MPDD Working Paper on Global partnership for strong, sustainable and balanced growth: An agenda for the G20 summits
Since its first meeting in December 1999 in Berlin, the Group of 20 or G20 has come a long way to establish its relevance, credibility and emerge as a premier council for global economic cooperation. Initially set up as a group of Finance Ministers and Central Bank Governors of systemically important countries, it proved to be very effective forum for discussing and implementing a globally coordinated response to the global financial and economic crisis since November 2008 when it met for the first time at the Summit level in Washington, DC. Besides immediate emergency response to the crisis, the G20 has expanded its agenda to cover a number of issues that are important for the global economic growth and financial stability with the adoption of a Framework for Strong, Sustainable and Balanced Growth. The Fifth G20 Summit held in November 2010 in Seoul, Republic of Korea, the first time in a non-G7 country, also expanded its agenda to cover Development. The Korean Chair has proactively expanded the group’s outreach activities by inviting UN-ESCAP and other regional commissions of the United Nations to convey to the G20 the perspectives of non-G20 countries.