G-7

What is G-7?

G-7 means the group of 7 most industrialized nations. France, Italy, Japan, the United Kingdom, the United States, and West Germany formed the Group of Six in 1975 so that the non-communist powers could come together to discuss economic concerns, which at the time included inflation and recession following an OPEC oil embargo. Canada joined the following year. Russia eventually joined in 1998 —            

Members:-

Total 7,….U.S.A., Canada, Japan, Germany, Italy, France, Britain.

Russia was expelled after its illegal occupation of Crimea, Now 7 members.

Head Quarters-

-G-7 has neither its administrative headquarters nor its administrative structure.

-Its meetings are held every year in member nations.

-Importance of G-7-

The share of G-7 in global export is 49% 

Their share in world G.D.P. is 65% but they contribute just 10% of the world population.

It accounts for 50% of I.M.F. contribution.

21% of the world’s carbon dioxide emissions as of 2022.

-Outreach 5 nations

The 49th G7 summit 

Was held from 19 to 21 May 2023 in Hiroshima city of Hiroshima Prefecture.

The issues discussed –

 -Russian invasion of Ukraine and its effects on the international order,

- Climate change, the COVID-19 pandemic, and other geopolitical crises.

-The G7 made clear to China their stance on divisive geopolitical hot spots such as the Indo-Pacific and Taiwan,

Challenges to G7

-The challenges associated with G7 include.

-Several current members, such as Italy and Canada, have less economic and political influence.

-Lack of coherence and inner clashes among the participating G7 members over certain issues.

- The G7 is viewed by some states and individuals as remote-controlled by Washington.

-Its focus is on Western-centric and Capitalistic policies.

-The G7 lacks a permanent secretariat and a legal status, in contrast to other organizations like NATO.

-The meeting objectives are also non-binding.