The G-20 (Group of Twenty) is an international forum that serves as the premier platform for economic cooperation among the world's major advanced and emerging economies. It is an informal group, not an international organization, and operates without a permanent secretariat. The G-20 was formally established on September 26, 1999, at the suggestion of the G7 Finance Ministers. Its creation was a direct response to the 1997-1998 Asian financial crisis, intended to promote international financial stability by including systemically important developing countries in the global economic dialogue. The forum was elevated to a leaders' level summit in 2008 during the global financial crisis.
The G-20 process functions through two parallel channels: the Finance Track, led by Finance Ministers and Central Bank Governors, and the Sherpa Track, coordinated by the personal emissaries of the Leaders. The Presidency rotates annually among members, with the host country steering the agenda for one year and supported by the Troika (the previous, current, and incoming Presidencies). While its decisions are not legally binding, they are voluntary commitments that carry significant political weight and are often implemented through related institutions like the International Monetary Fund and the World Bank.
A significant recent change occurred at the 2023 New Delhi Summit, where the African Union (AU) was permanently included as a full member, expanding the group to 21 members (19 countries and 2 regional organizations). The G-20's agenda has also expanded beyond its original focus on macroeconomic issues to include topics like climate change, global health, and sustainable development. The forum connects to various Engagement Groups, such as the Business 20 (B20) and Think 20 (T20), which facilitate dialogue with civil society and business communities.