G-20 to Replace G-8 as Primary International Economic Summit

The G-20 will announce Friday that "the G-20 will be the permanent council for international economic cooperation," replacing the G-8, a senior Obama administration official said.

"It's a reflection of the world economy today and the players that make it up," the official said.

President Obama took the lead in initiating this after the G-8 summit in L'Aquila, Italy.

The G-8 nations are the United States, Canada, France, Germany, Italy, the United Kingdom, Russia and Japan.

The G-20 nations are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States, the United Kingdom and the European Union.

During a press conference at the G-8 summit in July, President Obama said that "there is no doubt that we have to update and refresh and renew the international institutions that were set up in a different time and place."

The president added, "What I've noticed is everybody wants the smallest possible group, smallest possible organization, that includes them.  So if they're the 21st-largest nation in the world, then they want the G-21, and think it's highly unfair if they've been cut out."  

The president said, "For us to think we can somehow deal with some of these global challenges in the absence of major powers — like China, India and Brazil — seems to me wrongheaded.  So they are going to have to be included in these conversations.  To have entire continents like Africa or Latin America not adequately represented in these major international forums and decision-making bodies is not going to work."

He added he would "be looking forward to … fewer summit meetings, because … I've only been in office six months now and there have been a lot of these.  And I think that there's a possibility of streamlining them and making them more effective."

The G-8 will continue to meet on matters important to those nations, such as major security issues or donor issues.

- jpt