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The G7, formerly known as the G8, was established in 1975 as an informal gathering place for the heads of the major industrialized nations. Before the 1973 oil crisis, the idea of a forum for the big capitalist industrialized nations first surfaced. The informal meeting of senior financial executives from the United States, United Kingdom, West Germany, Japan, and France became known as the “Group of Five.”
The attendees discussed the 1970s’ economic issues, such as the first oil crisis and the failure of the Bretton Woods system of fixed exchange rates, and they came to a consensus on a worldwide economic strategy and initial countermeasures to the global recession. Canada was also invited to join the group in 1976, and the United States hosted the inaugural meeting of the G-7 countries in 1976, which took place in Puerto Rico.
The European Economic Community (later absorbed into the EU) was invited to attend every G7 summit starting in 1981 by the United Kingdom, which was hosting the summit that year. Russia became a member of the group in 1997, forming the G-8. Following the fall of the Soviet Union in 1991, this served as a sign of cooperation between East and West.
G7 Countries Headquarters
On July 4, 2016, Matteo Renzi, who was then the prime minister, stated that Taormina would serve as the G7’s headquarters.
Total Countries in G7
Here’s complete list of G7 Countries:
An informal grouping of industrialized democracies is known as the Group of Seven (G7). The organization meets once a year to discuss issues like international security, energy policy, and global economic governance. The G7 countries are the United States, Canada, France, the United Kingdom, Germany, Italy, and Japan. India and all of the G7 nations are members of the G20. Both a formal constitution and a permanent headquarters are absent from the G7. The decisions made by leaders during yearly summits are not legally binding.
G7 Countries Members
France, West Germany, Italy, Japan, the United Kingdom, and the United States established the Group of Six in 1975 to provide industrialized democracies with a venue to debate important economic concerns. Canada was asked to become a member of the G-7 in 1976, and the United States sponsored the first G-7 summit, which was held in Puerto Rico that year.
The European Union has been a “non-enumerated” full member of the G-7 since 1981. Both the presidents of the European Commission (the EU’s executive body), which stands in for the leaders of the EU member states, and the European Council are shown. The G-7 was briefly known as the G-8 after Russia joined the original seven in 1997.
The participation of the USSR in the G-7 after the Soviet Union’s breakup in 1991 was meant to signify cooperation between East and West. The group was renamed G-7 after Russia was expelled as a member in 2014 as a result of its invasion of Crimea. There are no formal prerequisites for membership, however all participants are highly developed democracies. Over 50% of the world’s economy and 10% of the world’s population are represented by the combined GDP of the G-7 member states.
G7 Countries List
|S. No||Member Countries|
|6.||The United Kingdom|
|7.||The United States|
G7 Countries Significance
The G7 offers global leadership and serves as a catalyst for problems that are eventually resolved by other forums with larger global and regional engagement. The G7 brings together the top economies in the globe to influence global trends and tackle several concerns.
G7 Countries 2022
In the UK, it took place in June 2022. Argentina, Indonesia, Ukraine, Senegal, and South Africa were also invited as guest nations to the 48th Summit along with the Indian Prime Minister. These countries discussed issues like climate change, energy, and other issues impacting developing democracies like food security, health, counterterrorism, gender equality, and democracy. The Russian invasion of Ukraine, which had been going on for four months at this point, overshadowed the gathering. Just hours into the incident, Russian missiles launched for the first time in a week impacted Kyiv, the capital of Ukraine.
G7 Russia-Ukraine Crisis
The Group of Seven emphasized its commitment to supporting Ukraine even if the stability of ruling governments across Europe has been threatened by rising energy prices. One of the top five gold exporters in the world, Russia, was named by the leaders as a country from which no gold would be allowed to be imported. Additional discussions centered on limiting the price of Russian crude and oil to lower Moscos’ oil revenues. Russian exports have become more valuable due to rising oil costs, maintaining the country’s treasury.
Due to its rising economy and assertive diplomacy, China has no allies, but Russia is now despised throughout the western world. The “Partnership for Global Infrastructure” was announced by US Vice President Joe Biden, in which the US and the EU will each invest $634 billion in the construction of national infrastructure. Although it isn’t explicitly mentioned, it is obvious that the program is one way the west is trying to compete with China’s Belt and Road Initiative. Instead, to get through the current energy crisis, the German Chancellor and the Prime Minister of Italy have advocated for more investments in natural gas. Some of the countries hope that the investments will make it possible for countries to reduce their reliance on fossil fuels.
G7 Countries Climate Change Meeting
Russia is now loathed throughout the western world, while China has no allies as a result of its growing economy and forceful diplomacy. The US and the EU will each invest $634 billion in the development of national infrastructure as part of the “Partnership for Global Infrastructure,” which was unveiled by US Vice President Joe Biden. Despite not being stated openly, it is clear that the program is one method the west is attempting to counter China’s Belt and Road Initiative. Instead, the German Chancellor and the Prime Minister of Italy have argued for increased investments in natural gas to get through the current energy crisis. Several of the countries are hoping that the investments will allow them to lessen their dependency on fossil fuels.
Prior to the summit, the G7 ministers in charge of the environment, energy, and climate met in Berlin to talk about how the conflict in Russia and Ukraine is having an increasingly negative impact on energy systems and the fight against climate change. The ministers decided on a multilateral response to preserve global energy security and aid partners who might have trouble due to the gas pressure. The ministers agreed that as high-emitting industries are responsible for 30% of global emissions; industrial decarbonization must be accelerated if we want to stay below 1.5 °C.
G7 Free Speech
India, the G7, and four invited nations pledged in the “2022 Resilient Democracies Statement” to “guard the freedom, independence, and variety of civil society actors” and “protect the freedom of expression as well as opinion online and offline.” According to the signatories, open public discourse, independent and pluralistic media, and the “free flow of information online and offline” are all benefits of democracies that support legitimacy, openness, responsibility, and accountability for both citizens and elected authorities.