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G-20 Summit Kicks Off With The Messages Of Economic Growth

15.11.2014 14:04

20 Summit has started with the messages of economic growth in Australian city of Brisbane. Opening speech of G-20 was held by Australian Prime Minister Tony Abbot said that they aiming at least 2% economic growth and more employment. In his traditional G-20 addressing Australian premier emphasized his domestic political agenda and citing the hardline stance on asylum-seeker boat arrivals and “massively difficult” budget measures and the abolition of carbon pricing. G-20 MAJOR ECONOMIESThe Group of Twenty (also known as the G-20 or G20) is an international forum for the governments and central bank governors from 20 major economies. The members, shown highlighted on the map at right, include 19 individual countries—Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, United States—and the European Union (EU). The EU is represented by the European Commission and by th

G-20 Summit has started with the messages of economic growth in Australian city of Brisbane.

Opening speech of G-20 was held by Australian Prime Minister Tony Abbot said that they aiming at least 2% economic growth and more employment.

In his traditional G-20 addressing Australian premier emphasized his domestic political agenda and citing the hardline stance on asylum-seeker boat arrivals and “massively difficult” budget measures and the abolition of carbon pricing.


G-20 MAJOR ECONOMIES

The Group of Twenty (also known as the G-20 or G20) is an international forum for the governments and central bank governors from 20 major economies. The members, shown highlighted on the map at right, include 19 individual countries—Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, United States—and the European Union (EU). The EU is represented by the European Commission and by the European Central Bank.

The G-20 is the latest in a series of initiatives aimed at international coordination of economic policy, which have been prominent since the efforts during World War II to create some form of international or global economic governance, including through the "Bretton Woods twins", the International Monetary Fund and the World Bank, and what is now the World Trade Organization.

Collectively, the G-20 economies account for around 85% of the gross world product (GWP), 80% of world trade (or, if excluding EU intra-trade, 75%), and two-thirds of the world population. The G-20 heads of government or heads of state have periodically conferred at summits since their initial meeting in 2008.

According to researchers at the Brookings Institute, the G-20 was founded in 1999 as a forum for cooperation and consultation on matters pertaining to the international financial system at the initiative of Hans Eichel, then German finance minister who was also concurrently chair of the G-7 financial forum. However, other sources identify Hans Eichel, US Treasury Secretary Larry Summers, and Canadian Prime Minister Paul Martin as the three key initiators.

According to University of Toronto professor John Kirton, the membership of the G-20 was decided by Eichel's assistant Caio Koch-Weser and Summers' assistant Timothy Geithner. In Kirton's book 'G20 Governance for a Globalised World',
Geithner and Koch-Weser went down the list of countries saying, Canada in, Spain out, South Africa in, Nigeria and Egypt out, and so on; they sent their list to the other G7 finance ministries; and the invitations to the first meeting went out.

The group was formally inaugurated in September 1999, Canadian prime minister Paul Martin was chosen to be the first chairman and German finance minister Hans Eichel hosted the first G-20 meeting of finance ministers in December 1999 in Berlin.

It studies, reviews, and promotes high-level discussion of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization. With the G-20 growing in stature after the 2008 Washington summit, its leaders announced on 25 September 2009, that the group would replace the G8 as the main economic council of wealthy nations.Since its inception, the G-20's membership policies have been criticized by numerous intellectuals,and its summits have been a focus for major protests by anti-globalists, nationalists and others.

The heads of the G-20 nations met semi-annually at G-20 summits between 2008 and 2011. Since the November 2011 Cannes summit, all G-20 summits have been held annually. Australia currently holds the chair of the G-20, and the next summit will be held in Brisbane during November 2014.


SHOT LIST

Saturday, November 15, 2014 –G20

-Var of G20 leaders are arriving at the hall where the Summit held
-Var of Australian Prime Minister who is holding the G20 opening speech

DURATION: 04:04



 
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