Book IV Multilateral Diplomacy, Human Rights, and International Organizations, 20 The G8/G7, G20, BRICS, WTO, OECD, IMF, and the World Bank

Subject(s):

Governments

This chapter examines a number of global financial institutions. The first is the Group of Eight (G8)—currently known as the Group of 7 (G7)—an informal international forum comprising seven of the world’s leading industrialized nations (US, Japan, Germany, France, UK, Italy, Canada) and Russia. Next, is the G20, which aims to expand the G8. BRICs represents the economies of Brazil, Russia, India, and China. The Organisation for Economic Cooperation and Development (OECD), meanwhile, is tasked with becoming an authoritative centre of research and initiative in economic thought and development. The International Energy Agency (IEA) has four main areas of focus: energy security, economic development, environmental awareness, and engagement worldwide. The World Trade Organization (WTO) is an institutional body which deals with trade liberalization. The International Monetary Fund (IMF) and the World Bank, both established in 1944, aim for international economic cooperation, with the latter focusing on development.