The G20 summit 2022 is underway… but what is it trying to achieve? (Picture: Saul Loeb/AFP via Getty Images)

This year’s G20 summit is happening right now in Bali, Indonesia.

Prime Minister Rishi Sunak and US President Joe Biden are among the leaders of countries with major economies gathering to discuss current global economic issues.

No doubt you’ll see plenty of images from the forum – but what does G20 actually do, and who’s part of the group?

Here’s all you need to know.

What is the G20?

The G20 – or ‘Group of 20’ – is an international economic forum, attended by world leaders.

The group’s main function is to provide members an opportunity to discuss the global economy and issues relating to world finances, financial stability, the impact of climate change, and so on.

PM Rishi Sunak with Canadian leader Justin Trudeau during an event at the summit (Picture: SAUL LOEB/AFP via Getty Images)

Usually, the forum convenes once per year – as it has done since 2008.

It is different to the G7 – or ‘Group of Seven’ – as that group is made up of fewer countries and is more focused on political issues and global events than the economy specifically.

Which countries are members of the G20?

Currently, there are 19 countries in the G20, along with the European Union as the 20th member.

More: G20

Though not a member, Spain is invited to G20 summits as a permanent guest.

It’s also worth noting that, as Spain is part of the EU, it is represented in the G20 anyway – along with the remaining EU member states.

Those countries represented by the EU are: Austria, Belgium, Bulgaria, Croatia, Cyprus, Denmark, Estonia, Finland, Greece, Hungary, Ireland, Latvia, Lithuania, Luxembourg, Malta, The Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia and Sweden.

World leaders during the 2014 G20 summit (Picture: Andrew Taylor/G20 Australia via Getty Images)

This year, a number of world leaders from other countries were invited, including Cambodia, Fiji, The Netherlands, Rwanda, Senegal, Singapore, Suriname, the United Arab Emirates and Ukraine.

President Volodymyr Zelenskyy addressed the November 2022 forum to propose a plan for peace between Ukraine and Russia – which is being discussed due to the impact of war on the world’s economies.

Finally, the seven G20 members also in the G7 are: Canada, France, Germany, Italy, Japan, the UK and the US.

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Rishi Sunak’s in Bali for his first G20 summit as PM.