G20

     G20 is a group of finance ministers and central bank governors from 20 major economies-19 countries plus the European Union established in 1999. The G20 economies comprise more than 80% of the world's GDP, 80% of world trade and 65% of the world population. G20 has a high degree of representativeness and legitimacy on account of its geographical composition (members are drawn from all continents) and its large share of global population (two-thirds) and world GDP.

   The G20 first meeting was held in Berlin on December 15-16, 1999.

   The members of G20 are: Argentina, Australia, Brazil, Canada, China, European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Republic of Korea, Turkey, United Kingdom and United States of America.

   

  






    To ensure global economic institutions work together, the Managing Director of the International Monetary Fund (IMF) and the President of the World Bank, plus the chairs of the International Monetary and Financial Committee and Development Committee of the IMF and World Bank, also participate in G20 meetings on an ex-officio basis. The G20 thus brings together important industrial and emerging-market countries from all regions of the world. The G20's economic weight and broad membership gives it a high degree of legitimacy and influence over the management of the global economy and financial system.

    G20 was set up to bring together systemically important industrialized and developing economies to discuss key issues in the global economy. The G20 is the forum for our international economic development that promotes open and constructive discussion between industrial and emerging-market countries on key issues related to global economic stability. G20 helps to support growth and development across the globe by contributing to the strengthening of the international financial architecture and providing opportunities for discussions on national policies, international co-operation, and international financial institutions.

   According to a report released by Asian Development Bank, Asia will play a more important role in the process of global economic governance reform through G20.

  The achievements of G20 so far are rememberable. The G20 has decided on many issues since 1999, including agreement about policies for growth, reducing abuse of the financial system, dealing with financial crisis and combating terrorist financing. In 2004, G20 countries committed to new higher standards of transparency and exchange of information on tax matters.

    The scope of financial regulation has been largely broadened and strengthened. There was also great progress in policy coordination, thanks to the creation of the framework for a strong, sustainable and balanced growth among the G20 members and therefore to mitigate the impact of the crisis. Finally, global governance has dramatically improved due to the role and the needs of emerging of developing countries, especially through the ambitious reforms of the governance of the IMF and the World Bank.

(Official site of G20: www.g20.org )