Curious about the G20 and its Benefits for Indonesia? Check Here

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Indonesia currently holds the Presidency or is hosting a High Level Conference (KTT) G20. The G20 is a major forum for international economic cooperation. Its members are countries with the largest economies in the world, consisting of 19 countries and 1 European Union institution.

In detail, the member countries are Australia, Argentina, Brazil, Canada, China, European Union, Germany, France, India, Indonesia, Italy, Japan, Mexico, Saudi Arabia, Russia, South Africa, South Korea, Turkey, United Kingdom and United States of America.

The G20 has a strategic position because collectively it represents 85% of the world economy, 80% of global investment, 75% of international trade and 60% of the world’s population.

Quoted from the official website of the Ministry of Finance, the following is the history of the G20, the development and role of Indonesia so far to the benefits of being a member of the G20:

G20 history

The G20 was formed in 1999 with the aim of discussing policies to achieve international financial stability. In addition, the formation of the G20 as an effort to find a solution to the global economic conditions hit by the global financial crisis in 1997-1999 by involving middle-income countries and having systemic economic influence, including Indonesia.

On the advice of the G7 Finance Ministers, the G20 Finance Ministers and Central Bank Governors began holding meetings to discuss the response to the global financial crisis that occurred. After that, the meeting of the Minister of Finance is held regularly in the fall.

Nine years later, on November 14-15 2008, then US President Barack Obama invited the leaders of the G20 countries to the first G20 summit. On that occasion, the country’s leaders coordinated the global response to the impact of the financial crisis in the US and agreed to hold a follow-up meeting.

To prepare for the annual summit, the G20 Finance Ministers and Central Bank Governors meet several times a year.

The G20 itself does not have a permanent Secretariat. In the process and working system, the G20 has a host (Presidency) which is determined by consensus at the Summit based on a regional rotation system and changes every year.

Continued on the next page about Indonesia in the G20 and its benefits. Direct click

Jackson Wintringham

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