The G-20 Summit: Brisbane, November 15-16, 2014

The G-20 Summit: Brisbane, November 15-16, 2014

CRS Insights
The G-20 Summit: Brisbane, November 15-16, 2014
Rebecca M. Nelson, Specialist in International Trade and Finance (rnelson@crs.loc.gov, 7-6819)
November 20, 2014 (IN10174)
Background on the G-20
The Group of Twenty (G-20) is a multilateral forum for advancing international cooperation and
coordination among 20 major advanced and emerging-market economies. The G-20 includes Argentina,
Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi
Arabia, South Africa, South Korea, Turkey, United Kingdom, and the United States, as well as the
European Union (EU). The G-20 leaders typically meet annually (at "summits"), this year held on
November 15-16 in Brisbane, Australia. Meetings among lower-level officials, including finance
ministers and central bank governors, are scheduled throughout the year.
Established in 1999, the G-20 rose to prominence during the global financial crisis of 2008-2009 and is
now the premier forum for international economic cooperation. Some analysts say the G-20's
effectiveness has diminished as the urgency of the global financial crisis has waned. Others argue that
the G-20 remains critical for discussing important policy initiatives across major countries and
encouraging greater cooperation. For more on the G-20, see CRS Report R40977, The G-20 and
International Economic Cooperation: Background and Implications for Congress, by Rebecca M. Nelson.
The 2014 Summit
G-20 Agenda: Focus on Growth
Australia holds the rotating presidency of the G-20 in 2014 which sets the G-20 agenda for the year.
(For more on U.S.-Australia relations, see CRS Report RL33010, Australia: Background and U.S.
Relations, by Bruce Vaughn.) Australia focused the 2014 agenda on global economic growth. In
February 2014, the G-20 finance ministers and central bank governors pledged to develop policies that
would boost the G-20's collective GDP by 2.1% over the next five years. In Brisbane, the G-20 leaders
announced a "Brisbane Action Plan" of individual country commitments and collective actions to meet
this goal.
A number of other issues were also discussed at the summit, with key announcements outlined in the
summit's communiqué. Some of the issues included:
Infrastructure investment. As part of its emphasis on growth, Australia has focused the G-20
agenda on efforts to increase investment in infrastructure. In September 2014, the finance
ministers and central bank governors agreed to a "Global Infrastructure Initiative," which will seek
to implement a multi-year infrastructure agenda. At the November summit, the leaders also
announced a Global Infrastructure Hub, with will provide a network between governments, the
private sector, development banks, and other international organizations, in order to improve the
functioning and financing of infrastructure markets.
Climate change. There was debate about whether climate change would be discussed at the
summit, since its inclusion was initially opposed by Australian officials. In the end, the summit's
communiqué affirmed strong and effective action to addressing climate change. Leaders also
supported mobilizing financing for adapting and mitigating climate change, such as through the
Green Climate Fund. The United States pledged $3 billion to the Green Climate Fund. (For more
on the Green Climate Fund, see CRS Report R41302, International Climate Change Financing: The
Climate Investment Funds (CIFs), by Richard K. Lattanzio.)
Trade. Leaders pledged to ensure that bilateral, regional, and plurilateral agreements are
transparent, complementary, and strengthen the multilateral trading system under the World
Trade Organization (WTO). The G-20 leaders welcomed the recent agreement between the

United States and India to implement the WTO Trade Facilitation Agreement concluded in Bali,
Indonesia, in December 2013.
Female participation in the workforce. G-20 leaders committed to close the gap between its
male and female labor-force participation rates by 25% by 2025.
Anti-corruption efforts. The G-20 has taken steps to recover the proceeds of corruption and
deny safe haven to corrupt officials. Leaders agreed to principles on "beneficial ownership
transparency," which aim to curtail the use of anonymous shell companies.
International Monetary Fund (IMF) reforms. If the U.S. Congress does not ratify IMF
reforms by the end of 2014, the G-20 leaders asked the IMF to discuss options for next steps.
(For more on IMF reforms, see CRS Report R42844, IMF Reforms: Issues for Congress, by
Rebecca M. Nelson and Martin A. Weiss.)
Leaders also discussed the international tax system, energy efficiency, Ebola, financial regulatory
reforms, and remittances, among other issues.
Russia's Participation
Russia's participation in the 2014 summit was one of the most controversial issues. Several G-20
members, including the United States, the EU, Australia, Canada, and Japan, have imposed economic
sanctions on Russian individuals and entities in response to Russia's annexation of the Crimean region
of Ukraine and efforts to destabilize eastern and southern Ukraine (see CRS Insight IN10048, U.S.
Sanctions on Russia in Response to Events in Ukraine, coordinated by Dianne E. Rennack).
In March 2014, the United States and other countries announced that they were effectively banning
Russia from the G-8, a small forum for advanced economies, and instead would convene as the G-7,
which excludes Russia. Some analysts and policymakers also called for Russia to be excluded from the
G-20 summit in November. Others argued that keeping Russia engaged in a multilateral forum like the
G-20 could provide useful opportunities for diplomatic discussions. Major emerging-market economies,
including Brazil, India, China, and South Africa (which, together with Russia, make up the BRICS), also
supported Russia's participation in the G-20.
Russian President Vladimir Putin ultimately did attend the G-20 summit, although left early. Reportedly,
Russia's actions in Ukraine and sanctions were the subject of heated debates in meetings, although the
issues were not part of the official G-20 agenda and were not reflected in the official summit
communiqué. Some analysts argue that, regardless of the other outcomes of the summit, Australia's G-
20 legacy will be the precedent that members are not excluded from G-20 discussions.
Turkey is hosting the G-20 in 2015 and China in 2016.
Related Issues Before Congress:
International Financial Institutions and Policies