The G-20 Summit is the annual meeting of the G20 (Group of Twenty), which is an intergovernmental forum comprising 19 sovereign countries, the European Union (EU), and the African Union (AU). It is a concept and an institution that serves as the premier forum for international economic cooperation.
The G20 was initially founded in 1999 as a forum for Finance Ministers and Central Bank Governors in response to the Asian financial crisis, aiming to bring together systemically important industrialized and developing economies. It was elevated to the level of Heads of State/Government in 2008 following the global financial crisis, which it helped solve by coordinating an international response and preventing a shift to protectionism.
The G20 operates through a year-long process divided into two main tracks: the Finance Track and the Sherpa Track. The Finance Track is led by the finance ministers and central bank governors, while the Sherpa Track is led by the Leaders' personal emissaries, the Sherpas, who oversee negotiations and coordinate the substantive work. The work culminates in the annual Leaders' Summit, where a joint declaration is adopted by consensus. The G20 does not have a permanent secretariat; instead, the presidency rotates annually among members, with the current, previous, and future presidents forming a Troika to ensure continuity.
The G20's focus has expanded from broad macroeconomic policy and financial stability to include issues like climate change mitigation, sustainable development, global health, and anti-corruption. It connects to major international organizations like the International Monetary Fund (IMF), the World Bank, and the World Trade Organization (WTO), which participate regularly in its working groups. A significant recent change occurred at the 2023 summit in India, where the African Union (AU) was admitted as a permanent member, expanding the group to 21 members.