G8 / G7

The Group of Eight (currently known as Group of Seven) is a governmental political forum. It was originally formed by six leading industrial countries and subsequently extended with two additional members, one of which, Russia, is suspended. Since 2014 in effect it comprises seven nations and the European Union.

The forum originated with a 1975 summit hosted by France that brought together representatives of six governments: France, the Federal Republic of Germany, Italy, Japan, the United Kingdom, and the United States, thus leading to the name Group of Six or G6. The summit became known as the Group of Seven or G7 in 1976 with the addition of Canada. The G7 is composed of the seven wealthiest developed countries on earth (by net national wealth or by GDP), and it remained active as a finance ministers’ forum even during the period of the G8. Russia was added to the political forum from 1997, which then became known as the G8; Russia was, however, suspended in 2014. The European Union has been represented within the G8 since the 1980s but originally could not host or chair summits. The 40th summit was the first time the European Union was able to host and chair a summit.

Source: Wikipedia

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The Group of Twenty (also known as the G-20 or G20) is an international forum for the governments and central bank governors from 20 major economies. The members include 19 individual countries—Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States—along with the European Union (EU). The EU is represented by the European Commission and by the European Central Bank.

The G-20 was founded in 1999 with the aim of studying, reviewing, and promoting high-level discussion of policy issues pertaining to the promotion of international financial stability. It seeks to address issues that go beyond the responsibilities of any one organization. Collectively, the G-20 economies account for around 85% of the gross world product (GWP), 80% of world trade (or, if excluding EU intra-trade, 75%), and two-thirds of the world population. The G-20 heads of government or heads of state have periodically conferred at summits since their initial meeting in 2008, and the group also hosts separate meetings of finance ministers and central bank governors.

With the G-20 growing in stature after its inaugural leaders’ summit in 2008, its leaders announced on 25 September 2009 that the group would replace the G8 as the main economic council of wealthy nations.

Source: Wikipedia

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Organization of the Petroleum Exporting Countries, is an international organization headquartered in Vienna, Austria. OPEC was established in Baghdad, Iraq on 10–14 September 1960. OPEC was formed when the international oil market was largely dominated by a group of multinational companies known as the ‘seven sisters’. The formation of OPEC represented a collective act of sovereignty by oil exporting nations, and marked a turning point in state control over natural resources. In the 1960s OPEC ensured that oil companies could not unilaterally cut prices. In December 2014, OPEC and the oil men were named in the top 10 most influential people in the shipping industry by Lloyds.

OPEC’s mandate is to “coordinate and unify the petroleum policies” of its members and to “ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.”In 2014 OPEC comprised twelve members: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. According to the United States Energy Information Administration (EIA), OPEC crude oil production is an important factor affecting global oil prices. OPEC sets production targets for its member nations and generally, when OPEC production targets are reduced, oil prices increase. Projections of changes in Saudi production result in changes in the price of benchmark crude oils.

Source: Wikipedia

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BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. The grouping was originally known as “BRIC” before the inclusion of South Africa in 2010. The BRICS members are all developing or newly industrialised countries, but they are distinguished by their large, fast-growing economies and significant influence on regional and global affairs; all five are G-20 members. Since 2010, the BRICS nations have met annually at formal summits. Russia currently holds the chair of the BRICS group, and hosted the group’s seventh summit in July 2015.

As of 2015, the five BRICS countries represent over 3 billion people, or 42% of the world population; as all five members are in the top 25 of the world by population, and four are in the top 10. The five nations have a combined nominal GDP of US$16.039 trillion, equivalent to approximately 20% of the gross world product, and an estimated US$4 trillion in combined foreign reserves. The BRICS have received both praise and criticism from numerous commentators. Bilateral relations among BRICS nations have mainly been conducted on the basis of non-interference, equality, and mutual benefit (win-win). It is estimated that the combined GDP (PPP) of BRICS would reach US$50 trillion mark by 2020.

Source: Wikipedia

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Shanghai Cooperation Organization (SCO)

The Shanghai Cooperation Organisation (SCO) is a Eurasian political, economic and military organisation which was founded in 2001 in Shanghai by the leaders of China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan. These countries, except for Uzbekistan had been members of the Shanghai Five, founded in 1996; after the inclusion of Uzbekistan in 2001, the members renamed the organisation. On July 10, 2015, the SCO decided to admit India and Pakistan as full members, and they are expected to join by 2016.

The SCO is primarily centered on its member nations’ Central Asian security-related concerns, often describing the main threats it confronts as being terrorism, separatism and extremism.

Source: Wikipedia

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