G20 was initiated in 1999 and consists of Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union (EU).

Before the outbreak of global financial crisis in 2008, G20 meetings of Finance Ministers and Central Bank Governors were held to discuss international financial and monetary policies, reform of international financial institutions and world economic development. The first G20 Leaders' Summit was held in 2008. In September 2009, the Pittsburgh Summit announced G20 as the premier forum for international economic cooperation, marking an important progress in global economic governance reform. The tenth Summit was held in Antalya ,Turkey in November, 2015.

Some guest countries and the United Nations, the International Monetary Fund, the World Bank, the World Trade Organization, the Financial Stability Board, the International LabourOrganisation, the Organisation for Economic Co-operation and Development(OECD) were also invited to attend G20 Summit.

Engagement groups such as B20, L20, T20 also convene to prepare policy recommendations for the G20 Summit during the year.