The G7 is an informal grouping of seven countries. To say informal means that it has no legal or statutory basis like NATO. The seven countries of this group together represent about 40 percent of the world’s GDP and 10 percent of the population. These seven countries are Britain, France, Germany, Italy, Japan, Canada and the US.
In 1998 Russia also joined and became G8. But after the annexation of Crimea in 2014, Russia was expelled.
China’s economy is the largest after America and the population is the largest in the world, but still it is not part of this group. This is because of the low per capita assets. China is not considered a modern economy in the same way as the rest of the G7 countries.
What do G7 do?
G7 countries hold a summit every year. In this, important issues like international security to global economy are discussed. The issue of coronavirus pandemic and vaccine was prominent in this year’s summit.
Throughout the year, ministers and officials of the G7 countries meet, hold meetings, sign agreements and make joint statements.
The G7 meetings are chaired by the seven countries on a rotational basis every year. The country that gets the presidency, the summit of that year takes place there. This year the UK got the presidency and the summit is being held in Cornwell, England.
Does the G7 have any strengths?
This group has no legal basis. The promises and agreements made in the G7 summit have to be passed by the parliamentarians of its member countries.
The G7 cannot make any laws because the democratic process of all its countries is different and a common law may not apply to all.
The G7 actually acts as a stage for coordination. Here the roadmap can be prepared by discussing important and important issues.
What is the history of the G7?
It started in 1975, when, apart from Canada, the rest of the group’s countries met during a recession in the global economy. The slowdown was due to the reduction in OPEC’s oil production.
Seeing the increasing energy crisis, US Treasury Secretary George Shultz considered it appropriate to call the world’s big economies on a stage and discuss the global situation. After this summit, the countries decided to meet every year and a year later Canada was also included.
The European Union is also invited to the G7 meetings. Every year invitations are sent to many countries to participate. However, this group has come to be called irrelevant as it does not include large countries like China and India.
