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The Group of Twenty (G20) is the premier forum for its members' international economic cooperation
and decision-making. It comprises 19 countries plus the European Union. G20 leaders meet annually;
additionally, during the year, Finance Ministers and Central Bank Governors meet regularly to discuss
ways to strengthen the global economy, reform international financial institutions, improve financial
regulation, and discuss the key economic reforms that are needed in each of the member countries.
Underpinning these meetings is a year-long program of meetings between senior officials and of
working groups coordinating policy on specific issues.
The G20 started in 1999 as a meeting of Finance Ministers and Central Bank Governors in the aftermath of the Asian financial crisis. In 2008, the first G20 Leaders' Summit was held, and the group played a key role in responding to the global financial crisis. Its decisive and coordinated actions boosted consumer and business confidence and supported the first stages of economic recovery. G20 leaders have met eight times since 2008
The G20 Summit continues to focus on measures to support global economic growth, with a strong emphasis on promoting job creation and open trade. Each G20 President invites a number of guest countries each year.
The G20 works closely with international organizations including the Financial Stability Board, the International Labour Organization, the International Monetary Fund, the Organization for Economic Co- operation and Development, the United Nations, the World Bank and the World Trade Organization. These and a number of other organizations are invited to attend key G20 meetings.
Engagement groups such as B20, L20, T20 and W20 also convene to prepare policy recommendations for the G20 Summit during the year.
The members of the G20 are: 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, and European Union.
The G20 Presidency rotates annually according to a system that ensures a regional balance over time. Reflecting its nature as an informal political forum, the G20 does not have a permanent secretariat. Instead, the G20 President is responsible for bringing together the G20 agenda in consultation with other members and in response to developments in the global economy.
To ensure continuity, the Presidency is supported by a "troika" made up of the current, immediate past and future host countries. In 2016 the G20 Presidency is held by China. During China's host year, the members of the G20 troika are China, Turkey and Germany.
The first G20 Leaders' Summit was held from 14-15 November 2008 in Washington D.C., United States of America.
The summit focused primarily on strengthening financial regulation, with agreement on a 47-point action plan to improve financial regulation over the medium term.
A Declaration was released at the conclusion of the summit.
G20 leaders met on 2 April 2009 in London, United Kingdom.
The summit focused on coordinated fiscal and monetary stimulus measures with the amount of 1.1 trillion US dollars to avert the threat of global depression, agreed on additional resources for the IMF and multilateral development banks to assist countries to weather the financial crisis and to establish the Financial Stability Board.
A Leaders' Statement was released at the conclusion of the summit.
The G20 Leaders' Summit was held from 24-25 September 2009 in Pittsburgh, United States of America.
Leaders designated the G20 to be the premier forum for international economic cooperation, agreed to act together to support the global recovery through a Framework for Strong, Sustainable and Balanced Growth with a Mutual Assessment Process, and to reform global financial institutions, such as the International Monetary Fund and the World Bank.
A Leaders' Statement was released at the conclusion of the summit.
The G20 Leaders' Summit was held from 26-27th June 2010 in Toronto, Canada.
The summit focused on the need for fiscal consolidation, with agreement that advanced G20 deficit economies would at least halve fiscal deficits by 2013 and stabilize or reduce sovereign debt ratios by 2016, complemented by ongoing structural reform across all G20 members to rebalance and strengthen global growth.
Leaders also agreed to conclude work in the Basel Committee on Banking Supervision on a new global regime for bank capital and liquidity by the Seoul G20 Summit and reiterated support for a successful conclusion to the Doha Round welcomed the fulfillment of their commitment to provide a US$350 billion increase in capital to multilateral development banks and associated institutional reforms. A Summit Declaration was released at the conclusion of the summit.
The G20 Leaders' Summit was held from 10-11 November 2010 in Seoul Republic of Korea.
G20 leaders agreed to develop guidelines for addressing large current account imbalances under the Framework for Strong, Sustainable and Balanced Growth, delivered on International Monetary Fund (IMF) quota and governance reform and initiated the G20 development agenda and launched the Seoul Development Consensus for Shared Growth.
A Leaders' Declaration and a Seoul Summit Document were released at the conclusion of the summit.
The G20 Leaders' Summit was held from 3-4 November 2011 in Cannes, France.
Key outcomes of the summit are including the development of a country-specific Cannes Action Plan for Growth and Jobs, agreement to strengthen the World Trade Organization by considering additional and parallel international trade negotiations beyond the Doha Round mandate and the adoption of an action plan to support the development and deepening of local bond markets.
A Final Declaration was released at the conclusion of the summit.
2012 Los Cabos
The G20 Leaders' Summit was held from 18-19 June 2012 in Los Cabos, Mexico.
Key outcomes of the summit are including the establishment of country-specific measures each G20 member would take to strengthen demand, growth, confidence and financial stability under the Los Cabos Growth and Jobs Action Plan, reaffirmation of G20 member pledges to increase International Monetary Fund (IMF) resources by US$456 billion and to implement the 2010 IMF quota and governance reforms and progress on the G20 development agenda, particularly on food security, financial inclusion, sustainable development and inclusive green growth A G20 Leaders' Declaration was released at the conclusion of the summit.
2013 St Petersburg
The G20 Leaders' Summit was held from 5-6 September 2013 in St Petersburg, Russia.
Key outcomes of the summit are including the St Petersburg Action Plan, which sets out reforms for achieving strong, sustainable and balanced growth, coupled with an Accountability Assessment describing progress made on past commitments, extending the G20's and a reaffirmed commitment to implementation of agreed financial regulatory reforms and International Monetary Fund reform.
A G20 Leaders' Declaration was released at the conclusion of the summit.
G20 leaders also marked the 5th Anniversary of the G20, reaffirming their conviction that the foundation for sustainable growth and rising prosperity for all is an open world economy based on market principles, effective regulation, inclusiveness and strong global institutions, underpinned by the closer partnership and collective action and shared responsibility of the G20, based on effective policy coordination.
The G20 Leaders' Summit was held on 15-16 November 2014 in Brisbane, Australia.
The centerpiece was the delivery of country-specific growth strategies and a Brisbane Action Plan for growth. G20 leaders set a goal to lift the G20's GDP by at least additional two percent by 2018. Other outcomes from the Brisbane Leaders' Summit include:
Endorsement of landmark G20 Principles on Energy Collaboration. Leaders also agreed a G20 Energy Efficiency Action Plan to deepen their collaboration on energy efficiency.
A commitment to finalize and fully implement the agreed financial regulatory reforms, while remaining alert to new risks.
Leaders noted their deep concern about the humanitarian and economic impacts of Ebola and issued a standalone statement of the G20's commitment to fight the current outbreak and support the international response.
A G20 Leaders' Communique was released at the conclusion of the Brisbane Summit and China was announced as the host of 2016 Summit.
Source: G20 Turkey and G20 China
The official G20 China page can be accessed here