G20 Summit 2024: History, Schedule, List of Countries

G20 Summit 2024

The G20,  or Group of Twenty , is an international forum comprising the governments and central bank governors of 19 countries and the European Union. Established in 1999, the G20’s objective is to address global economic and financial issues, promote financial stability, and foster sustainable and inclusive economic growth. By providing a platform for member countries to discuss and coordinate policy, the G20 plays an important role in the global economy.

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History of G20

Establishment of the G20 was done in the wake of the Asian financial crisis in 1997-1998. The crisis underscored the need for better coordination among major economies to tackle global economic challenges. Initially, the G20 functioned as a meeting of finance ministers and central bank governors, but it was upgraded to a leaders-level summit in 2008 in response to the global financial crisis. Since then, the G20 has played an important role in shaping the international economic agenda and coordinating global economic policies.

List of G20 countries

The G20 group includes 19 countries namely 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 of America and the European Union .  These members account for approximately 85% of world GDP , 75% of total international trade, and two-thirds of the global population. Apart from these member countries, G20 also invites guest countries and international organisations like United Nations, World Bank, International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), ASEAN etc. to participate in its meetings every year.

G20 Summit Presidency 2024

On December 1, 2023, Brazil succeeded India as the G20 president, forming a troika consisting of the three Global South members—India, Brazil, and South Africa—as well as the IBSA. In 2022, India followed Indonesia in initiating a four-year endeavour to give priority to the concerns of the Global South amidst challenging issues such as climate change, geopolitical unrest, inequality, and debt. Much more action is required, even if Indonesia and India made some headway in the negotiations about climate action, the African Union’s membership in the G20, and the reform of multilateral development banks (MDBs).

G20 Summit 2024 Schedule

In Brasil, the G20 Summit 2024 is scheduled for November 18 & 19, 2024, in Rio de Janeiro, with the presence of the leaders of the 19 member nations, plus the African Union and the European Union.

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