PITTSBURGH, Pennsylvania (CNN) - Leaders of the G-20 will announce Friday that the group will become the new permanent council for international economic cooperation, senior U.S. officials told CNN Thursday.
The move comes in the wake of a major push by U.S. President Barack Obama, the officials said. The G-20 will now essentially eclipse the G-8, which will continue to meet on major security issues but carry much less influence.
"It's a reflection of the world economy today and the players that make it up," said one senior official. Nations like China, Brazil and India - which were locked out of the more elite G-8 - will now be part of the larger group.