G7

G7:
  • The Group of 7 (G7) is a group consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
  • The European Union is also represented within the G7.
  • These countries are the seven major advanced economies as reported by the International Monetary Fund.
  • G7 countries represent more than 64% of the net global wealth
  • Common denominator among members is the economy and long-term political motives.
  • The bloc meets annually to discuss issues of common interest like global economic governance, international security and energy policy.
  • The G-7 does not have a formal constitution or a fixed headquarters. The decisions taken by leaders during annual summits are non-binding.
  • The G7 was known as the ‘G8’ for several years after the original seven were joined by Russia in 1997.
  • The Group returned to being called G7 after Russia was expelled as a member in 2014 following the latter’s annexation of the Crimea region of Ukraine
Latest Summit:
  • France, August 2019
  • 2021 Summit in UK
Previous Year Questions:
Q 1.) A present group of nations known as G-8 started first as G-7. Which one among the following was not one of them? (2009)
(a) Canada
(b) Italy
(c) Japan
(d) Russia
Ans (d)