What Is the G-20?:
The G-20 was formed in 1999 to give developing nations more of a voice in forming the global economy. Its members include:
- the eight leading industrialized nations - U.S., Japan, Germany, UK, France, Italy, Canada and Russia (also known as the G-8).
- Eleven emerging market and smaller industrialized countries: Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Saudi Arabia, South Africa, South Korea, Turkey, plus the EU.
Why Is the G-20 Important?:
The growth of Brazil, Russia, India and China (the BRIC countries) has driven the growth of the global economy. The G-8 countries grow slower. Therefore, the BRIC countries are critical for ensuring continued global economic prosperity.
In the past, the leaders of U.S. and Europe could meet and decide on global economic issues without much interference from the BRIC countries. However, these countries have become more important in providing the needs of the G-8 countries: Russia provides most of the natural gas to Europe, China provides much of the manufacturing for the U.S., and India provides high tech services.
