G20: A brief history

A BRIEF HISTORY OF THE G20

* The Group of 20 major developed and developing economies started in 1999 as a meeting of finance ministers and central bankers in the aftermath of the Asian financial crisis.

* The first G20 leaders summit was held in November 2008 with its status upgraded in response to the global financial crisis.

* G20 members are Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK and the US.

* Member countries represent about 85 per cent of global GDP, 75 per cent of global trade and two-thirds of the world's population.

* Australia holds the group's 2014 presidency.

* Australian Treasurer Joe Hockey scored an historic agreement among finance ministers in February that aims to increase world growth by two per cent over the next five years.

* Turkey will take over the G20 presidency for 2015.