G-20

Definitions

Economics

  • Originally, an international forum of finance ministers and central bank governors from 19 countries and the EU, plus the IMF and World Bank. Created in 1999 by the finance ministers of the G-7, it meets annually to discuss financial and economic concerns among industrialized economies and emerging markets.
  • Beginning with the financial and economic crisis of 2008, the same G-20 countries have held summit meetings of their heads of state. This G-20 mix of industrialized and large emerging-market economies has now supplanted the G-7 and G-8 as the primary venue for addressing global economic problems.
  • A group of developing countries established Aug. 20, 2003 that joined together in the CancĂșn Ministerial of the WTO's Doha Round in order to negotiate collectively with the U.S. and E.U., especially seeking the elimination of developed country agricultural subsidies. Membership in the group has fluctuated, but the name G-20 now seems to have stuck. The group has been led by Brazil, other important members including Argentina, China, India, and South Africa.
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