The G20 is a prominent, if not the most prominent, informal leaders-led global summit. It consists of member states that represent 85 percent of the global GDP, over 75 percent of global trade, and about two-thirds of the global population. The members of the G20 are Argentina, Australia, Canada, China, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom, the United States, the European Union, and as of January 1, 2024,  the African Union (AU).

Other states and international organisations are frequently invited as guests to participate in G20 meetings and the Leaders’ Summit. Invitees vary for each G20 Presidency, as the host takes the lead in providing invitations however, there are some permanent guest invitees. Included in this group are Spain, the Chair of the Association of Southeast Asian Nations (ASEAN), the Chair of New Partnership for Africa’s Development (NEPAD), the United Nations (UN), International Monetary Fund (IMF), World Bank, Financial Stability Borad (FSB), World Trade Organization (WTO), Organisation for Economic Co-operation and Development (OECD), World Health Organisations (WHO) and the International Labour Organisation (ILO).

The G20 began as an Informal forum in 1999 after the Asian financial crisis of 1997-98. The forum consisted of Finance Ministers and Central Bank Governors of significant advanced and developing economies. These member states met to discuss macroeconomic issues such as international economic and financial stability. After the 2008 great financial crisis (GFC), the G20 was elevated to a forum for Heads of State/Government, as crisis coordination would only be possible at the highest political level. Since then, the G20 Leaders’ Summit has focused on broader problems of the global economy and has tried to promote international economic cooperation. The G20 Summit has expanded its agenda to include issues such as: trade, sustainable development, climate change, health, agriculture, food security, energy, the environment, and anti-corruption. Today, the G20 plays a key role in shaping the economic architecture and evolving policy progress across numerous global governance issues.

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Much of the G20’s work is carried out in Ministerial-level meetings, Task Forces and Working Groups. The on-going policymaking is carried on in two streams: the Sherpa Track and the Finance Track that is further described below. The G20 also reaches beyond the two track workstreams to include engagement  with civil society,  through so-called engagement groups.

G20 Leaders only meet once during any hosting year. Before the Summit, regular Ministerial-level meetings take place throughout the year. During these meetings, ministers and high-level representatives of member states come together to deliberate on policy matters and explore how to achieve policy advances and to to collaborate over international global governance arrangements. Notable meetings include of the Finance Ministers and Central Bank Governors generally gathering four times over a hosting year. As the G20’s scope of work has evolved, new Ministerial-level meetings have been organized to deepen cooperation and move collective action forward. Meetings have taken place between ministers overseeing the following policy areas: