Archive | September 11, 2014
Relevance of G-20 for Development
The later half of the 1990s had witnessed sea changes in the global power politics. While the US remained the dominant power, there emerged many economic power, from the global South, like China and India. The subsequent East Asian Financial Crisis of 1997 highlighted the need for greater economic cooperation between the developed and developing countries. A number of multilateral forums were established to initiate an informal dialogue between the different countries.
The Finance Ministers and Central Bank governors of the Group of Eight (G-8) announced the their intention to broaden the dialogue on key economic and financial policy issues among the systematically important economies, and to achieve stable and sustainable world economic growth that benefits all. This gave birth to the G-8, which comprised of countries like- USA, UK, France, Germany, Italy, Japan, Canada and Russia.
These 8 countries were later joined by 11 emerging and developing countries, namely- Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Saudi Arabia, South Korea, South Africa and Turkey, along with the European Union to form the G-20. Read More…