The heads of state and government of the world’s seven leading advanced economies (G7) and 20 major economic and political powers (G20) meet annually at the invitation of the country holding the presidency that year.
Under the auspices of the OECD, 131 (as of 5 July 2021)countries have reached an agreement on fair taxing rights and a uniform minimum corporate tax rate of at least 15%. This is a genuine revolution in international tax law. The plan was adopted by the finance ministers of the 20 leading advanced and emerging economies – the G20 – at their most recent meeting in Venice on 9−10 July.
The latest meeting of G7 finance ministers and central bank governors took place in London on 4–5 June, with a focus on “Build Back Better”. This was the first in-person Finance Track meeting under the UK’s G7 presidency.
The Group of Seven (G7)/Group of Eight (G8) is an informal forum of the world’s leading economies. The heads of state and government of these countries formulate joint positions on global policy issues when they meet for annual summits.
The Group of 20 comprises the 19 leading advanced and emerging economies plus the European Union. Formed in 1999, the G20 is the main forum for discussing the international regulatory framework.
While the G20’s decisions are not legally binding, its members make voluntary commitments which carry considerable political weight. We have put together an overview of the communiqués from the meetings of finance ministers and central bank governors, as well as some key documents and summit declarations issued since 2008. These documents are available for download in PDF format.
The Compact with Africa was initiated under the German G20 Presidency to promote private investment in Africa, including in infrastructure. Its primary objective is to increase attractiveness of private investment.