1.4 - G20

Question 1

What is BRICS?

Answer 1

• Formed of Brazil, Russia, India, China, South Africa in 2009
• collectively represent 50% of GWP (Gross World Product)
  
  • 42% of global population
• Created New Development Bank
  
  • As an alternative to the WB
• Also created Contingent Reserve Arrangement
  
  • For BRICS members to use during times of crisis and shortage of funds for functioning as a country

Question 2

What is the G20?

Answer 2

• Formed of 19 countries + EU in 1999
  
  • including G7, BRICs and Argentina
• Forms 80% of GWP, 75% of value of all trade, 66% of population
• Policies agreed on are not enforced
  
  • reliant on peer pressure for enforcement

Question 3

What is the G8?

Answer 3

• initially formed of 5 members during 1973 oil crisis
• UK, US, Japan, France, Germany
• Canada and Italy joined afterwards
• Russia joined in 1998 but is now suspended due to invasion of Crimea
• Collectively form half of global GDP and half of global net wealth
• Forms only 10% of population
• Had a macroeconomic focus initially
• Expanded to HR and global security
  
  • eg. Climate change and HIV/AIDs