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The introduction of G20 meeting

  • Author:Ellie
  • Release on:2016-08-24

The G20, founded on Sept. 25, 1999 in Washington, is an international forum of finance ministers and central bank governors representing 19 countries -- Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey and the United States -- the European Union and the Bretton Woods Institutions, namely the International Monetary Fund and the World Bank.

As an informal arena to facilitate dialogue between major industrial and emerging-market countries on key issues related to global economic stability, the G20 accounts for 85 percent of the world's economy and about two-thirds of the world's population.

The G20 promotes world's economic growth and development by strengthening international financial architecture and providing opportunities for dialogue on national policies, international cooperation and international financial institutions.

Unlike some other international organizations, the G20 has no permanent staff of its own. The G20 chair rotates between members, and is selected from a different regional grouping of countries each year.

The chair is part of a revolving three-member management troika of past, present and future chairs. The incumbent chair establishes a temporary secretariat for the duration of its term, which coordinates the group's operations and organizes its meetings.

The role of the troika is to ensure continuity in the G20's work and management across host years.