what is g20 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 in response to several world economic crises and is a group of twenty of the world’s largest economies that meets regularly to coordinate global policy on trade, health, climate, and other issues. The G20 initially focused largely on broad macroeconomic policy, but it has since expanded its ambit to include trade, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption. The G20 Summit is held annually, under the leadership of a rotating Presidency, and the leaders of G20 members meet to discuss mainly economic and financial matters and coordinate policy on some other issues of mutual interest. The G20 is not a permanent institution with a headquarters, offices, or staff. The G20 is recognized by analysts as exercising considerable global influence, but it is also criticized for its limited membership, lack of enforcement powers, and for the alleged undermining of existing international institutions.