Why was the international organization named the Group of 20 (G20) formed?

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Emerging nations had long complained that their interests were not addressed during the G7 meetings; these concerns resulted in the first meeting (1999) of the newly formed Group of 20 (G20), with the G7 nations plus Argentina, Australia, Brazil, China, the European Union, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea, and Turkey.

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