G20 FacebookG20 TwitterG20 FlickrG20 RSSG20 Subscribe

Glossary

Abbreviation, acronym or term

Definition

Accreditation

The system of identification used to control access in and around venues used for G20 meetings.

ACWG

Anti-Corruption Working Group

AEOI

Automatic exchange of information, usually referring to the transfer of tax information between national tax authorities

AMIS

Agriculture Market Information System

Anti-Corruption Action Plan Two-year plan of anti-corruption initiatives – a new 2015-16 plan is being developed.
APEC Asia-Pacific Economic Cooperation
ASEAN Association of South East Asian Nations

AU

African Union

BAP Brisbane Action Plan, to be released at the Brisbane Summit, bringing together actions committed by G20 members in key economic policy areas.
Basel III A series of reforms aimed at ensuring financial institutions can withstand volatility in the market.
BCEC Brisbane Convention and Exhibition Centre
Beneficial Ownership Owners of companies and legal entities who benefit from the actions of those entities, but are not always publicly known.
BEPS Base erosion and profit shifting, the minimisation of taxation by multi-national corporations, avoiding significant sums of tax and degrading national tax bases.
BIS Bank of International Settlements

B20 or Business 20

Business 20, a group of business people and business organisations from G20 member economies.

Central Bank Governor Head of the national bank, usually overseeing a country’s commercial banking system and managing a nation’s monetary policy. The G20 member map includes information on current G20 central bank governors.

C20 or Civil Society 20

Civil Society 20, a group of civil society organisations from G20 member economies.

Delegate A member of the group representing a G20 member, guest country or official international organisation at a G20 meeting.
Delegation A group of people representing a G20 member, guest country or official international organisation at a G20 meeting.

Deputy or Finance Deputy

A senior official who advises the Finance Minister or Central Bank Governor and represents them at preparatory meetings during the year. The G20 member map includes information on current G20 finance deputies.

Derivatives A financial asset whose value is ‘derived’ from another entity.

DWG

Development Working Group

ESWG

Energy Sustainability Working Group

Engagement groups The G20 works closely with non-government groups from across the global community. The G20 engagement groups for 2014 are the Business 20, Civil Society 20, Labour 20, Think 20 and Youth 20.
EU European Union
Fifth Anniversary Vision Statement Statement released by G20 Leaders at the St Petersburg Summit marking five years since the initial G20 Leaders’ Summit in Washington.
Finance Deputy See ‘Deputy or Finance Deputy’.

Finance Minister

A Finance Minister is the government minister responsible for the national economy and budget. (This minister is the Treasurer in many countries.) The G20 member map includes information on current G20 Finance Ministers.

Finance track Thematic G20 priorities which are progressed by finance deputies, including financial regulation, macroeconomic policy, taxation and investment. Further information is available on the 2014 working arrangements page.

Framework, ‘The Framework for Strong, Sustainable and Balanced Growth’

The Framework for Strong, Sustainable and Balanced Growth, agreed at the 2009 Pittsburgh Summit as a means for G20 members to coordinate policy.

FSB

Financial Stability Board

FTA Free Trade Agreement

FWG

Framework Working Group

G20

The Group of 20, consists of the following major advanced and emerging economies: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States and the European Union. Further information about members is available on the G20 members page.

Growth strategy A national package of reforms and measures aimed at improving national growth – together, these form the basis for the Brisbane Action Plan.
GFC Global Financial Crisis
GPFI Global Partnership for Financial Inclusion

Guest countries

Guest countries are invited each year to participate in the G20 Leaders' Summit and other meetings.

GVCs Global Value Chains, when traded goods involve components originating from several nations.
IIWG Investment and Infrastructure Working Group

ILO

International Labour Organization

IMF

International Monetary Fund

International organisations

The G20 maintains close relationships with international organisations that provide members with policy advice, including the Financial Stability Board (FSB), the International Labour Organization (ILO), the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD), the United Nations (UN), the World Bank (WB) and the World Trade Organization (WTO).

LEMM Labour and Employment Ministerial Meeting

L20 or Labour 20

Labour 20, a group of labour organisations from G20 member economies.

Macroeconomic policy The combination of fiscal (budget) and monetary (currency) policy, used to stabilise an economy and boost GDP and employment.
MDB Multinational development bank

NEPAD

New Partnership for Africa’s Development

OECD

Organisation for Economic Co-operation and Development

OIF Organisation International de la Francophonie (La Francophonie)
OTC derivatives Over-the-counter derivatives, stocks traded via a dealer network rather than a centralized exchange, also known as ‘unlisted stocks’.
Outreach Engagement with non-member countries and other international forums.
PIF Pacific Islands Forum

Q20 or Queensland 20

Queensland 20, a group composed of high-level representatives from Queensland's business, community and government sectors.

Resilience A key focus of the G20, the resilience of an economy refers to its ability to handle unexpected and volatile shocks.
RTA Regional Trade Agreement
Shadow banking Non-bank financial services, which do not have the same regulation as the formal banking sector.

Sherpa

Each G20 leader is represented at preparatory meetings during the year by a Sherpa, who advises the leader, negotiates on their behalf and coordinates G20 policy in that country. The G20 member map includes information on current G20 Sherpas.

Sherpa track Thematic priorities which are progressed by Sherpas – leaders’ representatives, including employment, trade, energy, anti-corruption and development. For further information see information about the 2014 working arrangements.
SMEs Small and medium enterprises
Special Representative Representative of the Australian G20 Presidency working to the Australian Sherpa.

T20 or Think 20

Think 20, a group of think tanks and thought leaders from G20 member economies.

TFA, trade facilitation Trade Facilitation Agreement
TFE Taskforce on Employment
TMM Trade Ministers’ Meeting
'Too big to fail' institutions Institutions that, if they take on too much risk and are threatened with failure, threaten to destabilise the financial system.

Troika

The G20 troika is made up of the current, immediate past and future presidents. In 2014 the troika members are Russia (2013 host), Australia (2014 host) and Turkey (2015 host).

'Two per cent' G20 goal G20 Finance Ministers and Central Bank Governors agreed in February 2014 to aim to lift collective GDP by more than two per cent above the trajectory implied by current policies over the coming 5 years.

UN

United Nations

Vehicle Access and Parking Permit (VAPP) A non-transferable motor vehicle or marine vessel accreditation permit used for formal identification and facilitating physical access control privileges.

WB

World Bank

WEO World Economic Outlook periodically produced by the IMF.
Working Group A senior officials’ level group working on a specific theme in the G20 agenda.

WTO

World Trade Organization

Y20 or Youth 20

Youth 20, a group of young people and youth organisations from G20 member countries.

 

Engagement Groups