Abbreviation, acronym or term Definition 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 Basel III A series of reforms aimed at ensuring financial institutions can withstand volatility in the market. 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. 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 Cooperation 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 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. 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 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.
