G20
The G20 Summit is an intergovernmental forum for international economic cooperation
FOUNDING
Established in 1999 ,following the financial crisis. It worked first as a forum for the Central Bank Governors and Finance Ministers of the major industrialised and developing economies Elevation to Leader’s Level: After the 2008 global financial crisis, it was upgraded to the level of Heads of State or Government
MEMBERS 20
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesi a, Italy, South Korea, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union
PERMANENT GUEST INVITEES
The Chair of the Association of Southeast Asian Nations;
The Chair of the African Union; and a representative of the New Partnership for Africa’s Development it accounts for around 80% of gross world product (GWP),[4] 75% of international trade,[b] two-thirds of the global population,[5] and 60% of the world’s land area.
STRUCTURE
| Structure of G20 Summit | |
|
Sherpa Track |
– The Sherpas of member countries are the personal emissaries of the Leaders.
– They concentrate on socio-economic issues such as agriculture, anti-corruption, climate, digital economy, education, employment, energy, environment, health, tourism, trade and investment. |
|
Finance Track |
– It is headed by the Finance Ministers and Central Bank Governors, who generally meet four times a year, with two meetings being held on the sidelines of World Bank
International Monetary Fund meetings. – Focus areas: Fiscal and Monetary policy issues such as global economy, infrastructure, financial regulation, financial inclusion, international financial architecture, and international taxation. |
- Troika: The G20 does not have a charter or a The Presidency is supported by the Troika, (the previous, current, and incoming presidencies)
- Its decisions are not legally binding
