The G20 is a prominent, if not the most prominent, informal leaders-led global summit. It consists of member states that represent 85 percent of the global GDP, over 75 percent of global trade, and about two-thirds of the global population.
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BRICS provides an Informal where member states can collectively act and in many instances, as the members perceive it, challenge the Western dominated global order. These countries together account for about 40 percent of the world’s population and a quarter of the global economy. The members focus on topics relating to economic cooperation, improved multilateral trade and development and they operate under consensus.
The Group of Seven (G7) is an informal intergovernmental pollical forum of industrialised countries that meets annually to discuss challenges related to global economic governance, international security, and energy policies. Other states and international organisations are frequently invited as guests to participate in G7 meetings and the Leaders' Summit.
The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum. It was founded in 1989 to facilitate and enhance cooperation between states in the Asia-Pacific region. The forum focuses on trade and economic issues. Members engage with each other as economic entities. The goal of APEC is to promote free and open trade and investment towards sustainable economic growth and integration. This includes facilitating easier cross-border flows and transactions, fostering favourable domestic business climates, and harmonising regulations and standards across the region.
