Among the grouping of global gatherings, the G20 is the main forum for economic and financial cooperation – areas that are increasingly tested by today’s changing geopolitics.
The Group of Twenty brings together the world’s largest economies. It is composed of 19 countries, including the United States and China, and two regional organizations: the European Union and the African Union.
Here’s a primer on the G20 and what it does:
Who is in the G20?
Despite its name, the G20 today has 21 members.
It consists of 19 countries: Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey and the United States. ,
Together, they account for 85 percent of global GDP and three-quarters of global trade.
The European Union has also been a long-time member, with the African Union joining last year.
How did this happen?
The G20 was conceived in 1999, in response to the Asian financial crisis that shook the global system two years earlier. It was originally designed as a coordination space for finance ministers and central bank heads.
It was raised to leader level in 2008 – following another global financial crisis – so that heads of state and government can meet annually on international economic issues.
The gathering also includes additional forums where delegates discuss topics such as health, culture, social justice, agriculture, tourism, and fighting corruption.
What’s happening at this G20?
Brazil holds the rotating presidency of the G-20 this year and has made fighting hunger, poverty and inequality a priority, along with sustainable development and improving global governance.
To support this, it is holding a G20 Social Forum a few days before the main event on 18–19 November, designed to promote the voice of civil society in discussions across governments.
The G20 summit is being held in Rio de Janeiro and will be attended by US President Joe Biden, China’s Xi Jinping and other leaders.
Russian President Vladimir Putin announced last month that he would not travel to Brazil.
He said his presence would “ruin” the summit, but stressed that the International Criminal Court’s arrest warrant against him for Russia’s actions in Ukraine was not a factor in his decision. Foreign Minister Sergei Lavrov is going in his place.
past fights
The recent G20 showcased the discord between participating countries over Russia’s war in Ukraine.
The last two summits, in Bali in 2022 and Delhi in 2023, had to abandon the traditional “family photo” of leaders standing together as a symbol of unity due to differing stances towards Moscow and featuring wariness.
Xi also criticized Canadian Prime Minister Justin Trudeau at the Bali summit after details of the conversation between them were leaked to the media.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
