Since the onset of the 2008-2009 financial crisis, the Group of Twenty (G20)—whose membership consists of systemically important advanced and emerging economies—has emerged as the principal forum for inter-governmental economic cooperation.
Together, the G20 economies account for 85% of the global economy, 80% of world trade, and two-thirds of the global population. Those simple facts underline the significant potential of the G20 as a global platform to enable international economic co-operation and policy making. The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States of America, and the European Union.
The G20 was formally established on 26 September, 1999, at the Finance Ministers’ meeting of G7 (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States) in the aftermath of the Asian Financial Crisis. Bringing together G20 finance ministers and central bank governors, its inaugural meeting took place on December 15-16, 1999, in Berlin. The G20 convened for the first time at the leaders’ level in Washington, D.C. on November 14-15, 2008, to respond collectively to the 2008-09 crisis in order to restore global growth, strengthen the global financial system, and reform international financial institutions.
The G20 played a key role in supporting the first stages of economic recovery and continues to promote measures to reform international financial institutions, improve financial regulation, and strengthen the global economy, through an increasingly comprehensive agenda.
For more information, visit the G20 Turkey homepage.