G20
The G20 or Group of 20 is an intergovernmental forum comprising 19 sovereign countries, the European Union (EU), and the African Union (AU). It works to address major issues related to the global economy, such as international financial stability, climate change mitigation and sustainable development.
Group of Twenty | |
Member countries of the G20
Countries represented through the membership of the European Union
Countries represented through the membership of the African Union
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| Formation | 26 September 1999 2008 (heads-of-state/heads-of-government summits) |
|---|---|
| Type | International organization |
| Purpose | Bring together systemically important industrialized and developing economies to discuss key issues in the global economy. |
Membership | |
Chairman (Incumbent) | Lula da Silva, President of Brazil |
| Website | g20 |
The G20 is composed of most of the world's largest economies' finance ministries, including both industrialised and developing countries; it accounts for around 80% of gross world product (GWP), 75% of international trade, two-thirds of the global population, and 60% of the world's land area.
The G20 was founded in 1999 in response to several world economic crises. 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. Other countries, international organizations, and nongovernmental organizations are invited to attend the summits, some permanently. In 2023, during its 2023 summit, the African Union joined as its 21st member.
In its 2009 summit, the G20 declared itself the primary venue for international economic and financial cooperation. The group's stature has risen during the subsequent decade, and it is recognised by analysts as exercising considerable global influence; it is also criticised for its limited membership, lack of enforcement powers, and for the alleged undermining of existing international institutions. Summits are often met with protests, particularly by anti-globalization groups.