The 8th G20 Leaders’ Summit will be held in St. Petersburg, Russia from September 5-6. The Summit will be attended by the Heads of Government of the G20 member countries.
During the Summit, the leaders are expected to deliberate on issues of tax evasion, money laundering and combating corruption. Issues such as long-term financing for investment in infrastructure, finalising parameters for financial inclusion, and implementation of quota and governance reforms in the IMF are also expected to be on the agenda for the meeting.
The Group of Twenty (G20) is a forum for international cooperation on global economic and financial issues. It brings together leaders, finance ministers, and central bank governors from 19 countries – Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States of America – plus the European Union, which is represented by the President of the European Council and the Head of the European Central Bank.
The G20 was established in September 1999 when the finance ministers and central bank governors of seven major industrial countries (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States) met in Washington, D.C. in the aftermath of the financial crisis of 1997-1998. Apart from the Leaders’ Summit, the ongoing work is divided into two tracks: the Sherpas’ Track and the Finance Track, that continue throughout the year.
The G20 members represent almost 90% of the global GDP and 80% of the global trade.