Collectively, G20 members represent around 80% of the world’s economic output, two-thirds of global population and three-quarters of international trade. Throughout the year, representatives from G20 countries gather to discuss financial and socioeconomic issues.
What is the history of the G20?
Originated in 1999 at the level of Finance Ministers and Central Bank Governors, the G20 gathered for high-level discussions on macro-financial issues. In the wake of the 2008 global financial crisis, the G20 was elevated to include the leaders of member countries. The first G20 Leaders’ Summit took place in Washington D.C. in November 2008. Consequently, the G20 agenda expanded beyond macro-financial issues, to include socio-economic and development issues.
The G20 members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union (EU).
In addition to the G20 members, other countries are invited to participate. Spain is a permanent guest invitee to the G20 meetings. In 2020, Jordan, Singapore and Switzerland are invited as guest countries. International Organizations that have historically contributed to the G20 work are invited as well. These include the Food and Agriculture Organization (FAO), the Financial Stability Board (FSB), the International Labour Organization (ILO), the International Monetary Fund (IMF), the Organization for Economic Cooperation and Development (OECD), the United Nations (UN), the World Bank Group (WBG), the World Health Organization (WHO) and the World Trade Organization (WTO).
In 2020, regional organizations are also invited, including the Arab Monetary Fund (AMF), the Islamic Development Bank (IsDB), as well as Vietnam the Chair of the Association of Southeast Asian Nations (ASEAN), South Africa the Chair of the African Union (AU), the United Arab Emirates the Chair of the Gulf Cooperation Council (GCC), and the Republic of Rwanda the Chair of the New Partnership for Africa's Development (NEPAD).
How does the G20 Work?
The presidency of the G20 rotates between member countries every year. The presidency plays a leading role in setting the agenda and organizing the Leaders’ Summit, which is attended by the G20 Heads of State or Government. At the Summit, the leaders issue a declaration, or communiqué, based on policy discussions at meetings held throughout the year.
In the run-up to the Summit, the presidency hosts several meetings featuring Ministers, senior government officials as well as civil society representatives. At the government level, the G20 work is organized around the Finance and Sherpa Tracks, while civil society assembles through Engagement Groups.
The Finance Track:
meetings of G20 Finance Ministers and Central Bank Governors, as well as their Deputies, which focus on fiscal and monetary policy issues such as the global economy, infrastructure, financial regulation, financial inclusion, international financial architecture and international taxation.
The Sherpa Track:
meetings of Ministers and relevant senior officials, which focus on socioeconomic issues such as agriculture, anti-corruption, climate, digital economy, education, employment, energy, environment, health, tourism, trade and investment.
represent civil society and develop recommendations that are submitted to G20 Leaders for their consideration. Engagement Groups include the Business 20, Youth 20, Labour 20, Think 20, Civil 20, Women 20, Science 20, and Urban 20.
Osaka, Japan, 2019
Buenos Aires, Argentina, 2018
Hamburg, Germany, 2017
Hangzhou, China, 2016
Antalya, Turkey, 2015
Brisbane, Australia, 2014
St. Petersburg, Russia, 2013
Los Cabos, Mexico, 2012
Cannes, France, 2011
Seoul, Republic of Korea, 2010
Toronto, Canada, 2010
Pittsburgh, USA, 2009
London, UK, 2009
Washington, USA, 2008
Wednesday - Thursday
October 14-15, 2020
13:00 - 20:00 Riyadh Time
10:00 - 17:00 GMT