INDIA Joins G20 Troika

About G20

·         G20 or Group of 20 is an intergovernmental forum.

·         Member Countries - Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.

·         Permanent invitees are African Union, ASEAN, FAO, ILO, IMF, Spain, OECD, UN, World Bank, WHO and WTO.

·         Members comprises both industrialized and developing countries and accounts to two-third of world population, 75-80% world trade and 90% of Gross World Product (GWP – Gross National Income of all countries)

·         The G20 Summit is often formally known as the “Summit on Financial Markets and the World Economy”

·         G20 was founded in 1999 as a response to the severe Asian Economic Crisis of 1997-98, when it was acknowledged that the participation of major emerging market countries was necessary for a discussion on the international financial system. Thus from 1999, G20 Finance Ministers and Central Bank Governors meeting started on major economic and monetary policy issues amongst major countries in the global financial system targeting stable and sustainable global economic growth

·         Since 2008 it is upgraded to head of the state level and from 2011 are held annually.

·         They work on addressing major issues related to the global economy, such as international financial stability, climate change mitigation, trade, energy, counter-terrorism, migration, refugees and sustainable development.