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Wikipedia

G20

March 04, 2023

For other uses, see G20 (disambiguation).

The G20 or Group of Twenty is an intergovernmental forum comprising 19 countries and the European Union (EU). It works to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development.[3]

G20
Group of Twenty
  Member countries in the G-20
  Countries represented through the membership of the European Union
  Countries permanently invited (Spain)
Formation26 September 1999 (23 years ago) (1999-09-26)
2008 (2008) (heads-of-state/heads-of-government summits)
PurposeBring together systemically important industrialized and developing economies to discuss key issues in the global economy.[1]
Membership
20 members[a]
Chairman (Incumbent)
 Narendra Modi, Prime Minister of India
Websitehttps://g20.org/en/[2]

The G20 is composed of most of the world's largest economies, including both industrialised and developing nations; 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.

The G20 was founded in 1999 in response to several world economic crises.[6] Since 2008, it has convened at least once a year, with summits involving each member's head of government or state, finance minister, or foreign minister, and other high-ranking officials; the EU is represented by the European Commission and the European Central Bank.[7][8][c] Other countries, international organizations, and nongovernmental organizations are invited to attend the summits, some on a permanent basis.

In its 2009 summit, the G20 declared itself the primary venue for international economic and financial cooperation.[9] The group's stature has risen during the subsequent decade, and it is recognised by analysts as exercising considerable global influence;[10] it is also criticised for its limited membership,[11] lack of enforcement powers,[12] and for the alleged undermining of existing international institutions.[11] Summits are often met with protests, particularly by anti-globalization groups.[13][14]

History

Founding

The G20 is the latest in a series of post–World War II initiatives aimed at international coordination of economic policy, which include institutions such as the "Bretton Woods twins", the International Monetary Fund and the World Bank, and what is now the World Trade Organization.[15]

The G20 was foreshadowed at the Cologne summit of the G7 in June 1999, and formally established at the G7 Finance Ministers' meeting on 26 September 1999 with an inaugural meeting on 15–16 December 1999 in Berlin. Canadian finance minister Paul Martin was chosen as the first chairman and German finance minister Hans Eichel hosted the inaugural meeting.[16]

A 2004 report by Colin I. Bradford and Johannes F. Linn of the Brookings Institution asserted the group was founded primarily at the initiative of Eichel, the concurrent chair of the G7.[17] However, Bradford later described then-Finance Minister of Canada (and future Prime Minister of Canada) Paul Martin as "the crucial architect of the formation of the G-20 at finance minister level", and as the one who later "proposed that the G-20 countries move to leaders level summits".[18] Canadian academic and journalistic sources have also identified the G20 as a project initiated by Martin and his American counterpart then-Treasury Secretary Larry Summers.[19][20][21][22] All acknowledge, however, that Germany and the United States played a key role in bringing their vision into reality.

Martin and Summers conceived of the G20 in response to the series of massive debt crises that had spread across emerging markets in the late 1990s, beginning with the Mexican peso crisis and followed by the 1997 Asian financial crisis, the 1998 Russian financial crisis, and eventually impacting the United States, most prominently in the form of the collapse of the prominent hedge fund Long-Term Capital Management in the autumn of 1998.[19][20][21] It illustrated to them that in a rapidly globalizing world, the G7, G8, and the Bretton Woods system would be unable to provide financial stability, and they conceived of a new, broader permanent group of major world economies that would give a voice and new responsibilities in providing it.[19][21]

The G20 membership was decided by Eichel's deputy Caio Koch-Weser and Summers's deputy Timothy Geithner. According to the political economist Robert Wade:

"Geithner and Koch-Weser went down the list of countries saying, Canada in, Portugal out, South Africa in, Nigeria and Egypt out, and so on; they sent their list to the other G7 finance ministries; and the invitations to the first meeting went out."[23]

Early topics

The G20's primary focus has been governance of the global economy. Summit themes have varied from year to year. The theme of the 2006 G20 ministerial meeting was "Building and Sustaining Prosperity". The issues discussed included domestic reforms to achieve "sustained growth", global energy and resource commodity markets, reform of the World Bank and IMF, and the impact of demographic changes.

In 2007, South Africa hosted the secretariat with Trevor A. Manuel, South African Minister of Finance as chairperson of the G20.

In 2008, Guido Mantega, Brazil's Minister of Finance, was the G20 chairperson and proposed dialogue on competition in financial markets, clean energy, economic development and fiscal elements of growth and development.

On 11 October 2008 after a meeting of G7 finance ministers, US President George W. Bush stated that the next meeting of the G20 would be important in finding solutions to the burgeoning economic crisis of 2008.

Summits

The Summit of G20 Finance Ministers and Central Bank Governors, who prepare the leaders' summit and implement their decisions, was created as a response both to the financial crisis of 2007–2008 and to a growing recognition that key emerging countries were not adequately included in the core of global economic discussion and governance. Additionally, G20 summits of heads of state or government were held.

After the 2008 debut summit in Washington, DC, G20 leaders met twice a year: in London and Pittsburgh in 2009, and in Toronto and Seoul in 2010.[24]

Since 2011, when France chaired and hosted the G20, the summits have been held only once a year.[25] The 2016 summit was held in Hangzhou, China,[26] the 2017 summit was held in Hamburg, Germany, the 2018 summit was held in Buenos Aires, Argentina, the 2019 summit was held in Osaka, Japan, the 2020 summit was scheduled in Riyadh, Saudi Arabia but it was held virtually due to Covid-19, the 2021 summit was held in Rome, Italy and the 2022 summit was held in Bali, Indonesia.

A number of other ministerial-level G20 meetings have been held since 2010. Agriculture ministerial meetings were conducted in 2011 and 2012; meetings of foreign ministers were held in 2012 and 2013; trade ministers met in 2012 and 2014, and employment ministerial meetings have taken place annually since 2010.[27]

In 2012, the G20 Ministers of Tourism and Heads of Delegation of G20 member countries and other invited States, as well as representatives from the World Travel and Tourism Council (WTTC), World Tourism Organization (UNWTO) and other organisations in the Travel & Tourism sector met in Mérida, Mexico, on May 16 at the 4th G20 meeting and focused on 'Tourism as a means to Job Creation'. As a result of this meeting and The World Travel & Tourism Council's Visa Impact Research, later on the Leaders of the G20, convened in Los Cabos on 18–19 June, would recognise the impact of Travel & Tourism for the first time. That year, the G20 Leaders Declaration added the following statement: "We recognise the role of travel and tourism as a vehicle for job creation, economic growth and development, and, while recognizing the sovereign right of States to control the entry of foreign nationals, we will work towards developing travel facilitation initiatives in support of job creation, quality work, poverty reduction and global growth."[28]

In March 2014, the former Australian foreign minister Julie Bishop, when Australia was hosting the 2014 G20 summit in Brisbane, proposed to ban Russia from the summit over its annexation of Ukrainian Crimea.[29] The BRICS foreign ministers subsequently reminded Bishop that "the custodianship of the G20 belongs to all Member States equally and no one Member State can unilaterally determine its nature and character."

In 2016, the G20 framed its commitment to the 2030 Agenda (Sustainable Development Goals) in three key themes; the promotion of strong sustainable and balanced growth; protection of the planet from degradation; and furthering co-operation with low-income and developing countries. At the G20 Summit in Hangzhou, members agreed on an action plan and issued a high level principles document to member countries to help facilitate the agenda's implementation.[30][31]

Japan hosted the 2019 summit,[32] The 2020 summit was to be held in Saudi Arabia,[33] but was instead held virtually on 21–22 November 2020 due to the COVID-19 pandemic under the presidency of Saudi Arabia. 2021 G20 Rome summit which was held in Rome, the capital city of Italy, on 30–31 October 2021.

Indonesia held the G20 presidency from 1 December 2021 to 30 November 2022. During its presidency, Indonesia has focused on the global COVID-19 pandemic and how to collectively overcome the challenges related to it. The three priorities of Indonesia's G20 presidency: global health architecture, digital transformations, sustainable energy transitions.[34] India holds the G20 presidency from 1st December 2022, with the presidency theme of ‘Vasudhaiva Kutumbakam’ - ‘One Earth One Family One Future’. [35]

List of summits

Main article: List of G20 summits

Chair rotation

To decide which member nation gets to chair the G20 leaders' meeting for a given year, all members, except the European Union, are assigned to one of five different groupings, with all but one group having four members, the other having three. Nations from the same region are placed in the same group, except Group 1 and Group 2. All countries within a group are eligible to take over the G20 Presidency when it is their group's turn. Therefore,the states within the relevant group need to negotiate among themselves to select the next G20 President. Each year, a different G20 member country assumes the presidency starting from 1 December until 30 November. This system has been in place since 2010, when South Korea, which is in Group 5, held the G20 chair. The table below lists the nations' groupings:[36][37]

Group 1 Group 2 Group 3 Group 4 Group 5

To ensure continuity, the presidency is supported by a "troika" made up of the current, immediate past and next host countries.[38]

Organization

The G20 operates without a permanent secretariat or staff. The group's chair rotates annually among the members and is selected from a different regional grouping of countries. The incumbent chair establishes a temporary secretariat for the duration of its term, which coordinates the group's work and organizes its meetings. The 2021 summit was held in Italy. The 2022 summit is held in Bali, Indonesia. The current chair is held by India. The 2023 and 2024 summits will be hosted by India and Brazil respectively.[39]

Proposed permanent secretariat

In 2010, President of France Nicolas Sarkozy proposed the establishment of a permanent G20 secretariat, similar to the United Nations. Seoul and Paris were suggested as possible locations for its headquarters.[40] Brazil and China supported the establishment of a secretariat, while Italy and Japan expressed opposition to the proposal.[40] South Korea proposed a "cyber secretariat" as an alternative.[40] It has been argued that the G20 has been using the OECD as a secretariat.[41]

Members

As of 2023, there are 20 members in the group: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, South Korea, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union. Guest invitees include, amongst others, Spain, the United Nations, the World Bank, the African Union and ASEAN.[42][43]

Representatives include, at the leaders' summits, the leaders of nineteen countries and of the European Union, and, at the ministerial-level meetings, the finance ministers and central bank governors of nineteen countries and of the European Union.

In addition, each year, the G20's guests include Spain;[44] the Chair of ASEAN; two African countries (the chair of the African Union and a representative of the New Partnership for Africa's Development (NEPAD) and a country (sometimes more than one) invited by the presidency, usually from its own region.[5][45][46]

The first of the tables below lists the member entities and their leaders, finance ministers and central bank governors. The second table lists relevant statistics such as population and GDP figures for each member, as well as detailing memberships of other international organizations, such as the G7, BRICS and MIKTA. Total GDP figures are given in millions of US dollars.

Leaders

Member Leader Finance portfolio Portfolio minister Central bank Central bank governor
  Argentina Alberto Fernández Minister of Economy Sergio Massa Central Bank of the Argentine Republic Miguel Ángel Pesce
  Australia Anthony Albanese Treasurer Jim Chalmers Reserve Bank of Australia Philip Lowe
  Brazil Luiz Inácio Lula da Silva Minister of Finance Fernando Haddad Central Bank of Brazil Roberto Campos Neto
  Canada Justin Trudeau Minister of Finance Chrystia Freeland Bank of Canada Tiff Macklem
  China Xi Jinping Minister of Finance Liu Kun People's Bank of China Yi Gang
  France Emmanuel Macron Minister of the Economy Bruno Le Maire Bank of France François Villeroy de Galhau
  Germany Olaf Scholz Minister of Finance Christian Lindner Deutsche Bundesbank Joachim Nagel
  India Narendra Modi Minister of Finance Nirmala Sitharaman Reserve Bank of India Shaktikanta Das
  Indonesia Joko Widodo Minister of Finance Sri Mulyani Bank Indonesia Perry Warjiyo
  Italy Giorgia Meloni Minister of Economy and Finance Giancarlo Giorgetti Bank of Italy Ignazio Visco
  Japan Fumio Kishida Minister of Finance Shunichi Suzuki Bank of Japan Haruhiko Kuroda
  Mexico Andrés Manuel López Obrador Secretary of Finance and Public Credit Rogelio Ramírez de la O Bank of Mexico Victoria Rodríguez Ceja [es]
  South Korea Yoon Suk-yeol Minister of Economy and Finance Choo Kyung-ho Bank of Korea Rhee Chang-yong
  Russia Vladimir Putin Minister of Finance Anton Siluanov Bank of Russia Elvira Nabiullina
  Saudi Arabia Mohammed bin Salman Minister of Finance Mohammed Al-Jadaan Saudi Central Bank Fahad Almubarak
  South Africa Cyril Ramaphosa Minister of Finance Enoch Godongwana South African Reserve Bank Lesetja Kganyago
  Turkey Recep Tayyip Erdoğan Minister of Treasury and Finance Nureddin Nebati Central Bank of the Republic of Turkey Şahap Kavcıoğlu
  United Kingdom Rishi Sunak Chancellor of the Exchequer Jeremy Hunt Bank of England Andrew Bailey
  United States Joe Biden Secretary of the Treasury Janet Yellen Federal Reserve Jerome Powell
  European Union[47] Charles Michel and Ursula von der Leyen Commissioner for Economy Paolo Gentiloni European Central Bank Christine Lagarde

Current Leaders

Member country data

Member Trade
bil. USD (2021)[48]		 Nom. GDP
mil. USD (2022)[49]		 PPP GDP
mil. USD (2022)[49]		 Nom. GDP per capita
USD (2022)[50][51]		 PPP GDP per capita
USD (2022)[49]		 HDI
(2021) 		Population
(2022)[52]		 Area
km2		 P5 G4 G7 BRICS MIKTA DAC OECD C'wth OPEC NATO IMF economy classification[53][54]
  Argentina 141.1 630,698 1,207,228 13,622 26,074 0.842 46,300,000 2,780,400 No No No No No No No No No No Emerging
  Australia 606.0 1,724,787 1,615,286 66,408 62,192 0.951 26,141,369 7,692,024 No No No No Yes Yes Yes Yes No No Advanced
  Brazil 515.5 1,894,708 3,782,763 8,857 17,684 0.754 217,240,060 8,515,767 No Yes No Yes No No No No No No Emerging
  Canada 1,011.6 2,200,352 2,240,390 56,794 57,827 0.936 38,743,000 9,984,670 No No Yes No No Yes Yes Yes No Yes Advanced
  China 6,052.5 18,321,197 30,074,380 12,970 21,291 0.768 1,448,401,200 9,596,960 Yes No No Yes No No No No No No Emerging
  France 1,298.9 2,778,090 3,688,323 42,330 56,200 0.903 68,305,148 640,679 Yes No Yes No No Yes Yes No No Yes Advanced
  Germany 3,052.1 4,031,149 5,316,933 48,398 63,835 0.942 84,316,622 357,114 No Yes Yes No No Yes Yes No No Yes Advanced
  India 968.3 3,468,566 11,665,486 2,466 8,293 0.633 1,406,632,000 3,287,263 No Yes No Yes No No No Yes No No Emerging
  Indonesia 425.9 1,289,429 4,023,501 4,691 14,638 0.705 279,088,893 1,904,569 No No No No Yes No No No No No Emerging
  Italy 1,167.8 1,996,934 3,022,162 33,740 51,062 0.895 61,095,551 301,336 No No Yes No No Yes Yes No No Yes Advanced
  Japan 1,525.0 4,300,621 6,109,961 34,358 48,813 0.925 125,592,404 377,930 No Yes Yes No No Yes Yes No No No Advanced
  Mexico 1,017.2 1,424,533 2,919,875 10,948 22,440 0.758 131,541,424 1,964,375 No No No No Yes No Yes No No No Emerging
  South Korea 1,259.5 1,734,207 2,765,834 33,592 53,574 0.925 51,844,834 100,210 No No No No Yes Yes Yes No No No Advanced
  Russia 797.8 2,133,092 4,649,674 14,665 31,967 0.822 145,807,429 17,098,242 Yes No No Yes No No No No No No Emerging
  Saudi Arabia 429.0 1,010,588 2,018,260 27,941 55,802 0.875 36,168,000 2,149,690 No No No No No No No No Yes No Emerging
  South Africa 237.6[e] 411,480 949,846 6,739 15,556 0.713 61,060,000 1,221,037 No No No Yes No No No Yes No No Emerging
  Turkey 496.6 853,487 3,320,994 9,961 38,759 0.838 85,551,932 783,562 No No No No Yes No Yes No No Yes Emerging
  United Kingdom 1,162.0 3,198,470 3,776,044 47,318 55,862 0.929 68,492,933 242,495 Yes No Yes No No Yes Yes Yes No Yes Advanced
  United States 4,689.6 25,035,164 25,035,164 75,180 75,180 0.921 337,341,954 9,833,517 Yes No Yes No No Yes Yes No No Yes Advanced
  European Union 5,078.1[f] 16,613,060 24,048,856 37,276 53,960 0.900 446,828,803 4,233,262 No No Yes No No Yes No No No No Advanced (majority)[g]

In addition to these 20 members, the chief executive officers of several other international forums and institutions participate in meetings of the G20.[5] These include the managing director and Chairman of the International Monetary Fund, the President of the World Bank, the International Monetary and Financial Committee and the Chairman of the Development Assistance Committee.

The G20's membership does not reflect exactly the 20 largest economies of the world in any given year; as the organization states:[1]

In a forum such as the G20, it is particularly important for the number of countries involved to be restricted and fixed to ensure the effectiveness and continuity of its activity. There are no formal criteria for G20 membership and the composition of the group has remained unchanged since it was established. In view of the objectives of the G20, it was considered important that countries and regions of systemic significance for the international financial system be included. Aspects such as geographical balance and population representation also played a major part.

Role of Asian countries

A 2011 report released by the Asian Development Bank (ADB) predicted that large Asian economies such as China and India would play a more important role in global economic governance in the future. The report claimed that the rise of emerging market economies heralded a new world order, in which the G20 would become the global economic steering committee.[55] The ADB furthermore noted that Asian countries had led the global recovery following the late-2000s recession. It predicted that the region would have a greater presence on the global stage, shaping the G20's agenda for balanced and sustainable growth through strengthening intraregional trade and stimulating domestic demand.[55]

Invitees

 
G20 members (dark blue), countries represented through the European Union (light blue) and previously invited states (pink) as of 2016.

Typically, several participants that are not full members of the G20 are extended invitations to participate in the summits. Permanent guest invitees are: the government of Spain; 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 are invited in their capacities as leaders of their organisations and as heads of government of their home states. In addition, the leaders of the Financial Stability Board, the International Labour Organization, the International Monetary Fund, the Organisation for Economic Co-operation and Development, the United Nations, the World Bank Group and the World Trade Organization are invited and participate in pre-summit planning within the policy purview of their respective organisation.[56][44][57]

Other invitees are chosen by the host country, usually one or two countries from its own region.[57] For example, South Korea invited Singapore. International organisations which have been invited in the past include the Asia-Pacific Economic Cooperation (APEC), the Basel Committee on Banking Supervision (BCBS), the Commonwealth of Independent States (CIS), the Eurasian Economic Community (EAEC), the European Central Bank (ECB), the Food and Agriculture Organization (FAO), the Global Governance Group (3G) and the Gulf Cooperation Council (GCC). Previously, the Netherlands had a similar status to Spain while the rotating presidency of the Council of the European Union would also receive an invitation, but only in that capacity and not as their own state's leader (such as the Czech premiers Mirek Topolánek and Jan Fischer during the 2009 summits).

Permanent guest invitees

Invitee Officeholder State Official title
African Union (AU) Azali Assoumani   Comoros President
(Chairperson)
since February 2023
Association of Southeast Asian Nations (ASEAN) Joko Widodo   Indonesia President
(Chairperson)
since February 2023
Kao Kim Hourn — Secretary-General
Financial Stability Board (FSB) Klaas Knot — Chairperson
Food and Agriculture Organization (FAO) Qu Dongyu — Director-General
International Labour Organization (ILO) Guy Ryder — Director General
International Monetary Fund (IMF) Kristalina Georgieva — Managing Director
Spain[44] Pedro Sánchez   Spain Prime Minister
New Partnership for Africa's Development (AUDA-NEPAD) Paul Kagame   Rwanda President
(chair)
Organisation for Economic Co-operation and Development (OECD) Mathias Cormann — Secretary-General
United Nations (UN) António Guterres — Secretary-General
World Bank Group (WBG) David Malpass — President
World Health Organization (WHO) Tedros Adhanom — Director General
World Trade Organization (WTO) Ngozi Okonjo-Iweala — Director General

Agenda

Financial focus

The initial G20 agenda, as conceived by US, Canadian and German policy makers, was very much focused on the sustainability of sovereign debt and global financial stability, in an inclusive format that would bring in the largest developing economies as equal partners. During a summit in November 2008, the leaders of the group pledged to contribute trillions to international finance organizations, including the World Bank and IMF, mainly for re-establishing the global financial system.[58][59]

Since inception, the recurring themes covered by G20 summit participants have related in priority to global economic growth, international trade and financial market regulation.[60]

Inclusive growth

The G20 countries account for almost 75% of the global carbon emissions.[61] After the adoption of the UN Sustainable Development Goals and the Paris Climate Agreement in 2015, more "issues of global significance"[60][62] were added to the G20 agenda: migration, digitisation, employment, healthcare, the economic empowerment of women and development aid.[63] Despite promises G20 nations subsidised fossil fuel companies over $3.3 trillion between 2015 and 2021.[61]

The G20 countries account for almost 75% of the global carbon emissions and promised in 2009 to phase out 'inefficient subsidies'. Despite these promises G20 nations have subsidised fossil fuel companies over $3.3 trillion between 2015 and 2021, with several nations increasing subsidies; Australia (+48.2%), US (+36.7%), Indonesia (+26.6%), France (+23.8%), China (+4.1%), Brazil (+3.0%), Mexico (+2.6%).[61] China alone generates over half of the coal-generated electricity in the world.[64]

Interrelated themes

Wolfgang Schäuble, German Federal Minister of Finance, has insisted on the interconnected nature of the issues facing G20 nations, be they purely financial or developmental, and the need to reach effective, cross-cutting policy measures: "Globalization has lifted hundreds of millions out of poverty, but there is also a growing rise in frustration in some quarters […] development, [national] security and migration are all interlinked"[62]

G20 Engagement Groups

The G20 Engagement Groups are independent collectives that are led by organisations of the host country. They represent a diverse group of stakeholders and work collectively to develop non-binding policy recommendations formally submitted to the G20 leaders for consideration.

For the 2022 G20 hosted by Indonesia, there are 10 Engagement Groups formed to facilitate independent stakeholders in developing proposals and policy recommendations to G20 leaders.

Influence and accountability

The G20's prominent membership gives it a strong input on global policy despite lacking any formal ability to enforce rules. There are disputes over the legitimacy of the G20,[65] and criticisms of its organisation and the efficacy of its declarations.[66]

The G20's transparency and accountability have been questioned by critics, who call attention to the absence of a formal charter and the fact that the most important G20 meetings are closed-door.[67] In 2001, the economist Frances Stewart proposed an Economic Security Council within the United Nations as an alternative to the G20. In such a council, members would be elected by the General Assembly based on their importance to the world economy, and the contribution they are willing to provide to world economic development.[68]

The cost and extent of summit-related security is often a contentious issue in the hosting country, and G20 summits have attracted protesters from a variety of backgrounds, including information activists, opponents of fractional-reserve banking and anti-capitalists. In 2010, the Toronto G20 summit sparked mass protests and rioting, leading to the largest mass arrest in Canada's history.[69]

Views on the G20's exclusivity of membership

Although the G20 has stated that the group's "economic weight and broad membership gives it a high degree of legitimacy and influence over the management of the global economy and financial system",[70] its legitimacy has been challenged. A 2011 report for the Danish Institute for International Studies criticised the G20's exclusivity, particularly highlighting its underrepresentation of African countries and its practice of inviting observers from non-member states as a mere "concession at the margins", which does not grant the organisation representational legitimacy.[71] With respect to the membership issue, US President Barack Obama noted the difficulty of pleasing everyone: "Everybody wants the smallest possible group that includes them. So, if they're the 21st largest nation in the world, they want the G21, and think it's highly unfair if they have been cut out."[72] Others stated in 2011 that the exclusivity is not an insurmountable problem, and proposed mechanisms by which it could become more inclusive.[73]

Norwegian perspective

In line with Norway's emphasis on inclusive international processes, the United Nations, and the UN system, in a 2010 interview with Der Spiegel, the current prime minister of Norway Jonas Gahr Støre called the G20 "one of the greatest setbacks since World War II"[11] as 173 nations who are all members of the UN are not among the G20. This includes Norway, a major developed economy and the seventh-largest contributor to UN international development programs,[74] which is not a member of the EU, and thus is not represented in the G20 even indirectly.[11] Norway, like other such nations, has little or no voice within the group. Støre argued that the G20 undermines the legitimacy of international organizations set up in the aftermath of World War II, such as the IMF, World Bank and United Nations:

The G20 is a self-appointed group. Its composition is determined by the major countries and powers. It may be more representative than the G7 or the G8, in which only the richest countries are represented, but it is still arbitrary. We no longer live in the 19th century, a time when the major powers met and redrew the map of the world. No one needs a new Congress of Vienna.[11]

Norway, under the government of Erna Solberg, attended the 2017 G20 summit in Hamburg, Germany.[75]

Spanish position on membership

Spain is the world's thirteenth largest economy by nominal GDP (the fifteenth largest by purchasing power parity), the fourth in the European Union, the second among Spanish-speaking countries, the third in Iberoamerica. In addition, since the 1990s several Spanish companies have gained multinational status, and Spain is an important foreign investor worldwide. Its numbers clearly exceed the numbers of several current members of the G20 such as Argentina or South Africa. These facts supported the idea[by whom?] that Spain should seek permanent membership of the G20. However, Spain, a permanent guest, does not plan to request official membership.[44]

Polish aspirations

In contrast with the Spanish position, the Polish government has repeatedly asked to join the G20.

Before the 2009 G20 London summit, the Polish government expressed an interest in joining with Spain and the Netherlands and condemned an "organisational mess" in which a few European leaders speak in the name of all the EU without legitimate authorisation in cases which belong to the European Commission.[citation needed]

During a 2010 meeting with foreign diplomats, Polish president Lech Kaczyński said:

The Polish economy is according to our data the 18th world economy. The place of my country is among the members of the G20. This is a very simple postulate: firstly – it results from the size of the Polish economy, secondly – it results from the fact that Poland is the biggest country in its region and the biggest country that has experienced a certain story. That story is a political and economic transformation.[76]

In 2012, Tim Ferguson wrote in Forbes that swapping Argentina for Poland should be considered, claiming that the Polish economy was headed toward a leadership role in Europe and its membership would be more legitimate.[77][78] A similar opinion was expressed by Marcin Sobczyk in the Wall Street Journal.[79] Mamta Murthi from the World Bank said: "To be in 'a club', what Poland can do is to continue working as if it already is in the club it wants to join."[80]

In 2014, consulting company Ernst & Young published its report about optimal members for G20. After analyzing trade, institutional and investment links Poland was included as one of the optimal members.[81]

G20 membership has been part of the look program of Poland's Law and Justice party and President Andrzej Duda.[82] In March 2017, Deputy Prime Minister of Poland Mateusz Morawiecki took part in a meeting of G20 financial ministers in Baden-Baden as the first Polish representative.[83][84]

Global Governance Group (3G) response

In June 2010, Singapore's representative to the United Nations warned the G20 that its decisions would affect "all countries, big and small", and asserted that prominent non-G20 members should be included in financial reform discussions.[85] Singapore thereafter took a leading role in organizing the Global Governance Group (3G), an informal grouping of 30 non-G20 countries (including several microstates and many Third World countries) with the aim of collectively channelling their views into the G20 process more effectively.[86][87][88] Singapore's chairing of the 3G was cited as a rationale for inviting Singapore to the November 2010 G20 summit in South Korea,[89] as well as the 2011, 2013, 2014, 2015, 2016, and 2017 summits.[citation needed]

Foreign Policy critiques

The American magazine Foreign Policy has published articles condemning the G20, in terms of its principal function as an alternative to the supposedly exclusive G8. It questions the actions of some of the G20 members, and advances the notion that some nations should not have membership in the first place. Furthermore, with the effects of the Great Recession still ongoing, the magazine has criticized the G20's efforts to implement reforms of the world's financial institutions, branding such efforts as failures.[90]

Calls for removal of Russia

In March 2022, following Russia's invasion of Ukraine, U.S. President Joe Biden called for the removal of Russia from the group. Alternatively, he suggested that Ukraine be allowed to attend the 2022 summit, despite its lack of membership.[91] Canadian Prime Minister Justin Trudeau also said the group should "re-evaluate" Russia's participation.[92] Russia claims it would not be a significant issue, as most G20 members are already fighting Russia economically due to the war.[93] China suggested that expelling Russia would be counterproductive.[91] In November 2022, Indonesia and Russia issued a statement that Vladimir Putin would not attend the G20 summit in person, but may attend virtually.[94] During the 2022 summit, Ukrainian president Volodymyr Zelenskyy appeared in a video statement and repeatedly addressed the assembly as the 'G19' as a means of indicating his viewpoint that Russia should be removed from the group.[95]

See also

Notes

  1. ^ 19 countries and the European Union (EU).
  2. ^ If excluding EU intra-trade, 59%.
  3. ^ Summits were biannual in 2009 and 2010; since the November 2011 Cannes summit, G20 summits have been annual.
  4. ^ The de jure head of government of China is the Premier of the State Council, whose current holder is Li Keqiang. The President of China is legally a ceremonial office, but the General Secretary of the Chinese Communist Party (de facto leader in one-party communist state) and simultaneously the Chairman of the Central Military Commission (commander-in-chief) has always held this office since 1993 except for the months of transition, and the current paramount leader is Xi Jinping.
  5. ^ Estimate
  6. ^ Excluding intra-EU trade. The complete number is 13,099.0 bil. USD
  7. ^ 22 out of 27 EU states are classified as advanced

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Bibliography

  • Cooper, Andrew F. (2011). "The G20 and Its Regional Critics: The Search for Inclusion". Global Policy. 2 (2): 203–209. doi:10.1111/j.1758-5899.2011.00081.x. ISSN 1758-5899.
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Further reading

  • Haas, Peter M. (1992). (PDF). International Organization. 46 (1): 1–35. doi:10.1017/S0020818300001442. ISSN 1531-5088. JSTOR 2706951. S2CID 145360263. Archived from the original (PDF) on 6 September 2015.
  • Hajnal, Peter I. (2007). The G8 System and the G20: Evolution, Role and Documentation. Global Finance Series. Aldershot, England: Ashgate Publishing. ISBN 978-0-7546-4550-4.
  • Kirton, John J. (2013). G20 Governance for a Globalized World. Global Finance Series. Abingdon, England: Routledge. ISBN 978-1-4094-2829-9.
  • Reinalda, Bob; Verbeek, Bertjan, eds. (1998). Autonomous Policy Making by International Organizations. Routledge/ECPR Studies in European Political Science. Vol. 5. London: Routledge. ISBN 978-0-415-16486-3.
  • Samans, Richard; Uzan, Marc; Lopez-Claros, Augusto, eds. (2007). The International Monetary System, the IMF and the G-20: A Great Transformation in the Making?. Basingstoke, England: Palgrave Macmillan. ISBN 978-0-230-52495-8.
  • Firzli, Nicolas J. (2017). "G20 Nations Shifting the Trillions: Impact Investing, Green Infrastructure and Inclusive Growth" (PDF). Revue Analyse Financière. 64 (3): 15–18. (PDF) from the original on 2 August 2017.

External links

 
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March 04, 2023
other, uses, disambiguation, group, twenty, intergovernmental, forum, comprising, countries, european, union, works, address, major, issues, related, global, economy, such, international, financial, stability, climate, change, mitigation, sustainable, developm. For other uses see G20 disambiguation The G20 or Group of Twenty is an intergovernmental forum comprising 19 countries and the European Union EU It works to address major issues related to the global economy such as international financial stability climate change mitigation and sustainable development 3 G20Group of Twenty Member countries in the G 20 Countries represented through the membership of the European Union Countries permanently invited Spain Formation26 September 1999 23 years ago 1999 09 26 2008 2008 heads of state heads of government summits PurposeBring together systemically important industrialized and developing economies to discuss key issues in the global economy 1 Membership20 members a Argentina Australia Brazil Canada China France Germany India Indonesia Italy Japan Mexico Russia Saudi Arabia South Africa South Korea Turkey United Kingdom United States European UnionChairman Incumbent Narendra Modi Prime Minister of IndiaWebsitehttps g20 org en 2 The G20 is composed of most of the world s largest economies including both industrialised and developing nations 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 The G20 was founded in 1999 in response to several world economic crises 6 Since 2008 it has convened at least once a year with summits involving each member s head of government or state finance minister or foreign minister and other high ranking officials the EU is represented by the European Commission and the European Central Bank 7 8 c Other countries international organizations and nongovernmental organizations are invited to attend the summits some on a permanent basis In its 2009 summit the G20 declared itself the primary venue for international economic and financial cooperation 9 The group s stature has risen during the subsequent decade and it is recognised by analysts as exercising considerable global influence 10 it is also criticised for its limited membership 11 lack of enforcement powers 12 and for the alleged undermining of existing international institutions 11 Summits are often met with protests particularly by anti globalization groups 13 14 Contents 1 History 1 1 Founding 1 2 Early topics 2 Summits 2 1 List of summits 2 2 Chair rotation 3 Organization 3 1 Proposed permanent secretariat 4 Members 4 1 Leaders 4 1 1 Current Leaders 4 2 Member country data 4 3 Role of Asian countries 5 Invitees 6 Permanent guest invitees 7 Agenda 7 1 Financial focus 7 2 Inclusive growth 7 3 Interrelated themes 8 G20 Engagement Groups 9 Influence and accountability 10 Views on the G20 s exclusivity of membership 10 1 Norwegian perspective 10 2 Spanish position on membership 10 3 Polish aspirations 10 4 Global Governance Group 3G response 10 5 Foreign Policy critiques 10 6 Calls for removal of Russia 11 See also 12 Notes 13 References 13 1 Bibliography 14 Further reading 15 External linksHistory EditFounding Edit The G20 is the latest in a series of post World War II initiatives aimed at international coordination of economic policy which include institutions such as the Bretton Woods twins the International Monetary Fund and the World Bank and what is now the World Trade Organization 15 The G20 was foreshadowed at the Cologne summit of the G7 in June 1999 and formally established at the G7 Finance Ministers meeting on 26 September 1999 with an inaugural meeting on 15 16 December 1999 in Berlin Canadian finance minister Paul Martin was chosen as the first chairman and German finance minister Hans Eichel hosted the inaugural meeting 16 A 2004 report by Colin I Bradford and Johannes F Linn of the Brookings Institution asserted the group was founded primarily at the initiative of Eichel the concurrent chair of the G7 17 However Bradford later described then Finance Minister of Canada and future Prime Minister of Canada Paul Martin as the crucial architect of the formation of the G 20 at finance minister level and as the one who later proposed that the G 20 countries move to leaders level summits 18 Canadian academic and journalistic sources have also identified the G20 as a project initiated by Martin and his American counterpart then Treasury Secretary Larry Summers 19 20 21 22 All acknowledge however that Germany and the United States played a key role in bringing their vision into reality Martin and Summers conceived of the G20 in response to the series of massive debt crises that had spread across emerging markets in the late 1990s beginning with the Mexican peso crisis and followed by the 1997 Asian financial crisis the 1998 Russian financial crisis and eventually impacting the United States most prominently in the form of the collapse of the prominent hedge fund Long Term Capital Management in the autumn of 1998 19 20 21 It illustrated to them that in a rapidly globalizing world the G7 G8 and the Bretton Woods system would be unable to provide financial stability and they conceived of a new broader permanent group of major world economies that would give a voice and new responsibilities in providing it 19 21 The G20 membership was decided by Eichel s deputy Caio Koch Weser and Summers s deputy Timothy Geithner According to the political economist Robert Wade Geithner and Koch Weser went down the list of countries saying Canada in Portugal out South Africa in Nigeria and Egypt out and so on they sent their list to the other G7 finance ministries and the invitations to the first meeting went out 23 Early topics Edit The G20 s primary focus has been governance of the global economy Summit themes have varied from year to year The theme of the 2006 G20 ministerial meeting was Building and Sustaining Prosperity The issues discussed included domestic reforms to achieve sustained growth global energy and resource commodity markets reform of the World Bank and IMF and the impact of demographic changes In 2007 South Africa hosted the secretariat with Trevor A Manuel South African Minister of Finance as chairperson of the G20 In 2008 Guido Mantega Brazil s Minister of Finance was the G20 chairperson and proposed dialogue on competition in financial markets clean energy economic development and fiscal elements of growth and development On 11 October 2008 after a meeting of G7 finance ministers US President George W Bush stated that the next meeting of the G20 would be important in finding solutions to the burgeoning economic crisis of 2008 Summits EditThe Summit of G20 Finance Ministers and Central Bank Governors who prepare the leaders summit and implement their decisions was created as a response both to the financial crisis of 2007 2008 and to a growing recognition that key emerging countries were not adequately included in the core of global economic discussion and governance Additionally G20 summits of heads of state or government were held After the 2008 debut summit in Washington DC G20 leaders met twice a year in London and Pittsburgh in 2009 and in Toronto and Seoul in 2010 24 Since 2011 when France chaired and hosted the G20 the summits have been held only once a year 25 The 2016 summit was held in Hangzhou China 26 the 2017 summit was held in Hamburg Germany the 2018 summit was held in Buenos Aires Argentina the 2019 summit was held in Osaka Japan the 2020 summit was scheduled in Riyadh Saudi Arabia but it was held virtually due to Covid 19 the 2021 summit was held in Rome Italy and the 2022 summit was held in Bali Indonesia A number of other ministerial level G20 meetings have been held since 2010 Agriculture ministerial meetings were conducted in 2011 and 2012 meetings of foreign ministers were held in 2012 and 2013 trade ministers met in 2012 and 2014 and employment ministerial meetings have taken place annually since 2010 27 In 2012 the G20 Ministers of Tourism and Heads of Delegation of G20 member countries and other invited States as well as representatives from the World Travel and Tourism Council WTTC World Tourism Organization UNWTO and other organisations in the Travel amp Tourism sector met in Merida Mexico on May 16 at the 4th G20 meeting and focused on Tourism as a means to Job Creation As a result of this meeting and The World Travel amp Tourism Council s Visa Impact Research later on the Leaders of the G20 convened in Los Cabos on 18 19 June would recognise the impact of Travel amp Tourism for the first time That year the G20 Leaders Declaration added the following statement We recognise the role of travel and tourism as a vehicle for job creation economic growth and development and while recognizing the sovereign right of States to control the entry of foreign nationals we will work towards developing travel facilitation initiatives in support of job creation quality work poverty reduction and global growth 28 In March 2014 the former Australian foreign minister Julie Bishop when Australia was hosting the 2014 G20 summit in Brisbane proposed to ban Russia from the summit over its annexation of Ukrainian Crimea 29 The BRICS foreign ministers subsequently reminded Bishop that the custodianship of the G20 belongs to all Member States equally and no one Member State can unilaterally determine its nature and character In 2016 the G20 framed its commitment to the 2030 Agenda Sustainable Development Goals in three key themes the promotion of strong sustainable and balanced growth protection of the planet from degradation and furthering co operation with low income and developing countries At the G20 Summit in Hangzhou members agreed on an action plan and issued a high level principles document to member countries to help facilitate the agenda s implementation 30 31 Japan hosted the 2019 summit 32 The 2020 summit was to be held in Saudi Arabia 33 but was instead held virtually on 21 22 November 2020 due to the COVID 19 pandemic under the presidency of Saudi Arabia 2021 G20 Rome summit which was held in Rome the capital city of Italy on 30 31 October 2021 Indonesia held the G20 presidency from 1 December 2021 to 30 November 2022 During its presidency Indonesia has focused on the global COVID 19 pandemic and how to collectively overcome the challenges related to it The three priorities of Indonesia s G20 presidency global health architecture digital transformations sustainable energy transitions 34 India holds the G20 presidency from 1st December 2022 with the presidency theme of Vasudhaiva Kutumbakam One Earth One Family One Future 35 List of summits Edit Main article List of G20 summits Chair rotation Edit To decide which member nation gets to chair the G20 leaders meeting for a given year all members except the European Union are assigned to one of five different groupings with all but one group having four members the other having three Nations from the same region are placed in the same group except Group 1 and Group 2 All countries within a group are eligible to take over the G20 Presidency when it is their group s turn Therefore the states within the relevant group need to negotiate among themselves to select the next G20 President Each year a different G20 member country assumes the presidency starting from 1 December until 30 November This system has been in place since 2010 when South Korea which is in Group 5 held the G20 chair The table below lists the nations groupings 36 37 Group 1 Group 2 Group 3 Group 4 Group 5 Australia 2014 Canada 2010 1 Saudi Arabia 2020 United States 2008 India 2023 Russia 2013 South Africa 2025 Turkey 2015 Argentina 2018 Brazil 2024 Mexico 2012 France 2011 Germany 2017 Italy 2021 United Kingdom 2009 China 2016 Indonesia 2022 Japan 2019 South Korea 2010 2 To ensure continuity the presidency is supported by a troika made up of the current immediate past and next host countries 38 Organization EditThe G20 operates without a permanent secretariat or staff The group s chair rotates annually among the members and is selected from a different regional grouping of countries The incumbent chair establishes a temporary secretariat for the duration of its term which coordinates the group s work and organizes its meetings The 2021 summit was held in Italy The 2022 summit is held in Bali Indonesia The current chair is held by India The 2023 and 2024 summits will be hosted by India and Brazil respectively 39 Proposed permanent secretariat Edit In 2010 President of France Nicolas Sarkozy proposed the establishment of a permanent G20 secretariat similar to the United Nations Seoul and Paris were suggested as possible locations for its headquarters 40 Brazil and China supported the establishment of a secretariat while Italy and Japan expressed opposition to the proposal 40 South Korea proposed a cyber secretariat as an alternative 40 It has been argued that the G20 has been using the OECD as a secretariat 41 Members EditAs of 2023 update there are 20 members in the group Argentina Australia Brazil Canada China France Germany India Indonesia Italy South Korea Japan Mexico Russia Saudi Arabia South Africa Turkey the United Kingdom the United States and the European Union Guest invitees include amongst others Spain the United Nations the World Bank the African Union and ASEAN 42 43 Representatives include at the leaders summits the leaders of nineteen countries and of the European Union and at the ministerial level meetings the finance ministers and central bank governors of nineteen countries and of the European Union In addition each year the G20 s guests include Spain 44 the Chair of ASEAN two African countries the chair of the African Union and a representative of the New Partnership for Africa s Development NEPAD and a country sometimes more than one invited by the presidency usually from its own region 5 45 46 The first of the tables below lists the member entities and their leaders finance ministers and central bank governors The second table lists relevant statistics such as population and GDP figures for each member as well as detailing memberships of other international organizations such as the G7 BRICS and MIKTA Total GDP figures are given in millions of US dollars Leaders Edit Member Leader Finance portfolio Portfolio minister Central bank Central bank governor Argentina Alberto Fernandez Minister of Economy Sergio Massa Central Bank of the Argentine Republic Miguel Angel Pesce Australia Anthony Albanese Treasurer Jim Chalmers Reserve Bank of Australia Philip Lowe Brazil Luiz Inacio Lula da Silva Minister of Finance Fernando Haddad Central Bank of Brazil Roberto Campos Neto Canada Justin Trudeau Minister of Finance Chrystia Freeland Bank of Canada Tiff Macklem China Xi Jinping Minister of Finance Liu Kun People s Bank of China Yi Gang France Emmanuel Macron Minister of the Economy Bruno Le Maire Bank of France Francois Villeroy de Galhau Germany Olaf Scholz Minister of Finance Christian Lindner Deutsche Bundesbank Joachim Nagel India Narendra Modi Minister of Finance Nirmala Sitharaman Reserve Bank of India Shaktikanta Das Indonesia Joko Widodo Minister of Finance Sri Mulyani Bank Indonesia Perry Warjiyo Italy Giorgia Meloni Minister of Economy and Finance Giancarlo Giorgetti Bank of Italy Ignazio Visco Japan Fumio Kishida Minister of Finance Shunichi Suzuki Bank of Japan Haruhiko Kuroda Mexico Andres Manuel Lopez Obrador Secretary of Finance and Public Credit Rogelio Ramirez de la O Bank of Mexico Victoria Rodriguez Ceja es South Korea Yoon Suk yeol Minister of Economy and Finance Choo Kyung ho Bank of Korea Rhee Chang yong Russia Vladimir Putin Minister of Finance Anton Siluanov Bank of Russia Elvira Nabiullina Saudi Arabia Mohammed bin Salman Minister of Finance Mohammed Al Jadaan Saudi Central Bank Fahad Almubarak South Africa Cyril Ramaphosa Minister of Finance Enoch Godongwana South African Reserve Bank Lesetja Kganyago Turkey Recep Tayyip Erdogan Minister of Treasury and Finance Nureddin Nebati Central Bank of the Republic of Turkey Sahap Kavcioglu United Kingdom Rishi Sunak Chancellor of the Exchequer Jeremy Hunt Bank of England Andrew Bailey United States Joe Biden Secretary of the Treasury Janet Yellen Federal Reserve Jerome Powell European Union 47 Charles Michel and Ursula von der Leyen Commissioner for Economy Paolo Gentiloni European Central Bank Christine LagardeCurrent Leaders Edit ArgentinaAlberto Fernandez President AustraliaAnthony Albanese Prime Minister BrazilLuiz Inacio Lula da Silva President CanadaJustin Trudeau Prime Minister ChinaXi Jinping President d FranceEmmanuel Macron President GermanyOlaf Scholz Chancellor IndiaNarendra Modi Prime Minister IndonesiaJoko Widodo President ItalyGiorgia Meloni Prime Minister JapanFumio Kishida Prime Minister MexicoAndres Manuel Lopez Obrador President South KoreaYoon Suk yeol President RussiaVladimir Putin President Saudi ArabiaMohammed bin Salman Prime Minister South AfricaCyril Ramaphosa President TurkeyRecep Tayyip Erdogan President United KingdomRishi Sunak Prime Minister United StatesJoe Biden President European UnionCharles Michel President of theEuropean Council European UnionUrsula von der Leyen President of theEuropean CommissionMember country data Edit Member Tradebil USD 2021 48 Nom GDPmil USD 2022 49 PPP GDPmil USD 2022 49 Nom GDP per capitaUSD 2022 50 51 PPP GDP per capitaUSD 2022 49 HDI 2021 Population 2022 52 Areakm2 P5 G4 G7 BRICS MIKTA DAC OECD C wth OPEC NATO IMF economy classification 53 54 Argentina 141 1 630 698 1 207 228 13 622 26 074 0 842 46 300 000 2 780 400 No No No No No No No No No No Emerging Australia 606 0 1 724 787 1 615 286 66 408 62 192 0 951 26 141 369 7 692 024 No No No No Yes Yes Yes Yes No No Advanced Brazil 515 5 1 894 708 3 782 763 8 857 17 684 0 754 217 240 060 8 515 767 No Yes No Yes No No No No No No Emerging Canada 1 011 6 2 200 352 2 240 390 56 794 57 827 0 936 38 743 000 9 984 670 No No Yes No No Yes Yes Yes No Yes Advanced China 6 052 5 18 321 197 30 074 380 12 970 21 291 0 768 1 448 401 200 9 596 960 Yes No No Yes No No No No No No Emerging France 1 298 9 2 778 090 3 688 323 42 330 56 200 0 903 68 305 148 640 679 Yes No Yes No No Yes Yes No No Yes Advanced Germany 3 052 1 4 031 149 5 316 933 48 398 63 835 0 942 84 316 622 357 114 No Yes Yes No No Yes Yes No No Yes Advanced India 968 3 3 468 566 11 665 486 2 466 8 293 0 633 1 406 632 000 3 287 263 No Yes No Yes No No No Yes No No Emerging Indonesia 425 9 1 289 429 4 023 501 4 691 14 638 0 705 279 088 893 1 904 569 No No No No Yes No No No No No Emerging Italy 1 167 8 1 996 934 3 022 162 33 740 51 062 0 895 61 095 551 301 336 No No Yes No No Yes Yes No No Yes Advanced Japan 1 525 0 4 300 621 6 109 961 34 358 48 813 0 925 125 592 404 377 930 No Yes Yes No No Yes Yes No No No Advanced Mexico 1 017 2 1 424 533 2 919 875 10 948 22 440 0 758 131 541 424 1 964 375 No No No No Yes No Yes No No No Emerging South Korea 1 259 5 1 734 207 2 765 834 33 592 53 574 0 925 51 844 834 100 210 No No No No Yes Yes Yes No No No Advanced Russia 797 8 2 133 092 4 649 674 14 665 31 967 0 822 145 807 429 17 098 242 Yes No No Yes No No No No No No Emerging Saudi Arabia 429 0 1 010 588 2 018 260 27 941 55 802 0 875 36 168 000 2 149 690 No No No No No No No No Yes No Emerging South Africa 237 6 e 411 480 949 846 6 739 15 556 0 713 61 060 000 1 221 037 No No No Yes No No No Yes No No Emerging Turkey 496 6 853 487 3 320 994 9 961 38 759 0 838 85 551 932 783 562 No No No No Yes No Yes No No Yes Emerging United Kingdom 1 162 0 3 198 470 3 776 044 47 318 55 862 0 929 68 492 933 242 495 Yes No Yes No No Yes Yes Yes No Yes Advanced United States 4 689 6 25 035 164 25 035 164 75 180 75 180 0 921 337 341 954 9 833 517 Yes No Yes No No Yes Yes No No Yes Advanced European Union 5 078 1 f 16 613 060 24 048 856 37 276 53 960 0 900 446 828 803 4 233 262 No No Yes No No Yes No No No No Advanced majority g In addition to these 20 members the chief executive officers of several other international forums and institutions participate in meetings of the G20 5 These include the managing director and Chairman of the International Monetary Fund the President of the World Bank the International Monetary and Financial Committee and the Chairman of the Development Assistance Committee The G20 s membership does not reflect exactly the 20 largest economies of the world in any given year as the organization states 1 In a forum such as the G20 it is particularly important for the number of countries involved to be restricted and fixed to ensure the effectiveness and continuity of its activity There are no formal criteria for G20 membership and the composition of the group has remained unchanged since it was established In view of the objectives of the G20 it was considered important that countries and regions of systemic significance for the international financial system be included Aspects such as geographical balance and population representation also played a major part Role of Asian countries Edit A 2011 report released by the Asian Development Bank ADB predicted that large Asian economies such as China and India would play a more important role in global economic governance in the future The report claimed that the rise of emerging market economies heralded a new world order in which the G20 would become the global economic steering committee 55 The ADB furthermore noted that Asian countries had led the global recovery following the late 2000s recession It predicted that the region would have a greater presence on the global stage shaping the G20 s agenda for balanced and sustainable growth through strengthening intraregional trade and stimulating domestic demand 55 Invitees Edit G20 members dark blue countries represented through the European Union light blue and previously invited states pink as of 2016 Typically several participants that are not full members of the G20 are extended invitations to participate in the summits Permanent guest invitees are the government of Spain 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 are invited in their capacities as leaders of their organisations and as heads of government of their home states In addition the leaders of the Financial Stability Board the International Labour Organization the International Monetary Fund the Organisation for Economic Co operation and Development the United Nations the World Bank Group and the World Trade Organization are invited and participate in pre summit planning within the policy purview of their respective organisation 56 44 57 Other invitees are chosen by the host country usually one or two countries from its own region 57 For example South Korea invited Singapore International organisations which have been invited in the past include the Asia Pacific Economic Cooperation APEC the Basel Committee on Banking Supervision BCBS the Commonwealth of Independent States CIS the Eurasian Economic Community EAEC the European Central Bank ECB the Food and Agriculture Organization FAO the Global Governance Group 3G and the Gulf Cooperation Council GCC Previously the Netherlands had a similar status to Spain while the rotating presidency of the Council of the European Union would also receive an invitation but only in that capacity and not as their own state s leader such as the Czech premiers Mirek Topolanek and Jan Fischer during the 2009 summits Permanent guest invitees EditInvitee Officeholder State Official titleAfrican Union AU Azali Assoumani Comoros President Chairperson since February 2023Association of Southeast Asian Nations ASEAN Joko Widodo Indonesia President Chairperson since February 2023Kao Kim Hourn Secretary GeneralFinancial Stability Board FSB Klaas Knot ChairpersonFood and Agriculture Organization FAO Qu Dongyu Director GeneralInternational Labour Organization ILO Guy Ryder Director GeneralInternational Monetary Fund IMF Kristalina Georgieva Managing DirectorSpain 44 Pedro Sanchez Spain Prime MinisterNew Partnership for Africa s Development AUDA NEPAD Paul Kagame Rwanda President chair Organisation for Economic Co operation and Development OECD Mathias Cormann Secretary GeneralUnited Nations UN Antonio Guterres Secretary GeneralWorld Bank Group WBG David Malpass PresidentWorld Health Organization WHO Tedros Adhanom Director GeneralWorld Trade Organization WTO Ngozi Okonjo Iweala Director GeneralAgenda EditFinancial focus Edit The initial G20 agenda as conceived by US Canadian and German policy makers was very much focused on the sustainability of sovereign debt and global financial stability in an inclusive format that would bring in the largest developing economies as equal partners During a summit in November 2008 the leaders of the group pledged to contribute trillions to international finance organizations including the World Bank and IMF mainly for re establishing the global financial system 58 59 Since inception the recurring themes covered by G20 summit participants have related in priority to global economic growth international trade and financial market regulation 60 Inclusive growth Edit The G20 countries account for almost 75 of the global carbon emissions 61 After the adoption of the UN Sustainable Development Goals and the Paris Climate Agreement in 2015 more issues of global significance 60 62 were added to the G20 agenda migration digitisation employment healthcare the economic empowerment of women and development aid 63 Despite promises G20 nations subsidised fossil fuel companies over 3 3 trillion between 2015 and 2021 61 The G20 countries account for almost 75 of the global carbon emissions and promised in 2009 to phase out inefficient subsidies Despite these promises G20 nations have subsidised fossil fuel companies over 3 3 trillion between 2015 and 2021 with several nations increasing subsidies Australia 48 2 US 36 7 Indonesia 26 6 France 23 8 China 4 1 Brazil 3 0 Mexico 2 6 61 China alone generates over half of the coal generated electricity in the world 64 Interrelated themes Edit Wolfgang Schauble German Federal Minister of Finance has insisted on the interconnected nature of the issues facing G20 nations be they purely financial or developmental and the need to reach effective cross cutting policy measures Globalization has lifted hundreds of millions out of poverty but there is also a growing rise in frustration in some quarters development national security and migration are all interlinked 62 G20 Engagement Groups EditThe G20 Engagement Groups are independent collectives that are led by organisations of the host country They represent a diverse group of stakeholders and work collectively to develop non binding policy recommendations formally submitted to the G20 leaders for consideration For the 2022 G20 hosted by Indonesia there are 10 Engagement Groups formed to facilitate independent stakeholders in developing proposals and policy recommendations to G20 leaders Influence and accountability EditThe G20 s prominent membership gives it a strong input on global policy despite lacking any formal ability to enforce rules There are disputes over the legitimacy of the G20 65 and criticisms of its organisation and the efficacy of its declarations 66 The G20 s transparency and accountability have been questioned by critics who call attention to the absence of a formal charter and the fact that the most important G20 meetings are closed door 67 In 2001 the economist Frances Stewart proposed an Economic Security Council within the United Nations as an alternative to the G20 In such a council members would be elected by the General Assembly based on their importance to the world economy and the contribution they are willing to provide to world economic development 68 The cost and extent of summit related security is often a contentious issue in the hosting country and G20 summits have attracted protesters from a variety of backgrounds including information activists opponents of fractional reserve banking and anti capitalists In 2010 the Toronto G20 summit sparked mass protests and rioting leading to the largest mass arrest in Canada s history 69 Views on the G20 s exclusivity of membership EditAlthough the G20 has stated that the group s economic weight and broad membership gives it a high degree of legitimacy and influence over the management of the global economy and financial system 70 its legitimacy has been challenged A 2011 report for the Danish Institute for International Studies criticised the G20 s exclusivity particularly highlighting its underrepresentation of African countries and its practice of inviting observers from non member states as a mere concession at the margins which does not grant the organisation representational legitimacy 71 With respect to the membership issue US President Barack Obama noted the difficulty of pleasing everyone Everybody wants the smallest possible group that includes them So if they re the 21st largest nation in the world they want the G21 and think it s highly unfair if they have been cut out 72 Others stated in 2011 that the exclusivity is not an insurmountable problem and proposed mechanisms by which it could become more inclusive 73 Norwegian perspective Edit In line with Norway s emphasis on inclusive international processes the United Nations and the UN system in a 2010 interview with Der Spiegel the current prime minister of Norway Jonas Gahr Store called the G20 one of the greatest setbacks since World War II 11 as 173 nations who are all members of the UN are not among the G20 This includes Norway a major developed economy and the seventh largest contributor to UN international development programs 74 which is not a member of the EU and thus is not represented in the G20 even indirectly 11 Norway like other such nations has little or no voice within the group Store argued that the G20 undermines the legitimacy of international organizations set up in the aftermath of World War II such as the IMF World Bank and United Nations The G20 is a self appointed group Its composition is determined by the major countries and powers It may be more representative than the G7 or the G8 in which only the richest countries are represented but it is still arbitrary We no longer live in the 19th century a time when the major powers met and redrew the map of the world No one needs a new Congress of Vienna 11 Norway under the government of Erna Solberg attended the 2017 G20 summit in Hamburg Germany 75 Spanish position on membership Edit Spain is the world s thirteenth largest economy by nominal GDP the fifteenth largest by purchasing power parity the fourth in the European Union the second among Spanish speaking countries the third in Iberoamerica In addition since the 1990s several Spanish companies have gained multinational status and Spain is an important foreign investor worldwide Its numbers clearly exceed the numbers of several current members of the G20 such as Argentina or South Africa These facts supported the idea by whom that Spain should seek permanent membership of the G20 However Spain a permanent guest does not plan to request official membership 44 Polish aspirations Edit In contrast with the Spanish position the Polish government has repeatedly asked to join the G20 Before the 2009 G20 London summit the Polish government expressed an interest in joining with Spain and the Netherlands and condemned an organisational mess in which a few European leaders speak in the name of all the EU without legitimate authorisation in cases which belong to the European Commission citation needed During a 2010 meeting with foreign diplomats Polish president Lech Kaczynski said The Polish economy is according to our data the 18th world economy The place of my country is among the members of the G20 This is a very simple postulate firstly it results from the size of the Polish economy secondly it results from the fact that Poland is the biggest country in its region and the biggest country that has experienced a certain story That story is a political and economic transformation 76 In 2012 Tim Ferguson wrote in Forbes that swapping Argentina for Poland should be considered claiming that the Polish economy was headed toward a leadership role in Europe and its membership would be more legitimate 77 78 A similar opinion was expressed by Marcin Sobczyk in the Wall Street Journal 79 Mamta Murthi from the World Bank said To be in a club what Poland can do is to continue working as if it already is in the club it wants to join 80 In 2014 consulting company Ernst amp Young published its report about optimal members for G20 After analyzing trade institutional and investment links Poland was included as one of the optimal members 81 G20 membership has been part of the look program of Poland s Law and Justice party and President Andrzej Duda 82 In March 2017 Deputy Prime Minister of Poland Mateusz Morawiecki took part in a meeting of G20 financial ministers in Baden Baden as the first Polish representative 83 84 Global Governance Group 3G response Edit In June 2010 Singapore s representative to the United Nations warned the G20 that its decisions would affect all countries big and small and asserted that prominent non G20 members should be included in financial reform discussions 85 Singapore thereafter took a leading role in organizing the Global Governance Group 3G an informal grouping of 30 non G20 countries including several microstates and many Third World countries with the aim of collectively channelling their views into the G20 process more effectively 86 87 88 Singapore s chairing of the 3G was cited as a rationale for inviting Singapore to the November 2010 G20 summit in South Korea 89 as well as the 2011 2013 2014 2015 2016 and 2017 summits citation needed Foreign Policy critiques Edit The American magazine Foreign Policy has published articles condemning the G20 in terms of its principal function as an alternative to the supposedly exclusive G8 It questions the actions of some of the G20 members and advances the notion that some nations should not have membership in the first place Furthermore with the effects of the Great Recession still ongoing the magazine has criticized the G20 s efforts to implement reforms of the world s financial institutions branding such efforts as failures 90 Calls for removal of Russia Edit In March 2022 following Russia s invasion of Ukraine U S President Joe Biden called for the removal of Russia from the group Alternatively he suggested that Ukraine be allowed to attend the 2022 summit despite its lack of membership 91 Canadian Prime Minister Justin Trudeau also said the group should re evaluate Russia s participation 92 Russia claims it would not be a significant issue as most G20 members are already fighting Russia economically due to the war 93 China suggested that expelling Russia would be counterproductive 91 In November 2022 Indonesia and Russia issued a statement that Vladimir Putin would not attend the G20 summit in person but may attend virtually 94 During the 2022 summit Ukrainian president Volodymyr Zelenskyy appeared in a video statement and repeatedly addressed the assembly as the G19 as a means of indicating his viewpoint that Russia should be removed from the group 95 See also EditModel G20 G8 G7 League of NationsNotes Edit 19 countries and the European Union EU If excluding EU intra trade 59 Summits were biannual in 2009 and 2010 since the November 2011 Cannes summit G20 summits have been annual The de jure head of government of China is the Premier of the State Council whose current holder is Li Keqiang The President of China is legally a ceremonial office but the General Secretary of the Chinese Communist Party de facto leader in one party communist state and simultaneously the Chairman of the Central Military Commission commander in chief has always held this office since 1993 except for the months of transition and the current paramount leader is Xi Jinping 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mfa 22 September 2016 Retrieved 23 July 2017 SIIA welcomes new 3G initiative for small states Singapore Institute of International Affairs 12 February 2010 Retrieved 16 November 2013 Statement by Singapore on behalf of the Global Governance Group PDF Archived 14 May 2011 at the Wayback Machine United Nations 2 June 2010 Retrieved 12 February 2013 Singapore among five non G20 nations to attend Seoul Summit International Business Times 25 September 2010 Retrieved 12 February 2013 Truman Edwin M 12 April 2012 The G 20 Is Failing Foreign Policy Retrieved 24 April 2012 a b Sommerlad Joe 25 March 2022 What is the G20 and could Russia be expelled The Independent Retrieved 25 March 2022 Boisvert Nick 31 March 2022 Trudeau calls on G20 to reconsider Russia s seat at the table CBC News Retrieved 31 March 2022 Pettypiece Shannon 24 March 2022 Biden says allies must stay united against Russia expel it from the G 20 NBC News Retrieved 25 March 2022 Teresia Ananda 10 November 2022 Russia s Putin will not attend G20 summit in Bali in person Reuters Retrieved 12 November 2022 Wong Tessa 15 November 2022 Ukraine Zelensky snubs Russia as he addresses G19 at G20 BBC Retrieved 15 November 2022 Bibliography Edit Cooper Andrew F 2011 The G20 and Its Regional Critics The Search for Inclusion Global Policy 2 2 203 209 doi 10 1111 j 1758 5899 2011 00081 x ISSN 1758 5899 Gilpin Robert 2001 Global Political Economy Understanding the International Economic Order Princeton New Jersey Princeton University Press ISBN 978 0 691 08676 7 Markwell Donald 2006 John Maynard Keynes and International Relations Economic Paths to War and Peace Oxford University Press doi 10 1093 acprof oso 9780198292364 001 0001 ISBN 978 0 19 829236 4 Wade Robert 2009 From Global Imbalances to Global Reorganisations Cambridge Journal of Economics 33 4 539 562 doi 10 1093 cje bep032 ISSN 1464 3545 Woods Ngaire 2006 The Globalizers The IMF the World Bank and Their Borrowers Cornell Studies in Money Ithaca New York Cornell University Press ISBN 978 0 8014 4424 1 JSTOR 10 7591 j ctt1ffjpgn Wouters Jan Van Kerckhoven Sven 2011 OECD and the G20 An Ever Closer Relationship PDF George Washington International Law Review 43 2 345 374 ISSN 1534 9977 Archived from the original PDF on 12 August 2017 Retrieved 7 July 2017 Further reading EditHaas Peter M 1992 Introduction Epistemic Communities and International Policy Coordination PDF International Organization 46 1 1 35 doi 10 1017 S0020818300001442 ISSN 1531 5088 JSTOR 2706951 S2CID 145360263 Archived from the original PDF on 6 September 2015 Hajnal Peter I 2007 The G8 System and the G20 Evolution Role and Documentation Global Finance Series Aldershot England Ashgate Publishing ISBN 978 0 7546 4550 4 Kirton John J 2013 G20 Governance for a Globalized World Global Finance Series Abingdon England Routledge ISBN 978 1 4094 2829 9 Reinalda Bob Verbeek Bertjan eds 1998 Autonomous Policy Making by International Organizations Routledge ECPR Studies in European Political Science Vol 5 London Routledge ISBN 978 0 415 16486 3 Samans Richard Uzan Marc Lopez Claros Augusto eds 2007 The International Monetary System the IMF and the G 20 A Great Transformation in the Making Basingstoke England Palgrave Macmillan ISBN 978 0 230 52495 8 Firzli Nicolas J 2017 G20 Nations Shifting the Trillions Impact Investing Green Infrastructure and Inclusive Growth PDF Revue Analyse Financiere 64 3 15 18 Archived PDF from the original on 2 August 2017 External links Edit Wikimedia Commons has media related to G20 Official website G20 website of the OECD G20 Information Centre from the University of Toronto A Guide To Committees Groups And Clubs from the International Monetary Fund G20 Special Report from The Guardian G20 Special Report Inter Press Service Archived from the original on 12 June 2010 The G20 s role in the post crisis world by FRIDE The Group of Twenty A History 2007 Economics for Everyone G20 Gearing for Growth Portal Politics Retrieved from https en 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