G20 consists of 19 individual countries and the European Union. The EU is represented by the European Commission and by the European Central Bank.
the G20 economies account for around 90% of the gross world product (GWP), 80% of world trade (or, if excluding EU intra-trade, 75%), two-thirds of the world population and approximately half of the world land area.
The G-20’s primary mandate is to prevent future international financial crises and shape the global economic agenda.
The finance ministers and central bank governors of the G-20 countries meet twice a year.
The G-20 members include the G-7 nations-Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States—and 11 emerging market and smaller industrialized countries—Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea, and Turkey. The EU is also a member of the G-20.
The growth of Brazil, Russia, India, and China (the BRIC countries) has driven the growth of the global economy. The G-7 countries grow slower. Therefore, the BRIC countries are critical for ensuring continued global economic prosperity.
In the past, the leaders of the G-7 could meet and decide on global economic issues without much interference from the BRIC countries, but those nations have become more critical in providing the needs of the G-7 nations. For example, Russia delivers most of the natural gas to Europe. China produces much of the manufacturing for the United States. India provides high-tech services.