The primary reason for the establishment of the G20 in 1999 was to create an informal forum for the Finance Ministers and Central Bank Governors of major industrialized and developing economies to discuss international economic and financial stability. This was in response to the Asian financial crisis of 1997–1998, which highlighted the need for a broader and more inclusive platform beyond the G7 to address global economic challenges and financial crises affecting emerging markets and the global economy at large

. The G20 aimed to promote cooperation among systemically important economies to achieve stable and sustainable world economic growth and to prevent and resolve international financial crises. It recognized the growing importance of emerging economies and the increasing integration of the global economy, necessitating a broader dialogue and coordination on economic and financial policies