About G20

• The Group of Twenty (G20) is an intergovernmental forum comprising 19 countries – Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom and United States and the European Union.
• At the G20 Summit held in India in 2023, the African Union, which represents the 55 countries in the African continent, was given full membership in the grouping.  

Genesis of G20  

• The G20 was founded in 1999 after the Asian financial crisis as a forum for the Finance Ministers and Central Bank Governors to discuss global economic and financial issues. 
• It was upgraded to the level of Heads of State/Government in the wake of the global economic and financial crisis of 2007, and, in 2009, was designated the “premier forum for international economic cooperation”. 
• The forum initially dealt with matters related to macroeconomics, but over the years, its agenda has expanded to cover issues relating to trade, climate change, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption.

How does the G20 work?

• The G20 Summit is held annually under a rotating presidency.
• The G20 Presidency steers the G20 agenda for one year and hosts the Summit. 
• The G20 consists of two parallel tracks: the Finance Track and the Sherpa Track. 
  • Finance Ministers and Central Bank Governors lead the Finance Track while Sherpas (personal representative of the leader of a member country) lead the Sherpa Track. 
  • Sherpas oversee negotiations all through the year, discussing agenda items for the summit and coordinating the substantive work of the G20.  
  • Within the two tracks, there are thematically oriented working groups in which representatives from the relevant ministries of the members as well as from invited/guest countries and various international organisations participate.
• In addition, there are Engagement Groups which bring together civil societies, parliamentarians, think tanks, women, youth, labour, businesses and researchers of the G20 countries. 
• The group does not have a permanent secretariat, and the presidency is supported by the previous, current, and future holders of the post, together called the Troika. 

Why in News?

• Leaders across the world have gathered in Rio de Janeiro, Brazil for the latest G20 summit.