Professional Documents
Culture Documents
• Acknowledgement.
• Certificate.
• Index
• Introduction of topic.
• Conclusion
• Bibliography.
Introduction of topic.
The G20 or Group of 20 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]
The G20 is composed of most of the world's largest economies finance ministries, 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]
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 .
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.
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. 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". 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. 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. 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.
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.
Or
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.
BACKGROUND
The Group of Twenty (G20) comprises 19 countries (Argentina, Australia, Brazil, Canada, China, France,
Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa,
Türkiye, United Kingdom, and United States) and European Union. The G20 members represent around
85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population.
G20 is the premier forum for international economic cooperation and it plays an important role in
shaping and strengthening global architecture and governance on all major international economic
issues.
The G20 does not have a permanent secretariat or staff. Instead, the G20 Presidency rotates annually
among the members and is selected from a different regional grouping of countries. The 19 member
countries are therefore divided up into five groups comprising a maximum of four countries each. Most
of the groups are formed on a regional basis, that is countries from the same region are usually put in
the same group. Only Group 1 (Australia, Canada, Saudi Arabia and the United States) and Group 2
(India, Russia, South Africa and Türkiye) do not follow this pattern. Group 3 includes Argentina, Brazil,
and Mexico; Group 4 includes France, Germany, Italy, and United Kingdom; and Group 5 includes China,
Indonesia, Japan, and Republic of Korea. The EU, the 20th member, is not a member of any of these
regional groups.
Each year another country from a different group assumes the G20 Presidency. The countries in a group
are each equally entitled to take on the Presidency when it is their group's turn, though. India, from
Group 2, holds the current Presidency of the G20 from 1 December 2022 to 30 November 2023.
The G20 Presidency is responsible for bringing together the G20 agenda in consultation with other
members and in response to developments in the global economy. To ensure continuity, the Presidency
is supported by a “troika” made up of the current, immediate past and next host countries.
During India’s Presidency, the members of the G20 troika are Indonesia, India and Brazil.
Details of the topic.
Agenda[edit]
Financial focus[edit]
The initial G20 agenda, as conceived by US, Canadian and German policymakers, 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 financial
organizations, including the World Bank and IMF, mainly for re-establishing the global financial
system.[56][57]
Since inception, the recurring themes covered by G20 summit participants have related in priority to
global economic growth, international trade and financial market regulation.[58]
Inclusive growth[edit]
The G20 countries account for almost 75% of global carbon emissions.[59] After the adoption of
the UN Sustainable Development Goals and the Paris Climate Agreement in 2015, more "issues of
global significance"[58][60] were added to the G20 agenda: migration, digitisation, employment,
healthcare, the economic empowerment of women and development aid.[61] Despite promises G20
nations subsidised fossil fuel companies over $3.3 trillion between 2015 and 2021.[59]
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%), the US (+36.7%), Indonesia (+26.6%), France (+23.8%), China (+4.1%), Brazil
(+3.0%), Mexico (+2.6%).[59] China alone generates over half of the coal-generated electricity in the
world.[62]
Interrelated themes[edit]
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"[60]
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. Because 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.[53] 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.
Summits[edit]
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’.
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]
To ensure continuity, the presidency is supported by a "troika" made up of the current, immediate
past and next host countries.[38]
Organization[edit]
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]
Members[edit]
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[edit]
Finance Portfolio Central bank
Member Leader Central bank
portfolio minister governor
Central Bank of
Minister of Sergio
Argentina Alberto Fernández the Argentine Miguel Ángel Pesce
Economy Massa
Republic
Finance Freeland
Minister of
Indonesia Joko Widodo Sri Mulyani Bank Indonesia Perry Warjiyo
Finance
Minister of
Giancarlo
Italy Giorgia Meloni Economy and Bank of Italy Ignazio Visco
Giorgetti
Finance
Minister of Shunichi
Japan Fumio Kishida Bank of Japan Kazuo Ueda
Finance Suzuki
Secretary of Rogelio
Andrés Manuel Victoria Rodríguez
Mexico Finance and Ramírez de Bank of Mexico
López Obrador Ceja [es]
Public Credit la O
Minister of
South Choo Kyung-
Yoon Suk-yeol Economy and Bank of Korea Rhee Chang-yong
Korea ho
Finance
Finance Portfolio Central bank
Member Leader Central bank
portfolio minister governor
Minister of Anton
Russia Vladimir Putin Bank of Russia Elvira Nabiullina
Finance Siluanov
Charles
European Commissioner for Paolo European
Michel and Ursula Christine Lagarde
Union[47] Economy Gentiloni Central Bank
von der Leyen
Current Leaders[edit]
Argentina
Alberto Fernández,
President
Australia
Anthony Albanese,
Prime Minister
Brazil
Luiz Inácio Lula da Silva,
President
Canada
Justin Trudeau,
Prime Minister
China
Xi Jinping,
President[d]
France
Emmanuel Macron,
President
Germany
Olaf Scholz,
Chancellor
India
Narendra Modi,
Prime Minister
Indonesia
Joko Widodo,
President
Italy
Giorgia Meloni,
Prime Minister
Japan
Fumio Kishida,
Prime Minister
Mexico
Andrés Manuel López Obrador,
President
South Korea
Yoon Suk-yeol,
President
Russia
Vladimir Putin,
President
Saudi Arabia
Salman,
King
South Africa
Cyril Ramaphosa,
President
Turkey
Recep Tayyip Erdoğan,
President
United Kingdom
Rishi Sunak,
Prime Minister
United States
Joe Biden,
President
European Union
Charles Michel,
President of the
European Council
European Union
Ursula von der Leyen,
President of the
European Commission
ina 7 00 0
21
2,0 4,0 8,5
18, 0. 7,2 Em
62 81, 20, 9,6 15, N Ye N Ye
Bra 68 75 40, No No No No No No ergi
6.4 23 38 73 76 o s o s
zil 6 4 06 ng
5 1 7
0
11,
37 01 96,
Chi 09. 72 38 76 75 ergi
3,5 4,9 96 s o o s s
na 6 1 2 8 0,0 ng
86 98 0
00
4,3 5,5 84,
Ge 3,2 51, 66, 0. 35 Adv
08, 45, 31 N Ye Ye Ye Ye Ye
rm 26. 38 13 94 7,1 No No No No anc
85 65 6,6 o s s s s s
an 9 4 2 2 14 ed
4 6 22
y
27
1,3 4,3 1,9
Ind 15, 0. 9,0 Em
52 91, 98, 5,0 04, N N N Ye
on 85 70 88, No No No No No No ergi
9.4 77 72 17 56 o o o s
esi 5 5 89 ng
8 9 9
a 3
12
1,6 4,4 6,4
35, 51, 0. 5,5 37 Adv
Ja 09, 56, N Ye Ye Ye Ye
44. 38 80 92 92, 7,9 No No No No No anc
pa 73 52 o s s s s
2 5 9 5 40 30 ed
n 8 7
4
N P
o P
m P I
N P . M
T o P G G F
r m P D D e
P P
a . P c
o
d G G o
p p p
e D D e n
e u
P P r r o
H l
b m
D a A
i m m c y
M c
I t r
l i i a a B M C c
e i e O N
. l l p p R I D ' S l
m i ( o a P G G E A
U . . i
I K A w C a
b t t 2 n 5 4 7 C T
S U U a C T C t O s
e a 0 k D O
D S S S A h s
r 2 ( m
D D U U if
1 2 2
( S S i
D ) 0
2 ( ( D c
2
0 2 2 a
( 2
2 0 0 ( ti
2 )
2 2 2 2 [5 o
0 0
) 3 3 2
0]
n
2
)
[4
8]
) 3 3
[51
[4 [4 ]
9]
) ) [52
9] [
[
4 ]
4
9
9
]
]
13
1,6 3,1 1,9
1,2 12, 23, 0. 1,5 Em
Me 63, 25, 64, N N N Ye Ye
04. 67 82 75 41, No No No No No ergi
xic 16 90 37 o o o s s
5 4 0 8 42 ng
o 4 2 5
4
14
2,0 4,9 17,
14, 34, 0. 5,8 Em
Ru 77 62, 88, 09 Ye N N Ye Ye
40 83 82 07, No No No No No ergi
ssi 2.3 64 82 8,2 s o o s s
4 7 2 42 ng
a 9 9 42
9
Ara
2 7 00 0
bia
61, 1,2
So 39 99 16, 0. Em
25 6,4 06 21, N N N Ye Ye
uth 9,0 0,0 09 71 No No No No No ergi
9.1 85 0,0 03 o o o s s
Afri 15 30 1 3 ng
00 7
ca
om
33
26, 26, 9,8
Uni 5,4 80, 80, 0. 7,3 Adv
85 85 33, Ye N Ye Ye Ye Ye
ted 41. 03 03 92 41, No No No No anc
4,5 4,5 51 s o s s s s
Sta 0 5 5 1 95 ed
99 99 7
tes 4
Adv
Eur 44
17, 25, 4,2 anc
op 5,
[e]
39, 56, 0. 6,8
81 39 33, N N Ye Ye ed
ea 85 93 92 90 28, No No No No No No
8,7 9,0 26 o o s s (ma
n 8.4 9 9 0 80
82 93 2 jorit
Uni 3
y)[f]
on
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. Because 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.
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.[54][44][55]
Other invitees are chosen by the host country, usually one or two countries from its region.[55] 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).
President
African Union (AU) Azali Assoumani Comoros (Chairperson)
since February 2023
President
Joko Widodo Indonesia (Chairperson)
since February 2023
Association of Southeast Asian
Nations (ASEAN)
Secretary-
Kao Kim Hourn Cambodia Generalsince January
2023
International Labour
Guy Ryder — Director General
Organization (ILO)
Kristalina
International Monetary Fund (IMF) — Managing Director
Georgieva
Ngozi Okonjo-
World Trade Organization (WTO) — Director General
Iweala
Anti-corruption
G20 Leaders recognised the significant negative impact of corruption on economic growth, trade and
development. The OECD has actively contributed to the G20 in key areas including foreign bribery,
public sector integrity measurement of corruption and international cooperation.
» More
Global Health
Through its active contributions in the G20 Health Working Group, the OECD has supported the
G20’s priority on global health, in particular to address Anti-Microbial Resistance (AMR) and
strengthen health systems.
» More
Infrastructure Investment
Infrastructure investment contributes to higher productivity and growth, facilitates trade, connectivity,
and improves economic inclusion. The OECD supports the G20 agenda to develop infrastructure as
an asset class in particular on data gaps and on the diversification of financial instruments for
infrastructure.
» More
International Taxation
Since the London Summit in April 2009, the OECD has been at the forefront of fighting against tax
evasion, ending bank secrecy and tax havens, and addressing tax avoidance by multinational
corporations. OECD contributions to the G20 on tax have helped to reform, reshape and modernise
the international tax architecture. The OECD Secretary-General presents reports to G20 Finance
Ministers and Leaders to update them on the progress of international tax co-operation.
» More
Infrastructure Investment
Infrastructure plays a crucial role in the global economy. The availability of transport, communication,
electricity, safe water and sanitation, health infrastructure and other basic facilities has a tremendous
impact on improving the quality of life and well-being. Infrastructure facilities and services are
instrumental to efficient production, transport and trade that all spur economic growth, which in turn
helps in reducing poverty. Recognising the essential role that long-term financing for investment
plays in supporting strong, sustainable, balanced and inclusive growth, G20 Finance and Central
Bank Deputies established a Study Group on Financing for Investment in 2013, which was
transformed into the Infrastructure Investment Working Group (IIWG) in 2014 and then into
the Infrastructure Working Group (IWG) at the end of 2017.
The OECD, drawing on its longstanding expertise and extensive work on long-term investment, has
been a key contributor to the G20 work on financing for infrastructure and an active member of the
IIWG and IWG. In 2013, upon G20 Leaders’ request, the OECD helped develop the G20/OECD
High-Level Principles for Long-term Investment Financing by Institutional Investors. Following a call
from Leaders, the OECD has continued its work on institutional investors through the G20/OECD
Task Force on Institutional Investors and Long-Term Financing. Recent contributions include,
amongst other, the OECD Reference Note on Environmental and Social Considerations in Quality
Infrastructure in 2019 or the G20/OECD Report on the Collaboration with Institutional Investors and
Asset Managers on Infrastructure in 2020 (for a fuller list of selected contributions see below). With
the Italian Presidency 2021 the OECD is continuing the work on long-term investment financing and
the collaboration with institutional investors.
Infrastructure as an asset class
Under the Argentinian Presidency in 2018, the G20 has developed “The G20 Roadmap to
Infrastructure as an Asset Class”, endorsed by Finance Ministers and Central Banks Governors in
March 2018. The Roadmap aims to address common barriers to the emergence of infrastructure as
an asset class, including the heterogeneous nature of infrastructure assets, the lack of a critical
mass of bankable projects and insufficient data to track asset performance. The Roadmap is a major
step to mobilize more private infrastructure investment, and particularly in infrastructure that support
sustainable growth. The OECD has been a key supporter of the G20 agenda to develop
infrastructure as an asset class in particular on the diversification of financial instruments for
infrastructure and on addressing data gaps.
In order to support these efforts, the OECD, along with the World Bank, prepared a Stocktake of
Tools and Instruments Related to Infrastructure as an Asset Class. The stocktake identifies
numerous gaps for further consideration by the G20 and other fora; including implementation of
existing instruments, standardisation, and also the need for new guidance for instance on the
treatment of new technologies such as blockchain. The OECD also acts as the Secretariat and
contributes to the Infrastructure Data Initiative, which brings together MDBs and other stakeholders
including private investors, with the aim to address data gaps and information asymmetries that
hinder infrastructure investment.
Under the Japanese G20 Presidency in 2019, the G20 enhanced its attention to quality
considerations of infrastructure development and investments. It notably adopted the G20 Principles
for Promoting Quality Infrastructure Investment, covering issues such as the economic efficiency in
view of infrastructure life-cycle cost, the integration of environmental and social considerations in
infrastructure investments, infrastructure governance and resilience against risks including natural
disasters. The OECD supported these efforts, notably with the OECD Reference Note on
Environmental and Social Considerations in Quality Infrastructure, the OECD/IMF Reference Note
on the Governance of Quality Infrastructure Investment and the OECD Compendium of Policy Good
Practices for Quality Infrastructure Investment. In addition, the OECD, in collaboration with the
Global Infrastructure Hub and the World Bank, is supporting the Quality Infrastructure Investment
Database. This joint initiative brings together different reports and analysis related to quality
infrastructure investment.
During the Presidency of Saudi Arabia in 2020, adopting the G20 Riyadh InfraTech Agenda, the G20
turned its attention to the role of technology in helping countries make well-informed infrastructure-
related decisions and achieve more efficient financial outlays, by mobilizing private sector
investment, by enhancing service delivery and by achieving environmental, social and economic
benefits. The G20 also further advanced the quality infrastructure and infrastructure as an asset
class agendas. The OECD produced the G20/OECD Report on the Collaboration with Institutional
Investors and Asset Managers on Infrastructure, which was welcomed by G20 Leaders and reflects
investors’ views on issues and challenges affecting private investment in infrastructure. In addition
the report presents a set of proposals to improve the investment environment for infrastructure.
Given the impact of the COVID-19 pandemic, the G20 further discussed the role of infrastructure
investments as part of recovery efforts and the importance of the crisis-resilience of infrastructure
systems. On the latter, the OECD supported the G20 with the OECD's Progress Note on COVID-19
and a New Resilient Infrastructure Landscape – October 2020.
The OECD will continue to work on these topics in 2021 with the Italian G20 Presidency.
G20/OECD Report on the Collaboration with Institutional Investors and Asset Managers on
Infrastructure
Taxonomy of instruments and incentives for infrastructure financing (2015)
International Taxation
Since the London Summit in April 2009, the OECD has been at the forefront of fighting against tax
evasion, ending bank secrecy and tax havens, and addressing tax avoidance by multinational
corporations. OECD contributions to the G20 on tax have helped to reform, reshape and modernise
the international tax architecture.
The OECD Secretary-General presents reports to G20 Finance Ministers and Leaders to update
them on the progress of international tax co-operation.
Tackling COVID-19
Today, most G20 economies are in the recovery phase of the COVID-19 crisis, during which they
will need to create the conditions for robust, resilient and inclusive economic growth, which will be
essential in supporting government finances in the future. Tax policy is a key component of
governments’ strategies to respond to the pandemic and build a sustainable and inclusive recovery.
Under the Italian G20 Presidency, the OECD has delivered key outputs related to COVID-19,
highlighting some of the implications for public finances, and of tax systems in particular, and
presented a range of broader structural trends and challenges that countries face, such as the
impact of ageing populations, digitalisation, and the need for decarbonisation, among other
challenges.
Tax certainty
In the context of international taxation, concerns over uncertainty in tax matters and its impact on
cross-border trade and investment heightened. At the request of G20 Leaders in Hangzhou, the
OECD and the IMF explored the nature of tax uncertainty, its main sources and effects on business
decisions and outlines a set of concrete and practical approaches to help policymakers and tax
administrations shape a more certain tax environment.
A first report was delivered to G20 Finance Ministers in March 2017 and follow-up reports were
presented in July 2018 and June 2019. The Secretary-General also reports on tax certainty through
his recurring tax reports to G20 Finance Ministers and Central Bank Governors (see e.g. February
and April 2021).
Spurring growth and closing gaps through digitalisation in a post-COVID world: Policies to
LIFT all boats (July 2021)
Harnessing the productivity benefits of online platforms: Background paper (July 2021)
Bridging the gap in the financing of intangibles to support productivity: Background paper
(July 2021)
New horizons: Structural policies for a strong recovery and a sustainable, inclusive and
resilient future (November 2020)
Enhancing equal access to opportunities for all in G20 countries (June 2020)
Achieving Inclusive Growth in the face of Digital Transformation and the Future of Work
(March 2018)
Gender Equality
In 2014, the OECD analysis on the economic case for promoting gender equality (Achieving stronger
growth by promoting a more gender-balanced economy) supported the commitment by G20 Leaders
agreed to reduce the gender gap in labour force participation rates by 25% by 2025 (Brisbane
target).Since then, the OECD, together with the ILO, has been monitoring G20 countries’ progress in
achieving the Gender Target, which is captured in a report Women at Work in G20 Countries first
presented to Ministers under the German Presidency in 2017. The report also focused on improving
job quality of women as key to reducing gender gaps in both labour force participation and pay. The
OECD supported the Argentinian Presidency’s approach to mainstream gender equality across the
various G20 policy work streams. In 2018, in the Digital Economy Task Force, the OECD provided
evidence-based analysis on high impact policies to help women best address the challenges and
opportunities brought by digitalisation. The G20 Presidency of Saudi Arabia also mainstreamed
gender across working groups, and in 2020 the OECD/ILO delivered the annual Women at Work
report on progress towards the Brisbane target. During the Italian G20 Presidency, the OECD is
continuing to provide input with ILO to this workstream, as requested by Leaders in Riyadh and is
contributing to the Roadmap towards the Brisbane target which will examine gender equality in
areas beyond labour force participation, including policy options to improve job quality and
opportunities.
The OECD is also supporting the G20 EMPOWER (Private Sector Alliance for the Empowerment
and Progression of Women’s Economic Representation) Alliance.
This initiative, comprised of private sector representatives and supported by G20 governments, was
launched during the Osaka Summit in 2019 under Japanese Presidency to advocate for the
advancement of women in leadership positions in the private sector. EMPOWER met for the first
time during the Saudi Presidency and will be pursued by Italy in 2021. In 2020 the OECD supported
the EMPOWER Alliance with a stocktake on policy practices to promote women in leadership roles
in the private sector.
Hyperlink with Stocktake report: Policy Perspectives on Promoting Women in Leadership Roles in
the Private Sector
OECD-ILO The impact of the COVID-19 pandemic on jobs and incomes in G20 economies
2020
Helping disadvantaged youth: Progress and policy action towards the Antalya G20 Youth
Goal | G20 Saudi Arabia 2020
Options for monitoring the Antalya youth target | G20 Saudi Arabia 2020
OECD Note on Effective Financing of Skills System for the G20 Education Working
Group (September 2018)
OECD-ILO Report on Labour Market Inclusion of People with Disabilities (September 2018)
OECD-ILO Report on Promoting Adequate Social Protection and Social Security Coverage
for All Workers, Including those in Non-Standard Forms of Employment (September 2018)
OECD Note on The emergence of new forms work and their implications (February 2018)
Towards a framework for fair and effective integration of migrants into the labour market,
OECD together with ILO, IMF, WBG (May 2017)
Promoting Sustainable Global Supply Chains: International Standards Due Diligence and
Grievance Mechanisms, OECD with contributions from ILO, IMF and WBG (May 2017)
Migration
International migration was put on the G20 agenda in 2015 in a context of global refugee crisis. The
OECD, together with other international organisations, contributed its analysis Towards a
Framework for Fair and Effective Integration of Migrants into the Labour Market under the German
Presidency. Ahead of the 2017 Hamburg Summit, the OECD contributed a report on migration G20
Global Displacements and Migration trends report highlighting key findings from the OECD
International Migration Outlook 2017. The OECD was asked by Leaders in Hamburg to report back
annually on migration trends and policy challenges. During the Presidency of Saudi Arabia the
OECD delivered the 2020 Annual International Migration and Forced Displacement Trends and
Policies Report prepared in cooperation with ILO, International Organization for Migration (IOM) and
United Nations High Commissioner for Refugees (UNHCR).
In 2020, with the COVID-19 crisis hitting developing countries with particular force, the G20
launched the Debt Service Suspension Initiative (DSSI), extended to 2021. The G20 expressed
readiness to go beyond suspension by affording debt treatment for DSSI-eligible countries (Common
Framework for Debt Treatments beyond the Debt Service Suspension Initiative - DSSI). In support of
the G20’s efforts to advance debt transparency and sustainability, the OECD is moving towards
hosting the data repository of the Institute of International Finance (IIF)’s Voluntary Principles of Debt
Transparency. The OECD is also continuously supporting the G20 in following and analyzing capital
movements and corresponding country measures, observed since the onset of the COVID-19 crisis.
OECD/INFE is also committed to supporting women’s financial empowerment and the related G20
agenda by providing policy evidence, analysis, and guidance to help policy makers address
women’s needs for financial awareness and education.
In support of the Argentinian presidency’s financial inclusion agenda as well as the implementation
of the High-Level Principles for Digital Financial Inclusion, the G20/OECD Task Force produced a
Policy Guidance Note on Financial Consumer Protection Approaches in the Digital Age and
the OECD/INFE a Policy Guidance Note on Digitalisation and Financial Literacy. Under the
Japanese Presidency, G20 Leaders welcomed the Fukuoka Policy Priorities on Financial Inclusion
and Ageing, prepared by the OECD with inputs from a range of other partners. Contributions on this
stream of work continued under the Saudi Presidency, who delivered High-Level Policy Guidelines
(HLPGs) on Digital Financial Inclusion for Youth, Women, and SMEs with the purpose to identify
policy approaches to reduce the gap in financial inclusion. The HLPGs were supported by key
reports, including two reports from the World Bank on the financial inclusion gap for women and
SMEs, respectively, and the report Advancing the Digital Financial Inclusion of Youthfrom the
OECD. The work on financial inclusion is continuing with the Italian G20 Presidency 2021. Under the
Italian Presidency, the OECD produced three reports: Navigating the Storm: MSMEs’ Financial and
Digital Competencies in COVID-19 times; Supporting Financial Resilience and Transformation
through Digital Financial Literacy; and Financial Consumer Protection and Financial Inclusion in the
Context of COVID-19. The latter two reports informed the development of the G20 Menu of Policy
Options for Digital Financial Literacy and Financial Consumer and MSME Protection. The work on
financial inclusion is continuing with the Indonesian G20 Presidency 2022.
SECTORS
Renewable Health
Digital India Life
G20 ACTIVITIES
The G20 Logo draws inspiration from the vibrant colours of India’s national flag – saffron, white
and green, and blue. It juxtaposes planet Earth with the lotus, India’s national flower that reflects
growth amid challenges. The Earth reflects India’s pro-planet approach to life, one in perfect
harmony with nature. Below the G20 logo is “Bharat”, written in the Devanagari script.
The theme of India’s G20 Presidency - “Vasudhaiva Kutumbakam” or “One Earth · One Family ·
One Future” - is drawn from the ancient Sanskrit text of the Maha Upanishad. Essentially, the
theme affirms the value of all life – human, animal, plant, and microorganisms – and their
interconnectedness on the planet Earth and in the wider universe.
The theme also spotlights LiFE (Lifestyle for Environment), with its associated, environmentally
sustainable and responsible choices, both at the level of individual lifestyles as well as national
development, leading to globally transformative actions resulting in a cleaner, greener and bluer
future.
The logo and the theme together convey a powerful message of India’s G20 Presidency, which is
of striving for just and equitable growth for all in the world, as we navigate through these
turbulent times, in a sustainable, holistic, responsible, and inclusive manner. They represent a
uniquely Indian approach to our G20 Presidency, of living in harmony with the surrounding
ecosystem.
For India, the G20 Presidency also marks the beginning of “Amritkaal”, the 25-year period
beginning from the 75th anniversary of its independence on 15 August 2022, leading up to the
centenary of its independence, towards a futuristic, prosperous, inclusive and developed society,
distinguished by a human-centric approach at its core.
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
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,[72] 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.[73]
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 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.[74]
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.[75][76] A similar opinion was expressed by Marcin Sobczyk in
the Wall Street Journal.[77] 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."[78]
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.[79]
G20 membership has been part of the look program of Poland's Law and Justice party and
President Andrzej Duda.[80] 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.[81][82]
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.[88]