There are no formal criteria for G-20 membership and the composition of the group has remained unchanged since it was established. In view of the objectives of the G-20, it was considered important that countries and regions of systemic significance for the international financial system be included.

Chandigarh (ABC Live): In 2022 the presidency of G20 group of the world's largest economies, including both industrialised and developing nations was handed to India.

ABC Research team is keeping close watch on all events of India’s presidency of G20 will publish a research report after New Delhi G20 summit 2023.

Before publishing the final research report ABC Team working on India’s presidency of G20 refers set of Frequently Asked Questions on G20 published on archived official website of G20 for our readers with sole aim to make them understand the idea behind G20 and the relevance of the same for the theme of India’s Presidency, “Vasudhaiva Kutumbakam” The Cosmos is One Family.

The archived official website of G20 says under;

1. When was the G-20 set up?

The G-20 first meeting was held in Berlin on December 1516, 1999.

2. Why was the G-20 set up?

The G-20 was created as a response both to the financial crises of the late 1990s and a growing recognition that key emerging-market countries were not adequately included in the core of global economic discussion and governance. Prior to the G-20 creation, similar groupings to promote dialogue and analysis had been established at the initiative of the G-7. The G-22 met at Washington D.C. in April and October 1998. Its aim was to involve non-G-7 countries in the resolution of global aspects of the financial crisis then affecting emerging-market countries. Two subsequent meetings comprising a larger group of participants (G-33) held in March and April 1999 discussed reforms of the global economy and the international financial system. The proposals made by the G-22 and G-33 to reduce the world economy's susceptibility to crises showed the potential benefits of a regular international consultative forum embracing the emerging-market countries. Such a regular dialogue with a constant set of partners was institutionalized by the G-20 creation in 1999.

3. How does the G-20 differ from the G-7?

The G-7 was established in 1976 as an informal forum of seven major industrial economies: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America. The G-7 conducts dialogue and seeks agreement on current economic issues on the basis of the comparable interests of those countries. The G-20 was established in 1999 and reflects the diverse interests of the systemically significant industrial and emerging-market economies. (see. About the G20). It has a high degree of representativeness and legitimacy on account of its geographical composition (members are drawn from all continents) and its large share of global population (two-thirds) and world GNP (around 90 per cent). The G-20's broad representation of countries at different stages of development gives its consensus outcomes greater impact than those of the G-7.

4. Can all member countries exert equal influence?

Achieving consensus is the underlying principle of G-20 activity with regard to comments, recommendations and measures to be adopted. There are no formal votes or resolutions on the basis of fixed voting shares or economic criteria. Every G-20 member has one 'voice' with which it can take an active part in G-20 activity. To this extent the influence a country can exert is shaped decisively by its commitment.

5. What are the criteria for G-20 membership?

In a forum such as the G-20, it is particularly important for the number of countries involved to be restricted and fixed to ensure the effectiveness and continuity of its activity. There are no formal criteria for G-20 membership and the composition of the group has remained unchanged since it was established. In view of the objectives of the G-20, it was considered important that countries and regions of systemic significance for the international financial system be included. Aspects such as geographical balance and population representation also played a major part.

6. How are the G20 taking forward work remitted to Finance Ministers by Leaders.

• Strengthening transparency and accountability Enhancing sound regulation
• Promoting integrity in financial markets
• Reinforcing international cooperation
• Reforming the international Financial Institutions

There is some overlap between the five areas and therefore to avoid duplication the G20 has set up working groups to take the work forward.  For more information visit  live official website of G20.

In Next posts we will try to know the confrontation of G20 form its beginning to its present form.