Group Of Twenty (G-20)

Explanation :

• The Group of Twenty (G20) is the premier international forum for global economic cooperation.
• Formed in 1999, the G-20 has the mandate to promote global economic growth, international trade, and regulation of financial markets.
• 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 the European Union.
• Because the G-20 is a forum, not a legislative body, its agreements and decisions have no legal impact, but they do influence countries' policies and global cooperation.
• It does not have any permanent secretariat or headquarters.
• The G-20's ranks include all members of the Group of Seven (G-7), a forum of the seven countries with the world's largest developed economies: France, Germany, Italy, Japan, the United States, the United Kingdom, and Canada.

Objectives

• Policy coordination between its members in order to achieve global economic stability, sustainable growth.
• To promote financial regulations that reduce risks and prevent future financial crises.
• To create a new international financial architecture.

Significance

• G20 members account for 85 percent of the world economy, 75 percent of global trade, and two-thirds of the world's population, including more than half of the world's poor.