf, g20 working group 4: the world bank and other multilateral development banks, pittsburgh, usa, september 24-25, 2009.

At the Pittsburgh Summit, the G20 leaders committed to the following:

Preamble
A Framework for Strong, Sustainable, and Balanced Growth
Strengthening the International Financial Regulatory System
Modernizing Our Global Institutions to Reflect Today's Global Economy
Reforming the Mandate, Mission and Governance of the IMF
Reforming the Mission, Mandate and Governance of Our Development Banks
Energy Security and Climate Change
Strengthening Support for the Most Vulnerable
Putting Quality Jobs at the Heart of the Recovery
An Open Global Economy
The Path from Pittsburgh
G20 Framework for Strong, Sustainable, and Balanced Growth

G20 Pittsburgh Leaders' Declaration

Opening Ceremony for G20 Washington Summit 2008

G20 Summit in Washington DC, USA, November 14-15, 2008

The 2008 G20 summit was held in Washington D.C. in the wake of the sub-prime mortgage financial crisis and was titled ‘Declaration of the Summit on Financial Markets and the World Economy’. The leaders discussed efforts to strengthen economic growth, deal with the extant financial crisis, and to lay the foundation for reform to help to ensure that a similar crisis does not happen again. The Summit achieved five key objectives.

The leaders:

Reached a common understanding of the root causes of the global crisis;
Reviewed actions countries have taken and will take to address the immediate crisis and strengthen growth;
Agreed on common principles for reforming our financial markets;
Launched an action plan to implement those principles and asked ministers to develop further specific recommendations that will be reviewed by leaders at a subsequent summit; and
Reaffirmed their commitment to free market principles.

The leaders approved an Action Plan that sets forth a comprehensive work plan to achieve these objectives, and asked finance ministers to work to ensure that the Action Plan is fully and vigorously implemented. The Plan included immediate actions to address weaknesses in accounting and disclosure standards for off-balance sheet vehicles; ensure that credit rating agencies meet the highest standards and avoid conflicts of interest, provide greater disclosure to investors, and differentiate ratings for complex products; ensure that firms maintain adequate capital, and set out strengthened capital requirements for banks' structured credit and securitization activities; develop enhanced guidance to strengthen banks' risk management practices, and ensure that firms develop processes that look at whether they are accumulating too much risk; establish processes whereby national supervisors who oversee globally active financial institutions meet together and share information; and expand the Financial Stability Forum to include a broader membership of emerging economies.

G20 2008 Leaders' Declaration

November 14-15, 2008

Communiqué of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund

G20 finance ministers and central bank governors 2008 communiqué.

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