The Group of Twenty (G20) is the premier international forum for cooperation on global economic governance. The members of the G20 are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, and the European Union. G20 members account for 86 per cent of the world economy, 78 per cent of global trade, and two-thirds of the world's population, including more than half of the world's poor. G20 leaders meet annually at the G20 Summit. Finance Ministers and Central Bank Governors meet regularly. G20 ministerial meetings (e.g. trade, energy, employment, agriculture) also occur at leaders’ request. G20 Engagement groups, civil society, business and labor leaders, think-tanks, women and youth regularly meet in parallel with the G20 and provide recommendations to the leaders’ Summit.
G20 and Australia
Australia places a high priority on the G20 as the premier forum for global economic cooperation. The G20 has a key role to play in shaping collective action to support strong sustainable and balanced growth.
Australia held the G20 Presidency in 2014 culminating in the Brisbane Summit on 15-16 November 2014. At the Summit, leaders agreed to substantial actions to lift global growth and job opportunities and to make the global economy more resilient. Leaders agreed an ambitious goal to lift the G20’s GDP by at least an additional two per cent by 2018, which if realised will add more than US$2 trillion to the global economy and create millions of jobs.
Actions to achieve this goal were set out in the Brisbane Action Plan and in country growth strategies. The G20 endorsed the Global Infrastructure Initiative and established a Global Infrastructure Hub, now located in Sydney. The G20 also committed to reduce the gap in workforce participation rates between men and women by 25 per cent by 2025, aiming to bring more than 100 million women into the labour force in G20 countries.
2016 Summit, Hangzhou, China
The President or host of the G20 changes each year. China currently holds the Presidency, taking over from Turkey after the Antalya Summit. In December 2015, President Xi Jinping announced the theme for the 2016 leaders’ Summit in Hangzhou (4-5 September) will be “an innovative, invigorated, interconnected and inclusive world economy”. China wants the G20 to find new drivers of growth, make global economic and financial governance more efficient, support robust international trade and investment, and ensure inclusive and interconnected development.
G20 Trade Ministers’ Meeting, Shanghai
As one of the key areas of focus for its G20 host year, China has elevated the trade agenda in 2016. G20 Trade Ministers met in Shanghai on 9-10 July 2016. At the meeting, G20 members agreed to the first ever G20 Trade Ministers’ Meeting statement under which members agreed to provide political leadership to promote inclusive, robust and sustainable trade and investment growth.
G20 Trade Ministers also agreed on a Strategy for Global Trade GrowthAs part of this strategy,G20 members agreed to lead by example to lower trade costs, boost trade in services, enhance trade finance, promote e-commerce development and better leverage trade for development.
Ministers also endorsed the G20 Guiding Principles for Global Investment Policymaking (Annex III). These principles aim to help promote coherence in national and international policymaking and provide greater predictability and certainty for business to support their investment decisions.
China, as 2016 host, provides updated information during 2016 on the G20 website.
Visit by Australian Treasurer to the July 2016 G20 Finance Ministers and Central Bank Governors Meeting in Chengdu.
G20 and related links