SME Times News Bureau | 03 Jun, 2010
Finance Minister Pranab Mukherjee is attending a G20 meeting at Busan in South Korea June 4-5 focused on the global financial crisis ahead of the Summit in Toronto later this month where India will be led by Prime Minister Manmohan Singh.

Major issues likely to be discussed at the Busan meeting include how to help a recovery of the global economy and what enabling regulatory system should be in place for strong, sustainable and balanced growth, apart from reforms in the global financial system.

Ahead of the meeting, Mukherjee is expected to hold talks with members of the delegation from Brazil, Russia and China, an official statement said. Together with India, these four countries form what are called the BRIC countries.

"Other issues likely to dominate the meet include energy subsidy, fossil fuel subsidies and financial inclusion. Along with G20 finance ministers' meeting, the central bank governors' meeting will also be held in Busan," said the statement.

The visit will also provide an opportunity for Mukherjee to meet with the Britain's new Chancellor of Exchequer George Osborne, apart from other bilateral engagements.

Besides India, the G20 comprises Argentina, Australia, Brazil, Canada, China, France, Germany, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the US and the EU.

The last G20 Summit was at Pittsburgh hosted by US President Barack Obama, and the next one is scheduled June 26-27 hosted by Canadian Prime Minister Stephen Harper. Thereafter, the venue shifts to Seoul Nov 11-12 to be hosted by President Lee Myung-bak.

The G20 was first established in the wake of the Asian financial crisis of the late 1990s as a loose meeting forum for the finance ministers and central bank governors. It took the shape of a summit in Washington Nov 14-15, 2008.