G20 Background Information

A. Origins

The Group of 20 (G20) was established in the wake of the 1997 Asian Financial Crisis. Its commitment centered on bringing together both advanced and emerging economies to stabilize the global financial market. Since that time, the G20 has held annual Finance Ministers and Central Bank Governors’ meetings, the most recent of which was in Seoul, Korea in November 2010. Reflecting the growing interdependency of countries and regions in the global financial system, the G20 seeks to build an international framework promoting strong, sustainable and balanced growth. The G20 is increasingly serving as the premier forum for addressing all matters of global governance.

B. G20 Membership

The G20 comprises 19 nations (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States, plus the European Union (EU)—totaling 20 delegations. To ensure coordination with other global economic forums and institutions, G20 participants also include the Managing Director of the International Monetary Fund (IMF) and the President of the World Banks

Collectively, the G20 economies represent 90% of global gross national product, 80% of world trade (including EU intra-trade) and two-thirds of the world population.