This week the G20 nations meet for a summit in London, this is considered to be one of the most important summits in recent times as the focus of this summit will be on the global economy and how to fix it in the most challenging economic time in living memory.

The G20 nations are the 20 most economically powerful nations in the world and the member nations are Argentina, Australia, Brazil, Canada, China, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom and the United States.

The GDP of the G20 nations accounts for 85% of the world’s GDP and these 20 nations speak at least 10 different languages.

Among them are also some very volatile nations with histories of war, “terrorism” and anti-democratic governments whose leaders no doubt command greater than average levels of security.

These nations also attract the most vociferous protests worldwide and it is expected that protesters have flown in from all around the world to voice their anger in London at the policies of some, if not all, of these nations. Interestingly, these people will be allowed to voice their concerns and to protest on the streets of London in true first world democratic fashion and it is well known that people oriented organisations use these events to get the people's message out more effectively. On Monday (the date of writing) there were 35,000 protesters on the streets of London involved in the "Put People First" march which featured an alliance of 150 groups, including unions, charities, environmental campaigners and faith organisations. They came amid anger at the £20 million cost of staging the conference at a time of economic downturn.

In contrast, the members of the OAS are Antigua & Barbuda, Argentina, Bahamas, Barbados, Belize, Bolivia, Brazil, Canada, Chile, Colombia, Costa Rica, Dominica, Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, St. Kitts & Nevis, St. Lucia, St. Vincent & Grenadines, Suriname, Trinidad & Tobago, United States, Uruguay and Venezuela.

The GDP of the OAS nations inclusive of the 5 G20 nations (Argentina, Brazil, Canada, Mexico and the United States) accounts for 36% of the world’s GDP. Without the 5 G20 nations, the OAS accounts for just 2.7% of the world’s GDP and these nations speak just 4 different languages.

The significance of this is that decisions taken in London this week will undoubtedly be accepted by the 5 G20 OAS member nations and will impact if not mirror any economic decisions taken at the OAS summit in Port of Spain in April.

As a result, the G20 summit holds far more significance because of the players involved as well as their far reaching decisions. The G20 summit will also be far more controversial and security concerns far greater as the leaders of these nations command far more significant global attention.

Interestingly though, the London summit has a price tag of £20 million or TT$180 million compared with approximately TT$600 million or 333% more and counting for the Summit of the Americas to be held in Port of Spain (not counting $200plus million for the construction of a new residence and diplomatic centre for the PM or the $billions for the waterfront conference facilities and the Hyatt which were built especially for the occasion). Of the £20 million London price tag: £5.8 million will be for policing and security for a week of demonstrations and rallies, including anti-poverty and a "Stop the War" march and for the 100, protesters who are planning widespread disruption; £7.4 million for the design and construction of the conference hall, accreditation for thousands of delegates, media, broadcasting facilities and other measures; and £5.7 million for all transportation and staffing of events, interpreters, hospitality and other miscellaneous expenses.

NOTE: accommodation costs are paid for by each individual nation.

Importantly, the GDP of the host nation for the G20 is $2.23 trillion or 100 times the GDP of the host nation for the Summit of the Americas.

Garvin Nicholas