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Elite G-7 to be replaced by G-20 | World leaders have announced that the elite club of developed nations known as the Group 7 would be permanently replaced as a global forum for economic policy by the much broader Group of 20,
which includes China, Brazil, India and other fast-growing developing nations.
World leaders agreed to the expansion of the G 20's role in global economic affairs
during meetings on Thursday, the White House said in a statement. "Dramatic changes
in the world economy have not always been reflected in the global architecture
for economic cooperation," The New York Times quoted the statement, as saying.
"This all started to change today. The G-20 leaders reached a historic agreement
to put the G-20 at the center of their efforts to work together to build a durable
recovery while avoiding the financial fragilities that led to the crisis." For
more than three decades, the main economic group was the G 7 - the United States
, Britain , Canada , France, Germany , Italy and Japan . During the Clinton years,
Russia was gradually added, not because of the size of its economy, but to help
integrate it with the West. The Obama Administration officials said the group
would still meet twice a year to discuss security issues, the NYT reports. |
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