Economy; Multilateral summits

  • Multilateral summits –
    • G-15.
      • Established in 1989.
      • Headquarter is in Geneva, Switzerland.
      • Member states – 17.
      • Objective is to act as catalyst for greater cooperation’s between leading developing countries.
    • G-8.
      • In 1997 after the addition of Russia, G-7 became G-8.
      • Objective of G-8 is discussing and evolving strategies to deal with the major economic and political international issues.
      • No formal institutional structure or permanent secretariat. Head of state member nations and EU representatives hold meetings annually.
    • G-20.
      • Established on 26th Sept, 1999.
      • It is the extensions of G-7 (France, Germany, Italy, Japan, UK, USA and Canada) .
      • To establish an informal mechanism for dialogue among systematically important countries including the industrialized countries and the big emerging markets within the framework of the Bretton Woods institutional system.
      • And to enhance international financial stability.
      • It does not have a permanent secretariat.
      • The secretariat chair rotates between the members selected from different five regional grouping of countries each year.
      • To harness the considerable potential for greater and mutually beneficial cooperation among developing countries.               
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