The G8 is made up of heads of government from Canada, France, Germany, Italy, Japan, the Russian Federation, the United Kingdom and the United States.
The European Union is also represented at meetings by both the president of the European Commission and the leader of the country that has European Union presidency.
The group’s original 1976 line-up included France, Germany, Italy, Japan, the United Kingdom and the United States.
These countries were later joined by Canada in 1976 and Russia in 1998.
All G8 members originate from the developed, industrialised world.
The G8 excludes China and India, despite their rapid economic growth, and fails to represent countries in Africa and Latin America.
This has led to accusations that the G8’s priorities fail to represent the majority of the developing world.
G15 – The Group of 15 Summit
The G15, a group of 17 developing countries from Asia, Africa and Latin America, was set up to foster cooperation and provide input for other international groups, such as the World Trade Organization and the Group of Seven rich industrialized nations.
G15 Current Countries:
The G15 is comprised of Algeria, Argentina, Brazil, Chile, Egypt, India, Indonesia, Jamaica, Kenya, Nigeria, Malaysia, Mexico, Peru, Senegal, Sri Lanka, Venezuela and Zimbabwe
What is the G20
The Group of Twenty (G20) is the premier forum for international cooperation on the most important issues of the global economic and financial agenda.
The objectives
1. Policy coordination between its members in order to achieve global economic stability, sustainable growth;
2. Promoting financial regulations that reduce risks and prevent future financial crises;
3. Modernizing international financial architecture.
The G20 brings together finance ministers and central bank governors from 19 countries:
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States of America plus the European Union, which is represented by the President of the European Council and by Head of the European Central Bank.
The G20 was formally established in September 1999 when finance ministers and central bank governors of seven major industrial countries (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States) met in Washington, D.C. in the aftermath of the financial crisis of 1997-1998, which revealed the vulnerability of the international financial system in context of economic globalization and showed that key developing countries were insufficiently involved in discussions and decisions concerning global economic issues.
Finance ministers and central bank governors started to hold annual meetings after the inaugural meeting on December 15-16, 1999, in Berlin.
The first meeting of the G20 Leaders took place in Washington, D.C., on November 14-15, 2008, where the Leaders agreed to an action plan to stabilize the global economy and prevent future crises.
About G-15 countries
G8 Group:
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