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 of the G20 refer to:
- Policy coordination between its members in order to achieve global economic stability, sustainable growth;
- Promoting financial regulations that reduce risks and prevent future financial crises;
- Modernizing international financial architecture.
Since 2009 the presiding economies started to invite several non-member countries and institutions to attend Leaders’ summit. Until 2010, this worked on an ad hoc basis, guided by the following informal rules:
– the number of invited non-member countries will not exceed five;
– fair and balanced geographical representation;
– Spain will be a permanently invited country;
– countries presiding over regional forums , such as the African Union, ASEAN, APEC, etc., will be invited in the first place.
The G20 was created in 1999 in response to the financial crises in the late 1990s, the growing influence of emerging market economies on the global economy, and their disproportionately modest participation in the decision-making process. G20 Leaders met for the first time in 2008 in Washington, D.C. And at that time the G20 was to play a pivotal role in responding to the global economic and financial crisis. The main objective of upgrading the level of consultations within the G20 was to cope with then current and set a framework for preventing future financial crises, while securing sustainabler and balanced global growth and reforming the architecture of global governance.
Following the G20 Leaders’ commitment to “pursue consistent and effective engagement with non-members, regional and international organizations, including the United Nations, and other actors, including civil society”, and based on the results of outreach activities undertaken by previous presidencies the Russian Presidency of the G20 will promote an extensive outreach dialogue to enhance legitimacy and efficiency of the G20 process.
In this regard the Russian Presidency will reach out to different partners including non-G20 countries and their regional associations, international organizations, private sector, labour unions, youth, think thanks and academic institutions, non-governmental organizations and other actors of civil society.