What is G7 summit? Its history and purposes

We will present you with some facts about the G7 summit, What is G7 summit? What is the purpose of G7?

Before G7 was made, France’s President Emmanuel Marcon pointed out that the other six parties to the group would be happy to sign an agreement without the participation of the U.S only if it was necessary. The former President Trump threatened to leave the summit early and had called Russia, who had expelled in 2014 for invading China, to be reinstated to the group. Now we will tell you what exactly the G7 summit is along with its history and goals.

1. What is G7?

The G7 (group of seven) is an organisation made up of the world’s largest seven so-called advanced economies. They are Canada, France, Germany, Italy, Japan, the Uk, and the United States. The soviet union Russia had joined in 1998 by creating G8 but was excluded in 2014 for taking it over of Crimea. China has never been a member although it has a large economy and having the world’s biggest population. Its relatively low level of wealth per person signifies it has not seen as an advanced economy in the way the G7 members are. Representatives from the European Union are usually present and India, South Korea and Australia have been invited this year.

2. Origin of G7

This organization originally emerged in the early 1970s as an informal gathering of the finance ministers from the United States, West Germany, France, and the United Kingdom. As the heat of crisis of that decade was boiling up, U.S Treasury Secretary Goerge Shultz had decided it would be wise to coordinate macroeconomic initiatives with other larger players on the world stage. The nations such as Japan, Italy and Canada were brought into the group. In 1998, Russia was invited to the table although mostly in a political sense since the country continued to lag the other participants economically. Presently, the group of seven (G7) are known as the seven wealthiest and most advanced nations in the world. Though, China holds the second largest net worth in the world, has a low net worth per individual and an economy that has not yet mentioned properly. The G7 filled numerous global top lists such as Leading export countries, Largest gold reserves, Largest nuclear energy producers and Top contributors to the UN budget. The group of seven are marked to make things happen around the world, both in and outside their own countries and both economically and politically.

3. Agenda of Group of Seven (G7)

The main purpose of this organisation is to allow the world leaders of the seven most influential and well-industrialized nations to come together to promote global change. The world leaders of seven nations meet on an annual basis in various countries to discuss the top international issues of the day. the global issues should be regarding security, politics, economies, social and other pertinent issues.  The UK holds the G7 presidency for 2021 and had announced in January that the meeting would take place at Carbis Bay Hotel. The area is central to the UK’s green technology sector. The country’s green credentials are important to the government ahead of the COP26 climate conference in Glasgow in November. The last G7 summit in 2019 was held in the French seaside town of Biarritz. In this year’s summit, the main topic of conversation will be regarding the COVID-19 recovery, including a quote “a stronger global health system that can protect us all from future pandemics”. The world leaders will arrive on Friday 11th June and meetings will start in the morning along with guest countries arriving that afternoon. They will also discuss the biggest issues like police hire cruise ship to house G7 officers and road closures and restrictions in Cornwall announced. Almost all the conversations will take place behind closed doors. At the end of the summit, the hosting nations, the UK will publish a document called a communique which outlines what all the leaders have agreed upon. The UK Prime Minister Boris Johnson is expected to hold a press conference on Sunday.

 

 

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