History of the list of G20 members whose celebrations will take place in Indonesia in 2022


G20 or the Group of Twenty is an important forum for international economic cooperation, consisting of countries with the largest economies in the world, consisting of 19 countries and an institution of the European Union. In 2022, Indonesia will play an important role by holding the presidency or hosting the G20 summit.

Quoted on the official website of the Ministry of Finance on Saturday (December 11th, 2021), here are some statements about the members of the G20, the history of the G20, the development and role of Indonesia so far and the advantages of being a member of the G20.

G20 members

At the beginning it was mentioned that members G20 there are 19 countries and 1 EU institution. Specifically, these are Australia, Argentina, Brazil, Canada, China, the European Union, Germany, France, India, Indonesia, Italy, Japan, Mexico, Saudi Arabia, Russia, South Africa, South Korea, Turkey, Great Britain and the USA of America.

The G20 has a strategic position because together it represents 85% of the world economy, 80% of world investment, 75% of international trade and 60% of the world’s population. This forum meets every year and started its first annual summit in 2008 with the participation of the respective heads of state and government.

History and Development G20

The G20 was founded in 1999 with the aim of discussing political measures to achieve international financial stability. In addition, the formation of the G20 to find a solution to the global economic conditions hit by the 1997-1999 global financial crisis by engaging middle-income countries and exerting systemic influence on the economy, including Indonesia.

On the advice of the G7 finance ministers, the G20 finance ministers and central bank governors began holding meetings to discuss the response to the emerging global financial crisis. Thereafter, the Finance Minister’s meeting takes place regularly in autumn.

Nine years later, on May 14-15. November 2008, the then US President Barack Obama invited the heads of state and government of the G20 countries to the first G20 summit. On that occasion, the country’s heads of state and government coordinated the global response to the effects of the financial crisis in the US and agreed to hold a follow-up meeting.

In preparation for the annual summit, the G20 finance ministers and central bank governors meet several times a year.

The G20 itself does not have a permanent secretariat. In the process and work system, the G20 has a host (presidency) who is determined by consensus at the summit on the basis of a regional rotation system and changes annually.

Two current topics were discussed at the G20 summit, namely the finance track and the Sherpa track. The focus of the topics discussed in the current Finance Track lies in the areas of economics and finance, such as fiscal, monetary and real policy, infrastructure investments, financial regulation, financial inclusion and international taxation. The discussion is led by the finance minister and the central bank governor of each member country.

The story of the G20 continues on the next page. Direct click

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