What is the Group of Twenty (G20)? Foreign Affairs in an understandable language Ministries

Blog Post | 08-21-2023 | Ministry of Foreign Affairs

the Group of Twenty (G20) It meets annually to discuss economic topics. Think about topics such as trade, food security, medicine, and the consequences of climate change. What is the G20? Which countries belong to the G20? We explain.

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What does the G20 mean?

G20 is an abbreviation for G20: A group of twenty major economies in the world. This group consists of 19 countries and the European Union. Together, the G20 countries represent nearly two-thirds of the world’s population, 85% of global income, and more than 75% of global trade. At annual meetings, G20 countries discuss ways to cooperate and look for solutions to problems in the global economy.

Why is the G20 there?

The G20 was established to ensure greater economic cooperation in the world. Why is this important? Look at the Netherlands, for example: about a third of Dutch income comes from our exports. Agreements and good relations with other countries (diplomacy) are also of great importance to us.

When was the G20 founded?

The G20 was established in 1999, after the Asian financial crisis. At the time, the G20 meetings served as a discussion venue for finance ministers and central banks. Since the credit crunch of 2007, government leaders have also attended the meetings. The G20 has now become one of the world’s most important forums for international economic cooperation.

Who is in the G20?

The G20 members are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, South Korea, Russia, Saudi Arabia, Turkey, the United Kingdom, the United States, the South. Africa and the European Union. The African Union joined the G20 as a member in 2023.

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Is the Netherlands a member of the G20?

The Netherlands is not a permanent member of the G20. The Netherlands is often invited as a guest to G20 meetings. This is mainly because the Netherlands is a good trading partner for many countries (the Netherlands is the 17th largest economy in the world), and global trade is very important for the Netherlands.

What is the G20 doing?

A different G20 member holds the G20 presidency each year. The president largely determines what will be discussed during the meeting, as well as which other countries will be invited as guests. The President usually also invites international organizations, e.g United Nations (UN), International Monetary Fund (IMF), World Bank, World Health Organization (WHO), World Trade Organization (WTO), International Labor Organization (ILO), Financial Stability Board (FSB) And Organization for Economic Co-operation and Development (OECD).

The G20 year ends with a summit (meeting) of government leaders. Participating countries then try to conclude agreements and action plans together. For example, in relation to fighting poverty, keeping food and medicine affordable, and preventing (and dealing with the consequences of) climate change and other economic issues of the present day.

Topics discussed at the G20 often end up on the agenda of other international organizations – such as the United Nations.

Megan Vasquez

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