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Backgrounder: Facts about G20

11-02-2011 15:54 BJT

BEIJING, Nov. 2 (Xinhua) -- The sixth Group of 20 (G20) summit, an international forum on economic cooperation among the world's 20 major economies, will be held on Thursday and Friday in Cannes, France. The following is a brief introduction of the bloc.

The grouping was established in September 1999 to bring together important industrialized and developing economies to discuss key issues concerning the global economy.

The G20 members are Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States, and the European Union (EU).

The Asian financial crisis in 1997 made the international community realize that the handling of an international financial crisis needed the efforts not only of major developed countries, but also of major developing countries.

In September 1999, finance ministers and central bank chiefs of the Group of Seven most industrialized nations issued a statement in Washington, agreeing to establish the G20 to direct the reform of the international financial system.

Together, G20 member countries represent two thirds of the world's population, 60 percent of global land area, around 90 percent of global gross domestic product, and 80 percent of world trade (including trade within EU members).

Finance ministers and central bank chiefs of the G20 meet annually.

Against the backdrop of the worsening global financial crisis, leaders of the G20 held their first summit in Washington on Nov. 15, 2008.

In April and September of 2009, the second and third summits of the G20 were held respectively in London and Pittsburgh, the United States. In June 2010, the fourth G20 summit was held in Toronto, Canada.

The latest G20 summit, the fifth summit, was held on Nov. 11-12, 2010 in Seoul of South Korea and achieved four positive results:

First, the G20 members agreed that the G20 should play a more important role in dealing with the new risks and challenges appearing in the fields of world economy and finance;

Second, the G20 promised to continuously push ahead the reforms of the global financial institutes;

Third, for the first time, the G20 members put the issues of development as the one of the main topics on the agenda, and reached the G20 Seoul Summit Leaders' Declaration at the end of the summit;

And fourth, the G20 members agreed to continuously enhance supervision of the global financial institutes and adopt a series of new measures.

Editor:Wang Xiaomei |Source: Xinhua

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