G20

Summit
Moaz Ahmed (BSF2004458)
Ahmed Mujtaba (BSF2004507)
Hamza Azhar Khan (BSF2004320)
A Global Economic Forum
 G20’s Background
In the early 1970s The economic condition
of the world was worsening.
The biggest reason was the oil crisis of
1973.
 This crisis started when the Arab
countries imposed an oil embargo. They
stopped selling oil to those countries that
were supporting Israel.
 G20’s Background
In early 1973 the finance ministers of the USA, France, the UK and West
Germany ,Italy and Japan met and first G6 meeting took place.
They were struggling with problems like the oil crisis and recession. So
their main aim was to sit together and make economic strategies.
In 1976 Canada joined the group. And the G6 group became the G7 group.
In 1998 Russia was also included in this group. G7 became G8 But in 2014
when Russia invaded Crimea. Russia was expelled from this group.
Inception of G20

 The G20 was founded in 1999 after the Asian financial crisis of
1997-98 as an informal forum for the Finance Ministers and Central
Bank Governors of the most important industrialized and developing
economies to discuss international economic and financial stability
Elevation to Leader’s Level
The G20 was upgraded to the level of Heads of State/Government in the wake
of the global economic and financial crisis of 2007, and, in 2009, was designated
the “premier forum for international economic cooperation”.
The G20 Summit is held annually, under the leadership of a rotating Presidency.
The G20 initially focused largely on broad macroeconomic issues, but it has
since expanded its agenda to inter-alia include trade, sustainable development,
health, agriculture, energy, environment, climate change, and anti-corruption.
(
https://www.g20.org/content/dam/gtwenty/gtwenty_new/about_g20/G20_Background_B
rief.pdf
)
Group of 20
The G20 or Group of 20 is an intergovernmental forum
comprising 19 countries, and 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.
G20 Members
There are 21 members in the group: Argentina, Australia, Brazil,
Canada, China, France, Germany, India, Indonesia, Italy, Japan,
Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey,
the United Kingdom, the United States, the European Union and the
African Union.
Guest invitees include the United Nations, the World Bank and
Association of Southeast Asian Nations (ASEAN )
G20 Members
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The G20 is composed of most of the world's largest economies finance
ministries including both industrialized and developing countries. It
accounts for around:
80% of gross world product (GWP)
75% of international trade
Two-thirds of the global population
60% of the world's land area
Major Objectives of G20

Policy coordination between its members in order to achieve global

economic stability, sustainable growth.
To promote financial regulations that reduce risks and prevent future
financial crises.
To create a new international financial architecture.
How G20 Works
1.G20 Presidency and Tracks:
1. The G20 Presidency guides the agenda for one year and hosts the Summit.
2. Two parallel tracks: Finance Track and Sherpa Track.
3. Finance Ministers and Central Bank Governors lead the Finance Track.
4. Sherpas, personal emissaries of Leaders, lead the Sherpa Track.

2.Working Groups:
1. Thematic working groups within each track.
2. Comprise representatives from member countries' relevant ministries and international
organizations.
3. Regular meetings throughout the Presidency term.
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1.Finance Track:
1. Led by the Ministry of Finance.
2. Focuses on financial and economic issues.
3. Addresses topics like fiscal policies, monetary measures, and financial stability.

2.Sherpa Track:
1. Overseen by Sherpas, personal representatives of Leaders.
2. Coordinates the substantive work of the G20.
3. Negotiates agenda items and priorities for the Summit.

3.Engagement Groups:
1. Inclusive groups involving civil societies, parliamentarians, think tanks, women, youth, labor, businesses, and researchers from
G20 countries.
2. Provide diverse perspectives and input on G20 discussions.
3. Promote broader engagement beyond official government channels.
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1.No Permanent Secretariat:
1. The G20 operates without a permanent secretariat.

2.Presidential Support Troika:

1. The G20 Presidency is supported by a Troika.
2. The Troika consists of representatives from the
previous, current, and incoming Presidency
countries.

3.India's Troika during its Presidency (2022-2023):

1. Comprising Indonesia, India, and Brazil.
2. Responsible for facilitating G20 agenda and
continuity.
Previous Summits
Here's a brief snapshot of each G20 summit from its inception in 1999 up to September 2021:

1. G20 Inaugural Summit (1999) - Cologne, Germany

Year: 1999

Location: Cologne, Germany

Key Focus: Addressing global financial stability and promoting international economic
cooperation.

Notable Outcome: Creation of the G20 as a forum for global economic dialogue.
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2. G20 London Summit (2009) - London, United Kingdom

• Year: 2009

• Location: London, United Kingdom

• Key Focus: Responding to the global financial crisis and stimulating economic recovery.

• Notable Outcome: Commitment to coordinated fiscal stimulus and financial regulatory reform.

3. G20 Pittsburgh Summit (2009) - Pittsburgh, United States

• Year: 2009

• Location: Pittsburgh, United States

• Key Focus: Further discussions on global economic recovery and financial reform.

• Notable Outcome: Agreement to reform the International Monetary Fund (IMF) and enhance financial market regulation.
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G20 Toronto Summit (2010) - Toronto, Canada

• Year: 2010

• Location: Toronto, Canada Key Focus: Financial system reform, fiscal sustainability, and global economic stability.

• Notable Outcome: Discussions on addressing trade imbalances and promoting sustainable growth.

5. G20 Seoul Summit (2010) - Seoul, South Korea

• Year: 2010

• Location: Seoul, South Korea

• Key Focus: Balancing global economic growth, addressing currency issues, and reforming the international monetary
system.

• Notable Outcome: Commitment to reduce trade imbalances and IMF governance reforms.
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G20 Cannes Summit (2011) - Cannes, France
Year: 2011 Location: Cannes, France
•Key Focus: Addressing the Eurozone crisis, financial regulation, and job creation.

•Notable Outcome: Commitment to support the Eurozone and reform of international financial institutions.

7. G20 Los Cabos Summit (2012) - Los Cabos, Mexico

•Year: 2012 Location: Los Cabos, Mexico
•Key Focus: Continued efforts to address global economic challenges, including Eurozone stability.

•Notable Outcome: Commitment to support growth and job creation.

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G20 Saint Petersburg Summit (2013) - Saint Petersburg, Russia
•Year: 2013 Location: Saint Petersburg, Russia
•Key Focus: Economic growth, financial market stability, and addressing tax evasion.

•Notable Outcome: Discussions on the conflict in Syria and the importance of tax transparency.

9. G20 Brisbane Summit (2014) - Brisbane, Australia

•Year: 2014 Location: Brisbane, Australia
•Key Focus: Growth strategies, climate change, and global financial stability.

•Notable Outcome: Commitment to reduce greenhouse gas emissions and promote sustainable development.
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G20 Antalya Summit (2015) - Antalya, Turkey
•Year: 2015 Location: Antalya, Turkey
•Key Focus: Economic growth, refugee crisis, and terrorism.

•Notable Outcome: Discussion on addressing the Syrian refugee crisis and combating terrorism.

11. G20 Hangzhou Summit (2016) - Hangzhou, China

•Year: 2016 Location: Hangzhou, China
•Key Focus: Structural reforms, trade, and innovation as drivers of global growth.

•Notable Outcome: Launch of the "Hangzhou Consensus" and commitment to promote inclusive growth.
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G20 Hamburg Summit (2017) - Hamburg, Germany
•Year: 2017 Location: Hamburg, Germany
•Key Focus: Climate change, trade, and sustainable development.

•Notable Outcome: Differences on climate change between the G20 members.

13. G20 Buenos Aires Summit (2018) - Buenos Aires, Argentina

•Year: 2018 Location: Buenos Aires, Argentina
•Key Focus: Trade tensions, financial stability, and digital economy.

•Notable Outcome: Agreement on the importance of reforming the World Trade Organization (WTO).
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G20 Osaka Summit (2019) - Osaka, Japan
•Year: 2019 Location: Osaka, Japan
•Key Focus: Trade disputes, digital economy, and climate change.

•Notable Outcome: Agreement to promote free and fair trade, albeit amid ongoing trade tensions.

15. G20 Riyadh Summit (2020) - Riyadh, Saudi Arabia (Virtual)

•Year: 2020 Location: Riyadh, Saudi Arabia (Virtual due to COVID-19)
•Key Focus: COVID-19 pandemic response, economic recovery, and debt relief for developing nations.

•Notable Outcome: Commitment to support equitable access to vaccines and debt suspension for poorer
countries
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G20 Rome Summit (2021) - Rome, Italy

Year: 2021 Location: Rome, Italy

•Key Focus: Global response to COVID-19, climate change, and sustainable development.

•Notable Outcome: Discussions on vaccine distribution and climate goals.

•G20 Indonesia Summit (2022) – Indonesia. Bali

Year: 2023 Location: Indonesia. Bali

•Key Focus: Global Health Architecture, Digital Transformation, and Sustainable Energy Transitions.

•Notable Outcome: Aimed to promote global cooperation, resilience, and sustainable development in a changing
world.