Proposed by the former Prime Minister of Canada Paul Martin, G20, is a meeting of the Group of Twenty Finance Ministers and Central Bank Governors from 20 major economies of the globe including the developed and developing countries.

Proposed by the former Prime Minister of Canada Paul Martin, G20, is a meeting of the Group of Twenty Finance Ministers and Central Bank Governors from 20 major economies of the globe including the developed and developing countries. The concept of G-20 summit lies on the cooperation and consultation on matters affecting to the international financial system through high-level discussion on various global financial issues in order to bring an international financial stability. G20 is also referred as G-20, or Group of Twenty.

Twenty members of G-20 includes countries like Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, United States and the twentieth member is the European Union represented by President of the European Council and by the European Central Bank. The initial meeting of G-20 was held in 2008 replacing the early G-8 as the major economic council of wealthy nations.

It is notable that the economies of G-20 nations contribute to more than 80 percent of the gross world product (GWP), 80 percent of world trade (including EU intra-trade), and two-thirds of the world population and thus has a major impact on world economy. In addition to that, according to the reports of International Monetary Fund (IMF), they account for 84.1 percent and 82.2 percent of the world's economic growth through nominal GDP and GDP (PPP) respectively from the years 2010 to 2016.

This year in 2012, it was the seventh G-20 summit hosted by Los Cabos, Mexico held on June 18-19, 2012.

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