what is g 20 summit

The G20 or Group of 20 is an intergovernmental forum comprising 19 sovereign countries, the European Union (EU), and the African Union (AU) . It was founded in 1999 after the Asian financial crisis as a forum for the Finance Ministers and Central Bank Governors to discuss global economic and financial issues. The G20 works to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development. The G20 Summit is held annually, under the leadership of a rotating Presidency. The G20 initially focused largely on broad macroeconomic issues, but it has since expanded its agenda to include trade, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption. The G20 accounts for around 80% of gross world product (GWP), 75% of international trade, two-thirds of the global population, and 60% of the worlds land area. The African Union was invited to become a permanent G20 member at the Delhi summit.