G7 transforming into G20
Tuesday, October 21Due to the global economic crisis it has become clear that the G7 format, under which the leading industrialised nations meet to make major financial decisions, is obsolete. It has become evident that a new form of cooperation is absolutely necessary.
In order to create a new economic order 20 countries have joined together to form a new union. These countries produce 80 per cent of the world’s goods and account for 85 per cent of global GDP.
G7 consisted of USA, Great Britain, Germany, Japan, France, Italy, and Canada. These countries have now been joined by China, India, Brazil, Russia, Argentina, Australia, Indonesia, Mexico, Saudi Arabia, Turkey, South Africa, South Korea, and the EU, representing the rest of the non-G7 European countries as a single member. These new members of the global economic bloc have rapidly developing economies whose success has n increasing influence on the welfare of other leading countries.
The first Chairman of the newborn baby will be the Brazilian Finance Minister. Brazil will host the first session of the union, which will elaborate future action plans.