Good afternoon, my name is [Enter name], and I am here today to give a presentation on how the Group of 20, most commonly referred to as G -20, influence the global market. I am sure it is everyone’s favorite discussion topic because the influence of G -20 has acquired prominence in recent years. But, I promise that you will learn a lot from this presentation. Before I begin, I want to highlight exactly what will be covered in the presentation. First, the presentation will cover what G -20 is and then delve at discussing the influence of G -20 on the global market. The presentation will also outline the various G-20 summits that were held and how they influenced the global economy.
G -20 global governance include; International Monetary Fund, The Organization for Economic Co-Operation and Development, Basle Committee, World Trade Organization, United Nations, Bank of International Settlements, Paris Club, Financial Stability Board, World Bank, International Organization of Securities Commissions. G -20 is an international association of 19 countries and supranational EU. The 19 countries include Argentina, the United States, Brazil, the United Kingdom, Canada, Turkey, China, South Africa, France, Saudi Arabia, Germany, Russia, Mexico, India, South Korea, Indonesia, Japan, Italy, plus the European Union (Sullivan & Kohlmann, 2018).
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G -20 summit takes place annually, with government leaders and other leaders from the respective nations meeting to discuss economic matters and global financial stability. Together, members of the G -20 account for roughly 85% of the global economy (Sullivan & Kohlmann, 2018). The primary mandate of the G -20 is to prevent future international financial crises. The 2007-2009 global financial crisis resulted in a fundamental shift in global economic governance with the G -20 taking the reins of the global economy from the G -7. It seeks to shape the global economic agenda. G -20 was established to create dialogue among world leaders, inspire learning, put G -20 member under intense pressure to steer global economy, and achieve concerted action in case of a consensus.
2019 Summit Meeting
Now, let's move to the G-20 summits. The 2019 G -20 summit took place in Osaka, Japan on the 28 th and 29 th of June 2019 (Amadeo, 2019). In the summit, the G -20 members expressed concerns about United States protectionism. The members believed that it could slow down global economic growth. The ongoing trade war between the United States and China was addressed in the meeting. The U.S President Donal Trump hinted at potential trade agreements with India and Japan (Aljazeera, 2019). These trade agreements were meant to boost the economies of the parties involved. In the 2019 summit meeting, the G -20 leaders pledged to have the World Trade Organization oversee rules on online trade (Amadeo, 2019). The G -20 leaders also called for the U.S. to appoint new judges to staff the World Trade Organization’s trade dispute function. From the 2019 G -20 summit it is evident that it is mandated to shape the global economic agenda.
2018 Summit Meeting
The 2018 G -20 summit meeting took place in Buenos Aires, Argentina on 30 th November 2018 (Amadeo, 2019). All the G -20 members except the U.S. reaffirmed their commitment to the Paris Climate Accord. The United States President Trump and Mexico and Canada leaders signed the new NAFTA agreement (Henao, 2018). The U.S President and Chinese President Xii Jinping discussed the ongoing trade war and agreed to start negotiations and stop the escalations of the trade war.
2017 Summit Meeting
The 2017 summit meeting took place in Hamburg, Germany, between 7 th and 8 th of July 2017 (Amadeo, 2019). The meeting focussed climate change and global trade. All the G -20 members except the United States reaffirmed their commitment to the Paris Climate Agreement (European Council of European Union, 2018). Apart from the United States, the other member of the G -20 agreed to hold a follow-up climate summit. It made little progress. The United States President Trump also hinted at starting a trade war by threatening to impose trade restrictions on steel. President Trump claimed that there is a supply gut. In the 2017 G -20 summit meeting, the G -20 leaders agreed to share information about steel production. They also agreed to eliminate safe havens for terrorism financing. The U.S President also met Russia President Putin, and they agreed to a limited cease-fire in Syria. There are previous summit meetings held by the G -20 and various issues were discussed. The meetings delved at shaping the global market.
Why the G -20 is Important
The growth of developing countries such as Brazil, Russia, India, and China has driven the growth of the world economy. The economies of these countries are growing faster compared to that of G -7 countries, and therefore critical for ensuring continued global economic prosperity. The G -7 could meet in the past to discuss issues relating to the global economy without much interference from Brazil, Russia, India, and China (BRIC countries). But, the BRIC countries have become critical in shaping the global economy and thus providing the needs of the G -7 countries. For instance, India provides high-tech services, and Russia delivers most of the natural gas to Europe.
G -20 Protests
Some nations and individuals protest against the G -20 agenda. Protestors claim that the G -20 agenda focuses too much on globalization and financial interests. They want the G -20 leaders to focus on other areas such as poverty, climate change, gender equality, and immigration. Protestors want to G -20 are against G -20’s focus on fiscal responsibility and austerity, want G -20 to refocus on global warming, the rights of LGBT community, and to seek more open more open borders for immigrants fleeing humanitarian and climate crises.
To sum up, here is what you should remember, the G -20 is mandated to shape the global economic agenda. G -20 leaders hold meeting annually to discuss matters pertaining to the global economy and financial stability. G -20 member account for approximately 85% of the global economy. Following the international financial crisis of the 2007-9, G -20’s primary mandate is to prevent future international financial crises. Thank you for your time!
References
Aljazeera. (2019). G20 summit 2019: Trump: Won’t be raising tariffs for time being. [Online]. Retrieved from: https:// www.aljazeera.com/news/2019/06/g20-summit-2019-latest-updates-190624071602768.html . Accessed 22 nd July 2019.
Amadeo, K. (2019). The G -20 and what it does. [Online]. Retrieved from: https:// www.thebalance.com/what-is-the-g20-3306114 . Accessed 22 nd July 2019.
European Council of the European Union. (2018). G20 summit in Hamburg, Germany, 07-08/07/2017. [Online]. Retrieved from: https://www.consilium.europa.eu/en/meetings/international-summit/2017/07/07-08 / . Accessed 22 nd July 2019.
Henao, L. (2018). A look at what happened at the G-20 summit in Argentian. [Online]. Retrieved from: https:// www.apnews.com/bb1fa48f2cf04a23b3f07291fdc466a3 . Accessed 22 nd July 2019.
Sullivan, A., & Kohlmann, T. (2018). G20: What is it and how does it work? [Online]. Retrieved from: https:// www.dw.com/en/g20-what-is-it-and-how-does-it-work/a-46505067-0 . Accessed 22 st July 2019.
