The Group of Twenty (G-20), made up of 19 countries and the European Union, is the primary forum for international economic cooperation among its members. G-20 members collectively represent the world’s major economies, all continents, and different levels of development totalling 85% of global economic output, two-thirds of the world’s population, and 75% of international trade. By providing a forum for dialogue, the G-20 can help foster global consensus on macroeconomic policies, trade and structural policies, and major challenges, such as climate and health, affecting sustainable economic growth.
Who Comprises The G-20
The G-20 members are Argentina, Australia, Brazil, Canada, China, the EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States. Chairmanship and hosting of an annual summit event rotate annually.
G-20 policy-making is enriched by the participation of key international organizations, such as the World Bank, International Monetary Fund (IMF), International Labour Organization, World Trade Organization (WTO)and United Nations. Participants also include guest countries, invited at the G-20 presidency’s discretion, and engagement groups composed of different sectors of civil society.
Canada played a leading role in the creation of the G-20 in 1999 and was instrumental in setting up the first meeting of G-20 leaders in 2008, at the height of the international financial crisis. The G-20 has demonstrated its critical role on multiple occasions. Three of its greatest successes are the adoption of the “Montréal consensus” on globalization in 2000, the agreement on IMF quota reform in 2008, and the creation of the Financial Stability Board in 2009.
Argentina’s 2018 G-20 presidency
Argentina has been working to refocus the G-20 agenda on the organization’s core economic mandate while continuing dialogue on matters that may affect global economic growth in the future. Argentina has pursued a progressive agenda with three main pillars: The Future of Work, Infrastructure for Development and A Sustainable Food Future.
Canada’s G-20 priorities
Argentina’s G-20 areas of focus align well with Canada’s own priorities, which are to invest in economic growth that benefits everyone and to prepare people for jobs of the future. These priorities were also reflected in Canada’s 2018 G7 presidency and at the annual G7 summit in Charlevoix, Quebec.
Technological advancements
For Canada, innovative technological advancements, which are having a transformative effect on the way Canadians work, are a key driver of growth and productivity. Canada seeks to ensure that our people can adapt to, and benefit from, technological change. To this end, Canada is focusing on skills development, education, the strengthening of social safety nets, and ensuring the availability of decent work, with particular emphasis on gender equality and women’s empowerment. In the G-20, Canada co-chairs the Framework Working Group, which assesses the macroeconomic impact of technological change on productivity, growth, employment and inequality.
Investment in infrastructure
Canada views investment in infrastructure as helping to foster sustainable economic growth that benefits all. Canada has placed infrastructure investments at the core of its domestic economic agenda with the establishment of the new Canada Infrastructure Bank. In 2017, Canada also confirmed the creation of a new development finance institution to seek innovative financing approaches to support sustainable development abroad. This includes pledging $60 million to the World Bank to help Small Island Developing States build resilient infrastructure and reduce dependence on imported fossil fuels.
G-20 Platform in Education for women and girls
Canada will continue advocating for quality education for women and girls around the world. Alongside the nearly $3.8 billion pledged during the G-7 Summit, an additional $527 million was pledged from partners at the United Nations General Assembly to help developing countries provide every child with access to quality education and modern skills training. Canada put gender equality at the centre of its G-7 presidency and supports Argentina’s work to integrate the empowerment of women and girls throughout its G20 agenda.
G-20 Advocates for Climate Action
The world needs climate action now, and these are exciting times to create more opportunities for middle-class Canadians. Canada is taking a leadership role both at home and internationally to address climate change by moving to a more sustainable clean-growth economy. Building on the momentum of its G-7 presidency, Canada is continuing to show leadership to fight climate change, build the resilience of vulnerable coasts and communities, and protect and promote the health of our oceans, among other things, addressing the issue of marine plastic pollution.
Progressive trade
With 20 of the world’s largest economies at the table, the 2023 G-20 summit will be an opportunity for Canada to promote international trade that helps businesses and people succeed. Advancing the benefits of free trade along with reform of the multilateral trading system is important to ensure the benefits of global trade can be shared by all. This is why Canada brought together a small, representative group of WTO members in October 2018 to discuss ways to support and strengthen the multilateral trading system. These discussions will help inform the G-20 on ways to improve the WTO over the short, medium and long term.
Sustainable food production
On sustainable food production, Canada’s top priorities will not only be to highlight the importance of better soil management but also to find ways to support food security and health in a development context; to help the agricultural sector adapt to climate change; and to better address water and soil conservation issues. A well-functioning agricultural and agri-food value chain facilitates trade and investment in a sector that is a key area of economic growth and job creation.