5/19/2023 0 Comments G20 next meeting![]() ![]() Several rising democracies, including Brazil, India, and Indonesia, belong to the G20, as do other influential autocratic countries, such as China, Russia, and Saudi Arabia. Kupchan called for a new concert of powers, contending that “fly-in, fly-out” G20 summits are often bogged down by “haggling over detailed, but often anodyne, communiqués.”īut many observers point out that the G20’s membership is still more representative of the current international balance of power than blocs of countries formed earlier, such as the G7. In 2021, CFR’s Richard Haass and Charles A. Geopolitical analysts Ian Bremmer and Nouriel Roubini have argued against the G20’s utility, saying that a “G-Zero” world is emerging instead-one in which countries go it alone or form ad hoc coalitions to pursue their interests. Since then, Patrick and other observers say, the G20 has struggled to achieve similar success on its goals of coordinating monetary and fiscal policies, achieving higher growth, and rooting out corruption and tax evasion. Many experts credit the G20 with quick action former CFR fellow Stewart Patrick said the group “ rescued a global financial system in free fall.” In 20, G20 nations agreed to spending measures worth $4 trillion to revive their economies, rejected trade barriers, and implemented far-reaching reforms of the financial system. A decade later, at the height of the global economic crisis, the G20 was elevated to include heads of state and government. The G20 was formed in 1999, in the wake of the Asian financial crisis, to unite finance ministers and central bankers from twenty of the world’s largest established and emerging economies. The countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom (UK), and the United States. The G20 is a forum comprising nineteen countries with some of the world’s largest economies, as well as the European Union (EU). The 2022 summit in Bali, Indonesia, was dominated by divisions over Russia’s membership in the group and the economic and humanitarian fallout from the war in Ukraine. President Joe Biden promised a return to multilateral cooperation, achieving a new global agreement on corporate taxation, but tensions have continued to grow as high- and low-income countries have increasingly diverged on major issues. Under President Donald Trump, the United States clashed with the rest of the group on trade, climate, and migration policy.
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