We are certain that most of you are aware that the recent premier meeting of G 20 Summit held in Toronto was just over. The theme for the G20 Toronto Summit is “Recovery and New Beginnings”, which attracted our attention. As such, we decided to blog about it because it is somehow significantly related and relevant to our daily life, which we are certain that everyone is very concern about as it brings hope to the world especially in addressing the global economy as a whole.
The recent talk at Toronto, though it attracted some detractors, yet we viewed it as a successful one. First, it has enlarged its G 8 approach to include the emerging economic markets, which is more representative and holistic approach where the emerging market will have more say in shaping the global economic framework for more sustainable global economic growth for the betterment of the whole world at large. You can see by now that this G20 is the premier forum for international economic cooperation. World leaders gathering at this Summit had a dialogue on how to build a healthier, stronger and more sustainable global economy, which everyone of us should view this move as a wise and encouraging move to foster a better relationship among all nations.
For the benefit of everyone, let us take a quick look of some of the historical facts listed below:-
What is the G-20
The Group of Twenty (G-20) Finance Ministers and Central Bank Governors was established in 1999, which the intention of bringing the industrialized and developing economies together to discuss key issues in the global economy. The inaugural meeting of the G-20, hosted by Germany and Canadian finance ministers, held in Berlin, on December 15-16, 1999.
By contributing to the strengthening of the international financial architecture and providing opportunities for dialogue on national policies, international co-operation, and international financial institutions, the G-20 helps to support growth and development across the globe.
The G-20 was formed as a positive response to the financial crises of the late 1990s and recognition of the important roles by those key emerging-market countries, which were not adequately included in the core of global economic discussion and governance. Prior to its formation, this function of promoting dialogue and analysis had been shouldered by the G-7 members.
The current G-20 membership is made up of the finance ministers and central bank governors of 19 countries as follows:
· Saudi Arabia
· South Africa
· Republic of Korea
· United Kingdom
· United States of America
The above member countries in totality represent around 90 per cent of global gross national product; 80 per cent of world trade (including EU intra-trade) as well as two-thirds of the world's population. As such, this G-20's gives it a high level of legitimacy and influence over the management of the global economy and financial system, in term of its economic weight.
With some remarkable achievement in terms of close co-operation between the US and China, it well illustrates a remarkable achievement in mankind's history. We viewed this as a positive move to foster more co-operation in achieving the global sustainable economic growth. As such, it shed some light to arrest the European financial crisis from worsening despite some divided opinions from the EU members.
It is imperative for every member to realise that their economic welfare is very much dependent on each other and no country will be spared if anyone member is seriously affected. As such, this G20 will play a significant role in addressing this crucial area which ultimately affects everyone's life as a whole.
With this in mind, we, at Lift you up, view this young, vibrant international institute have achieved a remarkable result in view of its short history and co-operation between its members are also very encouraging and it is a very good platform to take the world to greater heights of success.
Thanks for your time to read this article and we strongly believe a good and more prosperous world is within our reach through this global international body.
Wish them great success and please share with us your view in this regard,
Thanks and looking forward to hearing from you,
Your Chief Servant,
Founder and Group CEO
Founder and Group CEO
Skype me at james.oh18