Year of Establishment: 1999
The G20 emerged amidst the 1997 Asian financial crisis. Its members include 19 developed and developing countries plus the EU, whose finance ministers and central bank directors meet to discuss issues regarding the global economy and finance. In 1999, the G8 proposed establishing an international economic cooperation forum of a larger scale and this, thus, gave birth to the G20. According to statistics, the G20 members account for 85% of global GDP, over 80% of total international trade volume, and two-thirds of the global population.
The birth of the G20 gradually replaced the economic purposes of the G7, inadvertently turning the G7 into a forum primarily dedicated to discussion of global issues relating to diplomacy, military campaigns, and climate change. Each year, the G20 holds a meeting of finance ministers and central bank directors, and a summit for heads of governments or state. These summits are also regularly participated in by international organizations such as ASEAN, the African Union, and the International Monetary Fund.