- Founded in 1999, the Group of Twenty (G20) is the premier forum for its members’ international economic cooperation and decision-making.
- The G20 comprises Argentina, Australia, Brazil, Canada, China, European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK and USA.
- The G-20’s member-countries represent around 85% of the world’s economic output, three-quarters of international trade and two thirds of the world’s population.
- The objectives of the G20 are:
- 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; and
- To create a new international financial architecture.
Why in News?
- The first G-20 Infrastructure Working Group (IWG) meeting under G20 India Presidency is scheduled to be held during 16th-17th January 2023 in Pune.
- The forum will bring together the IWG member countries, guest countries and international organisations invited by India to discuss the 2023 Infrastructure Agenda under the Indian G20 Presidency.
- The G20 Infrastructure Working Group deliberates on various aspects of infrastructure investments, including developing infrastructure as an asset class; promoting quality infrastructure investment; and identifying innovative instruments for mobilizing financial resources for infrastructure investment.
- The outcomes of the Infrastructure Working Group feed into the G20 Finance Track priorities and promote Infrastructure Development.