Why is there a g20

The G20 is the primary forum for international economic cooperation among its members. G20 members are the world's major economies. G20 members recognize that global prosperity and economic opportunities and challenges are interlinked. For Canada, the G20 is an important platform to influence global economic, financial, and trade policy issues.

This includes supporting sustainable growth through support for the international financial architecture and open, rules-based trade and investment. The presidency of the G20 rotates every year among its members. Summit hosts also organize a series of preparatory meetings that advance G20 work throughout the year.

The G20 has no permanent secretariat. With finance ministers and their deputies, sherpas are a recurring feature of summits. These officials stay in contact with each other during the course of the year. They discuss agenda items for the summit and coordinate the work of the G Chosen recommendations and deliverables from ministerial meetings and other work streams also reach sherpas and deputies of finance ministers.

The G20 working process changes from year to year. This depends on the priority areas the host wishes to introduce to augment or adjust the agenda. The number of key work streams, or tracks, that will be active each year is determined by the host. US internet giants such as Amazon, Google parent Alphabet, Facebook and Apple — which have benefited from basing themselves in low-tax countries to minimise their tax bills — are particular targets of the new global regulation.

Each country taking part in the global deal must first pass national legislation — and US president Joe Biden is among those facing tough domestic opposition to the plan.

Meeting as rising inflation, pushed by spiking energy prices, and supply chain bottlenecks are weighing on a world economy still reeling from Covid-related disruptions, G20 leaders ruled out a hasty removal of national stimulus measures. SDRs are not a currency, but can be used by developing countries either as a reserve currency that stabilises the value of their domestic currency, or converted into stronger currencies to finance investments.

In terms of population and economic weight, the G is impressive. The Group of 20 is regarded as the premier international forum for economic and financial cooperation.

In wake of a Asian economic crisis and its repercussions, G-7 finance ministers created the larger grouping in so other countries could have a say. After the global financial crisis spawned by the subprime mortgage debacle in the United States, Washington pushed for the G to be raised to the level of heads of state and government.

Some suggest a membership update could be useful, especially in view of the urgency to address climate change. But he and others note that South Africa still is the only African G country. As in a multi-act play, in the months leading up to a G summit, ministerial-level meetings are held, ranging from the likes of foreign affairs, commerce, finance, education, health and environment. These thematic huddles yield pledges. The Rome summit is an occasion to seal the deal before the curtain comes down.

Italy took the helm in December