What are the G20 Summit & G20 Foreign Ministers’ Meeting?
The G20 Summit is an annual international meeting attended by the leaders of 19 countries and the European Union (EU). The 19 countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, the Republic of Korea, the Republic of South Africa, Russia, Saudi Arabia, Turkey, the United Kingdom, and the United States of America. In addition to the G20 leaders, the summit is also attended by the leaders of invited guest countries and representatives of invited guest international organizations.
The G20 Summit is formally known as the “Summit on Financial Markets and the World Economy.” As the “premier forum for international economic cooperation,” representing more than 80% of global GDP, the aim of the G20 has been to achieve robust global economic growth. As globalization progresses and various issues become more intricately intertwined, discussions at recent G20 Summits have focused not only on the macroeconomy and trade, but also on global issues that significantly impact the world economy, such as development, climate change and energy, health, counterterrorism, and problems related to migration and refugees. Through its contributions to resolving these global issues, the G20 has sought to realize an inclusive and sustainable world.
Japan assumed the G20 presidency in 2019. In addition to the G20 Osaka Summit on June 28–29, relevant ministerial meetings will also take place in eight cities around Japan. One of these is the G20 Foreign Ministers’ Meeting, which will be held in Nagoya, Aichi, on November 22–23.
The 2019 G20 Foreign Ministers’ Meeting will hold in Nagoya, Aichi, following meetings in Los Cabos, Mexico, in 2012, in Bonn, Germany, in 2017, and in Buenos Aires, Argentina in 2018. At the 2018 Foreign Ministers’ Meeting, discussions were held on “Contribution, Expectations, and Nature of the G20,” “Multilateralism and Global Governance,” and “Actions for Fair and Sustainable Development.”
The G20 Foreign Ministers’ Meeting in Nagoya, Aichi, will be the last of the relevant ministerial meetings under Japan’s presidency. The presidency will be handed over to Saudi Arabia, which will assume the presidency for 2020 at this meeting.
Overview of Post G20 Foreign Ministers’ Meetings
History of the G20 Summit
In the wake of the Asian Financial Crisis in 1997, it was acknowledged that, in addition to members of the G7, major emerging economies also needed to participate in discussions on the international financial system. At the meeting of G7 finance ministers in 1999, agreement was reached to establish the G20 Finance Ministers and Central Bank Governors Meeting.
The objective of this new meeting was to discuss key economic and monetary policy issues among major countries in the global financial system, and to promote cooperation for achieving stable and sustainable global economic growth that benefits all countries. Countries participating in this meeting were the same as the current G20 members.
Then, in response to the economic and financial crisis triggered by the collapse of Lehman Brothers, in November 2008, the G20 Finance Ministers and Central Bank Governors Meeting was upgraded to the heads of state level, as a forum for leaders from major industrialized nations and emerging nations, and the inaugural G20 Summit was held in Washington, D.C. In September 2009, the third summit was held in Pittsburgh, US, where the G20 was described as the “premier forum for international economic cooperation.” Summit meetings were held semiannually until 2010 and annually from 2011 onward. The G20 Summit held in Osaka in June 2019 was the 14th meeting of the G20.