G20 Finance Ministers and Central Bank Governors meeting - photo courtesy of G20 2019 Japan website
CAIRO - 28 June 2019: Hours from now, G20 summit will be held in Osaka, Japan on June 28-29, in the presence of leaders of countries, which represent the largest economies in the world.
For clarifying what G20 is and how it works, the official website of G20 2019 Japan, published Q&A reviewing all the information you need to know about.
Egypt Today reviews the Q&A as it is published on the official website:
Q: What is the G20 summit?
A: The official name of the G20 Summit is formally known as the “Summit on Financial Markets and the World Economy,” and is an international forum convened annually. The name “Summit” originates from its English definition, and refers to the highest point of a mountain. Therefore, the word “summit” most often indicates a meeting between heads of state or government, who represent the highest political level of a country.
The G20 Summit is the “premier forum for international economic cooperation” (agreed by leaders at the Pittsburgh Summit in September 2009) and maintains great influence over the global economy, with its members representing more than 80% of the world’s GDP. The primary agenda addressed at the Summit meetings is focused on issues related to the global economy. However, the discussions in recent Summits have also included issues such as trade and investment, development, climate change and energy, employment, digitalization, counter-terrorism, as well as migration and refugees.
Q: Why was the G20 established?
A: The G20 Leaders’ Summit was established in response to the global financial crisis that occurred in the wake of the collapse of the Lehman Brothers. The existing G20 Meeting of Finance Ministers and Central Bank Governors, which is a forum represented by major developed and emerging countries, was upgraded to the head of state level, and the inaugural G20 Summit was held in Washington D.C. in November 2008. From thereon, Summit meetings were held semiannually until 2010 and annually from 2011 onwards.
Q: Which countries and international organizations participate in the G20?
A: The participants are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Republic of Korea, Republic of South Africa, Russia, Saudi Arabia, Turkey, United Kingdom, United States of America, and European Union (EU). In addition, leaders of invited guest countries and representatives of invited international organizations participate in the Summit.
Q: What does G20 stand for?
A: G20 stands for the “Group of Twenty”.
Q: When will the G20 Okasa summit take place?
A: The G20 Osaka Summit will be held over two days, on June 28-29, 2019. During Japan’s G20 presidency, ministerial meetings will also be held in eight cities throughout Japan.
Q: What topics will be discussed at the G20 Osaka summit?
A: The themes of 2019 summit included global economy, trade and investment, innovation, environment and energy, employment, development, and health.
Q: How is the G20 presidency selected?
A: The G20 presidency is selected from the members. Generally, at each Summit, the G20 selects a country by consensus, two years in advance of its presidency.
Q: How long is the term of the G20 presidency?
A: At its inception, the term of the G20 presidency was six months. Since 2011, the term has been 1 year from December through the following November.
Q: How are the G20 summit prepared?
A: Preparations for the G20 Summits revolve around “sherpas,” who are official representatives of leaders of participating members. The term “sherpa” has its roots in mountain climbing, and it refers to an assistant who guides climbers to the summit of a mountain. G20 sherpas, through their close communication, proceed with the preparations for a successful summit meeting.
Q: What is the G20 Troika System?
A: The G20 troika system was officially adopted at the Cannes Summit in 2011 as the framework for steering the G20 process. The “troika” consists of the current, previous, and next G20 presidencies and the 3 members cooperate with one another in preparing for the G20 Summit. During Japan’s presidency, Japan will work closely together with Argentina (2018 presidency) and Saudi Arabia (2020 presidency).