G20 stands for "Group of Twenty". The G20 brings together the countries with the largest economies in the world. The member states meet annually to discuss economic, political and social initiatives. The group defines itself as the main forum for international economic cooperation (agreement reached by the leaders at the Pittsburgh Summit in September 2009).
Frequently Asked Questions
What does G20 stand for?
What is the G20 Summit?
The G20 Summit is a meeting between the Heads of State or Government of member countries. The term "Summit" comes from its English definition and refers to the highest point of a mountain. The Summit is therefore the culmination of more than hundred G20 meetings over the course of a year.
Why was the G20 Leaders’ Summit established?
The G20 Leaders’ Summit was established in response to the global financial crisis that occurred in the wake of the collapse of the Lehman Brothers bank. The existing G20 Meeting of Finance Ministers and Central Bank Governors was upgraded to the head of state level, and the inaugural G20 Summit was held in Washington D.C. in November 2008. From thereon, Summit meetings were held semiannually until 2010 and annually from 2011 onwards.
Which countries and international organizations participate in the G20?
The participating countries are Argentina, Australia, Brasil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Republic of Korea, Republic of South Africa, Russia, Saudi Arabia, Turkey, United Kingdom and the United States of America, African Union and European Union. In addition,invited guest countries and international organizations participate in the G20.
How long is the term of the G20 presidency?
At its inception, the term of the G20 presidency was six months. Since 2011, the term has been 1 year from December through the following November.
How are the G20 Summits prepared?
Preparations for the G20 Summits revolve around “sherpas,” who are official representatives of leaders of participating members. The term “sherpa” has its roots in mountain climbing, and it refers to an assistant who guides climbers to the summit of a mountain. G20 sherpas, through their close communication, proceed with the preparations for a successful summit meeting.
What is the G20 troika system?
The G20 troika system was officially adopted at the Cannes Summit (France) in 2011 as the framework for steering the G20 process. The “troika” consists of the current, previous, and next G20 presidencies and the three members cooperate with one another in preparing for the G20 Summit. During Brasil’s presidency, we will work closely together with India (2023 presidency) and South Africa (2025 presidency).
What are the Tracks?
The G20 operates differently from traditional international organizations, with two main approaches: the Finance Track and the Sherpa Track.
The Finance Track is led by the finance ministers and central bank presidents of the countries in the group, who meet at least four times a year (two of them in parallel to the general meetings of the World Bank and the IMF).
The sherpas, who lead the other track, are the personal representatives of the G20 leaders, responsible for overseeing the negotiations, discussing the items that make up the summit's agenda and coordinating most of the work.
What is the Sherpas Track about?
The Sherpas Track consists of 15 working groups, two task forces (one for Launching a Global Alliance against Hunger and Poverty and the other for Global Mobilization against Climate Change) and a Bioeconomy Initiative.
The working groups are: Agriculture, Anti-corruption, Culture, Development, Digital Economy, Disaster Risk Reduction, Education, Employment, Energy Transitions, Climate and Environmental Sustainability, Health, Tourism, Trade and Investment, Women's Empowerment and Research and Innovation.
What is the Finance Track about?
In this track, finance ministers and central bank leaders deal with nine technical groups: Global Economy, International Financial Architecture, Infrastructure, Sustainable Finance, Finance and Health, International Taxation, Financial Inclusion, G20 Africa Task Force and International Financial Sector Issues/Financial Stability Forum.
What are Brasil's objectives at the G20?
Brasil's presidency of the G20 represents a historic and emblematic moment in the country's return to prominence on the international stage. During this period, priority issues for the current Brazilian government will be discussed, including the fight against hunger, poverty and inequality, the three dimensions of sustainable development (economic, social and environmental) and the reform of global governance.
When will the summit be held in Brasil?
The G20 Leaders' Summit is scheduled for November 18 and 19, 2024, in Rio de Janeiro, with the presence of the leaders of the 19 member countries, plus the African Union (recently admitted) and the European Union.
In addition to the summit, will there be other G20 meetings in Brasil?
It is planned to hold more than 100 meetings of the working groups and task forces that make up the G20, both face-to-face and virtual, at technical and ministerial level, in the host cities of Brasil's five regions. The highlight will be the Summit in Rio de Janeiro.
What is the G20 Social?
The Brazilian presidency of the G20 will seek to stimulate and strengthen a space for civil society participation in discussions and policy formulation related to the G20.
This includes the activities of 12 engagement groups, coordinated between the political and financial tracks and non-governmental actors, allowing participants to contribute to the group's policy formulation process.
More than 30 engagement group meetings and other activities involving the societies of the countries in the grouping are planned.
The highlight will be the Social Summit, which will take place from November 15 to 17, before the G20 Leaders' Summit, scheduled for November 18 and 19, 2024, in Rio de Janeiro.