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G8 & G20

International Business - Phil & Tatiana
by

Tatiana Koriakina

on 12 December 2012

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Transcript of G8 & G20

The Group of Eight (G8) - a trade organization encompassing the major economies of the world - established as the G6 in 1975 which included France, the United States, Great Britain, Italy, Germany, and Japan Canada joined the following year (creating the G7) The G8 was created when Russia became a full member in 1998 What is the purpose of the G8? - to discuss macroeconomic issues, such as economic growth, trade liberalization, and helping developing countries
-to discuss other issues, including the information highway, terrorism, climate control, energy, arms control, crime & drugs When the G8 met in 2009, it addressed the economic crisis, North Korea's nuclear tests and ballistic missile launches & the environment Additional Information (G8): - G8 leaders meet once a year on a rotational basis
- the host country sets the agenda & takes on the leadership role
- throughout the year, a set of ministerial meetings on current & critical topics are held
- G8 establishes a series of working committees that discuss topical global issues, such as terrorists, nuclear energy, and organized crime
- these meetings provide an opportunity for busy leaders to network with each other and establish critical personal relationships The Group of Twenty (G20) - The Group of Twenty (G20) was established during the economic crisis of the 1990s to provide a discussion forum for the major economies of the world
- The formation of the G20 acknowledged the influence that countries such as Brazil, Russia, India, and China (BRIC) were having on world economies and trade
- The G20 encompasses 90% of the world's gross national product, 80% of international trade, and 66% of the globe's population. What is the purpose of the G20? - to strengthen economic ties throughout the world
- focuses on economic and employment growth, eliminating trade barriers, reforming financial institutions and regulations, and restructuring global financial organizations such as the World Bank When the G20 met in Pittsburgh in 2009, it discussed economic stability, climate change, and international food security Additional Information (G20): - The importance of the G20 has increased dramatically because of the emergence of economies beyond the members of the G8
- When the economic crisis of 2008 hit, governments reacted by calling an emergency G20 meeting to discuss financial reform and stability regulations Canada's place in the G8 & G20 - Canada is a very small player in comparison to the other G20 populations and GDP's
- Canada's role will become smaller over time. There is talk that among other countries that Canada should be replaced in the G8, and placed as a second-tier country in the G20
- As of 2010, Canada hosted the G8 countries five times 1) Argentina The G20 countries are as follows: 2) Australia 3) Brazil 4) Canada 5) China 6) France The G8 & G20 7) Germany 8) India 9) Indonesia 10) Italy 11) Japan 12) Mexico 13) Russia 14) Saudi Arabia 15) South Africa 16) South Korea 17) Turkey 18) United Kingdom 19) United States of America 20) The European Union
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