- 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 Government of India continued its push for better ties with Europe, as External Affairs Minister S. Jaishankar met Italian Foreign Minister Luigi Di Maio in Delhi recently.
- Italy had agreed to hold the G-20 meeting in India’s place, as New Delhi had wanted more time in order to prepare its hosting of the event in 2023.