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7 Key Points About 'G20 SUMMIT'

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7 Key Points About 'G20 SUMMIT'


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What is G20? The Group of Twenty (G20) Finance Ministers and Central Bank Governors was established in 1999 to bring together industrialised and developing economies to discuss key issues in the global economy. The inaugural G20 summit took place in Berlin, December 1999, hosted by German and Canadian finance ministers. G20 Trade Ministers meeting is held on 5-6 October 2015 in Istanbul, Turkey. #1


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Which countries are members of the G20? The G20 is made up of the finance ministers and central bank governors of 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States of America. The remaining seat is held by the European Union, which is represented by the rotating Council presidency and the European Central Bank. #2


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How often do they meet? It is normal practice for the G20 finance ministers and central bank governors to meet once a year. However, leaders met twice a year in 2009 and 2010, when the global economy was in crisis. #3


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How does the G20 differ from the G7? The G7 was established in 1976 as an informal forum of seven major industrial economies: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America. It was re-named the G8 after the entry of Russia in 1998. Where the G7 seeks agreement on current economic issues based on the interests of those countries, the G20 reflects the wider interests of both industrial and emerging-market economies. #4


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Who chairs the G20 summit? The G20 has no permanent staff of its own. The G20 chair rotates between members and is selected from different regional groupings each year. In 2014 the G20 chair was Australia, and in 2015 it will be Turkey. Hosting the summit is an opportunity to set the agenda and lead discussions. In 2009, when the UK hosted a special spring summit, former Prime Minister Gordon Brown orchestrated a deal in which world leaders agreed on a $1.1 trillion injection of financial aid into the global economy. The "historic" deal was widely viewed as a success. #5


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Do all member countries exert equal influence? There are no formal votes or resolutions on the basis of fixed voting shares or economic criteria. Every G20 member has one voice with which it can take an active part in G20 activity. #6


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The 2015 G20 Agenda Three key objectives of the 2015 G20 agenda for the global economy will be: Strengthening the Global Recovery and Lifting Potential Enhancing Resilience Buttressing Sustainability #7


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In 2015, Turkey will attach utmost importance to strong cooperation and effective coordination among its members and also strengthening interaction between the G20 and Low-Income Developing Countries (LIDCs). Turkey aims to channel the influence of G20 to reach at concrete and beneficial outcomes for the global community. In this regard, Spain, Azerbaijan, Singapore and the chairs of ASEAN (Malaysia), African Union (Zimbabwe) and NEPAD (Senegal) are invited to the G20 meetings in 2015.


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