Liputan6.com, Jakarta Indonesia is in the global spotlight after being elected as the G20 chair. The plan is for Bali to host the G20 summit summit which will take place from November 15-16, 2022. So actually what is the G20?
Retrieved from Ministry of Finance and Bank Indonesia websites, Monday (14/11/2022), Group of Twenty the G20 is a major forum for international economic cooperation composed of countries with the largest economies in the world composed of 19 countries and 1 institution of the European Union.
G20 represents more than 60% of the world’s population, 75% of world trade and 80% of world GDP.
G20 members include South Africa, United States, Saudi Arabia, Argentina, Australia, Brazil, India, Indonesia, United Kingdom, Italy, Japan, Germany, Canada, Mexico, Republic of Korea, Russia, France, China, Turkey and the European Union.
History of the creation of the G20
Formed in 1999 on the initiative of the members of the G7, the G20 brings together developed and developing countries to jointly overcome crises, particularly those affecting Asia, Russia and Latin America. The goal of the G20 is to achieve strong, sustainable, balanced and inclusive global growth.
The G20 was originally a meeting of finance ministers and central bank governors. However, since 2008 the G20 has featured Heads of State at summits and in 2010 discussions on the development sector were also initiated. Since then, the G20 has consisted of a finance component and a Sherpa component. Sherpas are taken from the term for guides in Nepal, describing how the G20 Sherpas paved the way for the Summit (Summit).
Types of G20 meetings
- High Level Conference (Summit) / Summit
It is the culmination of the G20 meeting process, namely the meeting at Heads of State/Government level.
- Ministerial and Deputy Level Meetings/Meetings at Ministerial and Deputy Level
Held in each of the main focus areas of the forum. On the finance track, ministerial meetings bring together finance ministers and central bank governors, known as meetings of finance ministers and central bank governors (FMCBGs). Meanwhile, meetings of deputies are called meetings of finance and central bank deputies (FCBD).
- Working groups / Working groups
Comprised of experts from G20 countries, working groups work on specific issues related to the broader G20 agenda, which then feed into ministerial segments and finally the Summit.
Summit Conference or G20 Summit will take place in Bali which will take place for the 17th time. By launching the G20.org page, this summit will be the culmination of intensive processes and efforts of all G20 work streams (ministerial meetings, working groups and engagement groups) during the year of the presidency of Indonesia.
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