What is Group of Seven (G7) ? How It Works
The Group of Seven (G7) is a grouping of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. These countries, along with the world’s seven largest advanced economies, represent more than 62% of global net wealth.
What is G7
The Group of Seven (G7) is a grouping of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. These countries, along with the world’s seven largest advanced economies, represent more than 62% of global net wealth.
The G7 group was founded in 1975. The first meeting of the G7 was held in 1975 but then only 6 countries were involved in it. After Canada’s joining in 1976, now Canada, America, Britain, France, Japan, Germany and Italy are involved in it. Initially Russia was also a part of this organization, but then there was a difference of opinion in the countries about it. Russia annexed Crimea, Ukraine’s Black Sea peninsula, in 2014. Russia was expelled from the group shortly thereafter.
why the group started
In 1973, due to the increase in oil prices, the economy of many countries including America started deteriorating. To deal with this problem, the finance ministers of 6 countries came together and started finding solutions to get out of this problem. Then they established this group.
What does it do?
This Group of Seven (G7) organizes a summit every year, in this conference issues related to human interests are discussed. Each of these countries in turn presides over the meeting and hosts the two-day conference. Representatives of other countries and international organizations are also invited to participate in the summit. So far, many topics such as climate change and HIV AIDS have been discussed in this conference. A notice is issued at the end of the summit, which mentions the agreed points. The group of seven countries calls themselves the ‘Community of Values’. According to this group, freedom and protection of human rights, democracy and the rule of law, prosperity and development are their principles.
India and G7
For the first time India participated in it as a guest in the year 2019. Then this conference was held in France and the country was invited from there. India also could not join the Group of Seven (G7) but now its global identity has increased, and relations with foreign countries have also improved, that is why India has been called in the conference as a guest nation for the last few years.Former US President Donald Trump had appealed to India to join this organization, saying that India emerged as a powerful and influential country in Asia, it should be a member of it.
Some facts
- It started in 1975 with the formation of the Group of Six (G-6) countries. In 1976, Canada was included in this group which was called Group of Seven.
- In 1997, Russia was also included in this group, after which it came to be known as G-8.
- In 2014, due to the invasion and annexation of Crimea, Russia was thrown out of this group and again it came to be known as G-7.
- The group organizes a Summit every year which is hosted by the members on a rotational basis which lasts for 2 days.
- This group does not have its headquarters in any country.
