G20
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G20.jpg
G20 logo
The G20 (Group of 20, also variously G21, G22 and G20+) is a bloc of developing nations established on 20 August, 2003. The group emerged at the 5th Ministerial WTO conference, held in Cancún, Mexico from 10 September to 14 September 2003. In trade negotiations, the group has pressed for rich countries to end subsidies to their farmers and opposed liberalisation of their own agricultural sectors.
In March 2005, the group consisted of 21 nations: Argentina, Brazil, Bolivia, Chile, China, Cuba, Egypt, Guatemala, India, Indonesia, Mexico, Nigeria, Pakistan, Paraguay, Philippines, South Africa, Tanzania, Thailand, Uruguay, Venezuela and Zimbabwe.
The G-20 accounts for 65% of the world population, 72% of its farmers and 22% of its agricultural output [1] (http://www.reuters.com/newsArticle.jhtml?storyID=7950003&type=businessNews).
Since its creation, the group has had a fluctuating membership. Previous members have included: Colombia, Costa Rica, Ecuador, El Salvador, Peru and Turkey.
External links
- G20 homepage (http://www.g-20.mre.gov.br/)
- G20 press release on 19th of March, 2005 (http://commerce.nic.in/wto_sub/g20/pressrel.htm) — includes the group's logo
- G20, the developing country coalition (http://www.rehred-haiti.net/membres/papda/DOSIFIFRAbfocus.htm) in Focus on Trade 98, April 2004
The G-20 (Group of 20) is also a group consisting of 19 of the world's richest nations, together with the European Union: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States.
The G-20, which superseded the Group of 33, was foreshadowed at the Cologne Summit of the G-7 in June 1999, but was formally established at the G-7 Finance Ministers' meeting on September 26, 1999. The inaugural meeting took place on December 15-16, 1999 in Berlin. The G-20 was formed as a new forum for cooperation and consultation on matter pertaining to the international financial system. It studies, reviews, and promotes discussion among key industrial and emerging market countries of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization.
The membership of the G-20 comprises the finance ministers and central bank governors of the G-7, 12 other key countries, and the European Union Presidency (if not a G-7 member); the European Central Bank; the Managing Director of the IMF; the Chairman of the IMFC; the President of the World Bank; and the Chairman of the Development Committee. Mr. Jin Renqing, Finance Minister of China, is the current chairman of the G-20.
External links
- G20 homepage (rich countries) (http://www.g20.org)