G20

The Group of Twenty (G20) is the central forum for international cooperation on financial and economic issues. 

• The G20 countries account for more than 80% of gross world product and three-quarters of global trade, and are home to almost two-thirds of the world’s population. 
• Its decisions are influential and help to bring about reform at national and multinational levels.
• The G20 comprises 19 countries plus the EU. 
• These countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom (UK) and the United States of America (USA).
• International organisations also participate regularly in the G20 summits, that is, the International Monetary Fund (IMF), the World Bank (WB), the Financial Stability Board (FSB), the Organisation for Economic Co-operation and Development (OECD), the World Trade Organization (WTO), the International Labour Organization (ILO) and the United Nations (UN). 
• Furthermore, each Presidency can invite other countries, regional organisations and international organisations to the summit.

History:-

• The meeting of G7 finance ministers and central bank governors was expanded to the G20 format for the first time in 1999 prompted by the turbulence on the international financial markets during the Asian crisis. 
• The aim was of studying, reviewing, and promoting high-level discussion of policy issues pertaining to the promotion of international financial stability.
• During the financial crisis in 2008, it quickly became apparent that the necessary crisis coordination would only be possible at the highest political level.
• As a result, the meetings of G20 finance ministers and central bank governors were raised to the level of heads of state and government. 

• Since then, the G20 leaders have met regularly, and the G20 has become the central forum for international economic cooperation.
• The G20 is not an international organisation, but rather what is known as an informal forum. 
• This means it does not adopt decisions that have a direct legal impact.
• The G20 does not have an administrative council with a permanent secretariat or a permanent delegation of its members. 
• This is why the Presidency, which rotates on an annual basis, plays a particularly important role. 
• For 2017 the presidency rests with Germany and the summit will be held in Hamburg.  

11th G20 Summit was held in Hangzhou, China from 04-05 September, 2016 .

• The theme of the Summit was “Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy”.