The annual Group of Twenty (G20) international summit started earlier in the day with world leaders gathering in Buenos Aires to discuss the most important international economic and financial issues.
MOSCOW (Pakistan Point News / Sputnik - 30th November, 2018) The annual Group of Twenty (G20) international summit started earlier in the day with world leaders gathering in Buenos Aires to discuss the most important international economic and financial issues.The forum is mainly focused on coordinating policies between the states in order to achieve economic stability, financial growth in the world, while preventing global financial crises.
The decision to formally establish G20 was taken at the meeting of financial ministers and chairmen of central banks of the seven leading industrialized economies (the United Kingdom, Italy, Canada, the United States, Germany, France and Japan) in Washington in September, 1999. The founding conference was held in Berlin on December 15-16, 1999.
The creation of G20 was prompted by the 1997-1998 financial crisis, which demonstrated the vulnerability of the international financial system in the context of the globalization of economic relations and showed that major developing economies had not been sufficiently involved in the discussion and management of the global economy. Initially attendance at G20 summits was limited to financial ministers and heads of central banks.
In the light of the global 2008 financial crisis, it was decided to change the format of G20 and to hold meetings not only between financial ministers and heads of central banks, but also between leaders, heads of state and government. The decision has brought the G20 its contemporary meaning.
Currently, 19 countries and the European Union have permanent membership in the G20. Besides Russia, the G20 includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico , Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States.
Traditionally, the summits of the G20 leaders are attended by its permanent members, five invited countries and international organizations. The president of the European Council and the European Commission's president represent the bloc.
The summit is held in a country which serves as the chair of the group at the time. Each year, a different G20 member country assumes the presidency of the group, following the principle of rotation.
In 2015, Turkey chaired and hosted G20, while the 2016 summit was held in China and the following year's event was hosted by Germany in 2017.
In 2018, the summit is held in Argentina. Japan will host G20 in 2019, with Saudi Arabia to take over in 2020.
The three successive G20 presidencies (past, current and future chairs) are tacitly combined into a managing group. They are working together, which ensures consistency and continuity in G20 work, and gives greater legitimacy and transparency of decision-making at the meetings.
Currently, the managing group includes Germany, Argentina and Japan.
The presidency process itself includes consistent preparation, development of instruments that are adopted as well as coming up with agreements in the field of development of the world economy and in the architecture of the global financial and monetary systems.
Preparations for the annual summit are carried out by senior officials, called sherpas, who represent the G20 leaders.
In November 2010, the G20 leaders decided to meet no more than once a year.
Russia has participated in all the G20 summits since its foundation and suggested topics for discussion, which were always reflected in the final summit declarations. The reform of international financial institutions, the adoption of standards for regulation and supervision in the financial sector and the limitation of the level of public debt of the forum participants are among the most important topics proposed by Russia.
Moscow chaired G20 in 2013. The summit was held in St. Petersburg on September 5-6. During the meeting, the leaders focused on issues of achieving economic growth and financial stability, creating jobs and tackling unemployment, stimulating investment, strengthening multilateral trade and promoting international development. The outcome of the two-day meeting of the G20 heads of state and government was the adoption of a declaration reflecting the intentions and tools to stimulate further strong, sustainable and balanced growth.
In 2017, the G20 summit was held in Hamburg on July 7-8. The G20 heads of delegation had four working sessions in two days. They covered topics of global economic growth, increase in trade, counterterrorism, African issues, health and migration, digital economy, employment and women empowerment.
The leaders were able to reach a compromise on the issue of climate change in light of the US withdrawal from the Paris Agreement. As a result, the communique noted that 19 countries of the G20 took into account Washington's decision, but decided to refrain from reviewing the agreement.
