G-20 SUMMIT | Shorthand Dictation | @80 wpm | Current Affairs Passage | 800 words

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The Group of Twenty (G20) comprises 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa. Türkiye, United Kingdom, and United States) and European Union. The G20 members represent around 85 per cent of the global GDP, over 75 per cent of the global trade, and about two-thirds of the world population. G20 is the premier forum for international economic cooperation and it plays an important role in shaping and strengthening global architecture and governance on all major international economic issues. The G20 does not have a permanent secretariat or staff. Instead, the G20 Presidency rotates annually among the members and is selected from a different regional grouping of countries. The 19 member countries are therefore divided up into five groups comprising a maximum of four countries each. Most of the groups are formed on a regional basis, that is countries from the same region are usually put in the same group. Only Group 1 (Australia, Canada, Saudi Arabia and the United States) and Group 2 (India, Russia, South Africa and Türkiye) do not follow this pattern. Group 3 includes Argentina. Brazil, and Mexico; Group 4 includes France, Germany, Italy, and United Kingdom; and Group 5 includes China, Indonesia, Japan, and Republic of Korea. The EU, the 20th member, is not a member of any of these regional groups. Each year another country from a different group assumes the G20 Presidency.

The countries in a group are each equally entitled to take on the Presidency when it is their group's turn, though. India, from Group 2, holds the current Presidency of the G20 from 1 December 2022 to 30 November 2023. The G20 Presidency is responsible for bringing together the G20 agenda in consultation with other members and in response to developments in the global economy. To ensure continuity, the Presidency is supported by a "troika" made up of the current. immediate past and next host countries. During India's Presidency, the members of the G20 troika are Indonesia, India and Brazil.

The G20 was founded in 1999 after the Asian financial crisis of 1997-98 as an informal forum for the Finance Ministers and Central Bank Governors of the most important industrialized and developing economies to discuss international economic and financial stability.