Masthead graphic based on a painting by Gudrun Thriemer.

Friday, November 07, 2008

Mario Osava, "Another G20 takes center stage," IPS, November 7. 2008.

  The G20 countries combined produce 90 percent of global gross domestic product (GDP), account for 80 percent of world trade, and are home to two-thirds of the world’s population.

RIO DE JANEIRO, Nov 7 (IPS) - The Group of 20 (G20) that will meet this Saturday and Sunday in Brazil could have a more defining role in shaping a new global order than any of the alliances forged in past international negotiations -- like the other G20 formed by developing countries in the Doha Round of multilateral trade talks.

The G20 that will gather in Sao Paulo this weekend was born in 1999 with a financial mandate, bringing together as it does the finance or economy ministers and central bank presidents of the Group of 7 (G7) most powerful industrialised countries and 12 leading emerging economies. The twentieth member is the European Union, which participates as a bloc.

  In addition to the G8 members, the G20 is made up of Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Saudi Arabia, South Africa, South Korea and Turkey, as well as the European Union.

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