Assignment-8 M Harish Vardhan

 HISTORY OF G20

The Group of Twenty (G20) is the premier international forum for global economic cooperation.
The members of the G20 are:

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy,
Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United
Kingdom, United States, and the European Union.

G20 members account for 85 per cent of the world economy, 75 per cent of global trade, and
two-thirds of the world's population, including more than half of the world's poor. G20 leaders
meet annually at the G20 Summit. Finance Ministers and Central Bank Governors meet
regularly. G20 ministerial meetings (e.g. trade, health, employment, agriculture) also occur as
each G20 Presidency decides. G20 Engagement groups maintain a dialogue with policy makers.
These groups represent civil society, business and labor leaders, the scientific and research
community, think-tanks, women, and youth.

 Origin and Evolution

The G20 was created in response to both to the financial crises that arose in a number

of emerging economies in the 1990s and to a growing recognition that some of these

countries were not adequately represented in global economic discussion and

governance.

In December 1999, the Finance Ministers and Central Bank Governors of advanced and

emerging countries of systemic importance met for the first time in Berlin, Germany, for

an informal dialogue on key issues for global economic stability. Since then, Finance

Ministers and Central Bank Governors have met annually. India hosted a meeting of

G20 finance ministers and central bank governors in 2002. G20 was raised to the

Summit level in 2008 to address the global financial and economic crisis of 2008.

 The objectives of the G20 are:

a) Policy coordination between its members in order to achieve global economic stability,
sustainable growth;

b) To promote financial regulations that reduce risks and prevent future financial crises; and

c) To create a new international financial architecture.

Assignment-8 M Harish Vardhan

 MAIN FUNCTIONS OF G20 SUMMIT:

i. 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
reestablishing the global financial system.

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

ii. INCLUSIVE GROWTH

After the adoption of the UN Sustainable Development Goals and the Paris Climate Agreement
in 2015, more "issues of global significance"were added to the G20 agenda: migration,
digitization, employment, healthcare, the economic empowerment of women and development
aid.

iii. 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

PREVIOUS SUMMIT MEETINGS

Till now 14 summits has been held in different countries across the globe from 2008-2019

1. June 28-29, 2019, in Osaka, Japan:

G-20 members expressed concerns about U.S. protectionism and how it could slow
global growth. U.S. President Donald Trump met with China's President Xi Jinping to
discuss the ongoing trade war. The G-20 leaders pledged to have the World Trade
Organization oversee rules on online trade. They also called for the U.S. to appoint new
judges to staff the WTO's trade dispute function.

2. Nov. 30-Dec. 1, 2018, in Buenos Aires, Argentina:

Trump and Xi agreed to start trade negotiations and stop the escalation of their
trade war. Trump canceled a meeting with Russian President Vladimir Putin to protest
Russia's attack on Ukraine. Trump signed the new NAFTA agreement with Mexico and
Assignment-8 M Harish Vardhan

Canada. All countries except the U.S. reaffirmed their commitment to the Paris Climate
Accord.

3. July 7-8, 2017, in Hamburg, Germany:

The meeting focused on climate change and global trade but made little progress with
Trump opposing the views of the other 19 countries.

4. Sept. 4-5, 2016, in Hangzhou, China:

Both the U.S. and China agreed to ratify the Paris climate change agreement. They
are the two worst emitters of greenhouse gases. Russia and the United States did not
agree on ending the Syrian war.

5. Nov. 15-16, 2015, in Antalya, Turkey:

The meeting focused on responding to the terrorist attacks in Paris. The members
agreed to tighten border surveillance against threats. At the same time, they would admit
refugees who were escaping the war against ISIS.

6. Nov. 15-16, 2014, in Brisbane, Queensland, Australia:

The meeting condemned Russia's attack on Ukraine. All members promised to work
together to increase global GDP growth to 2.1% percent by 2018. That would add $2
trillion to global economies. The U.S. and Europe pressured the group to take strong
action on climate change

7. Sept. 5-6, 2013, in St. Petersburg, Russia:

Unofficially, the meeting focused on a response to Syria's chemical weapons attack.
Obama sought support for a U.S. strike, while others argued for economic sanctions.
Russia supports the Syrian government with arms and trade. China is concerned about an
increase in oil prices. France, Turkey and Saudi Arabia support an airstrike. Officially,
the leaders focused on spurring global economic growth.

8. June 18-19, 2012, in Los Cabos, Mexico:

The summit focused on the Eurozone debt crisis. The G-20 pressured German
Chancellor Angela Merkel to work with other European Union leaders. They wanted a
more sustainable grand plan to resolve the Greece debt crisis.

9. Nov. 2-4, 2011, in Cannes, France:

The summit addressed the Greek debt crisis. Members agreed on plans to create jobs.

10. Nov. 11-12, 2010, in Seoul, South Korea:

Assignment-8 M Harish Vardhan

In advance of the G-20 meeting, finance ministers pledged to stop the currency wars.
They occurred primarily between China and the United States and could create global
inflation in food, oil prices, and other commodities.

11. June 26-27, 2010, in Toronto, Canada:

Leaders agreed to cut their budget deficits in half by 2013. They promised to eliminate
deficits three years later.

12. April 1-2, 2009, in London, United Kingdom:

G-20 leaders pledged $1 trillion to the IMF and World Bank to help emerging market
countries ward off the effects of the recession. They promised $250 billion in trade
finance. They also agreed to develop new financial regulations, create a supervisory
body, and crack down on hedge funds
.
13. Sept. 24-25, 2009, in Pittsburgh, Pennsylvania:
Leaders established a new Financial Stability Board to develop standard financial
regulations for all G-20 countries by working with the World Bank and the IMF.

14. Nov. 16-17, 2008, in Washington, D.C.:

The G-20 held its first-ever summit. Before this meeting, the G-7 guided most global
economic plans. The topic was the 2008 financial crisis. Emerging market leaders asked
the U.S. to regulate its financial markets better, but the U.S. refused. The leaders also
wanted better regulation of hedge funds and debt-rating companies such as Standard &
Poors. They also sought to strengthen standards for accounting and derivatives. One of
the causes of the financial crisis was insufficient regulations and standards.