Category - International organization, Summit, Gs Paper 2, Global Groups
Why In News :- Recently U.S. President Donald Trump made an announcement to host the 46th G.7 summit in person instead of remotely by videoconfrence
Annual G7 summit was sheduled be held in June 10th to 12th June, 2020 in Camp David, U.S.A.
About Group of G.7 Countries-
The Group of Seven (G-7) is an informal bloc of industrialized democracies—France, Germany, Italy, the United Kingdom, Japan, the United States, and Canada—that meets annually to discuss issues of common interest like global economic governance, international security and energy policy.
History-
In the wake of 1973 oil crises , an informal meeting was held among the finance ministers of France, Japan, U.S.A, Great Britain, West Germany (groups of five nations)
The French President invited the leaders of West Germany, U.S, Great Britain, Japan and Italy, to Rambouillet (France) in 1975 for further discussions on global oil crisis.
Founding Members - France, West Germany, Italy, Japan, The U.K. and U.S.
Canada- In 1976, Canada was also invited to join the group and the first meeting with All G-7 nations and hosted by the U.S.A. in Puerto Rico in 1976
Now This group was known as G-7 Group
Russia's Entry -Russia Joined this Group in 1997 and it was known as G-8
Russia was Expelled in 2014 from the group following the latter's annexation of The Crimea region of Ukrain
Presently It is known as G-7
The European Union has participated fully in the G-7 since 1981 as a "non enumerated" member
Membership
- There are no formal criteria for membership, but participants are all highly developed democracies. The aggregate GDP of G-7 member states makes up nearly 50% of the global economy and 10% of the world’s population.
Summits - Summits are held annually on rotation basis by the Group's Member.Host Country set The Agenda of year.
The leaders of important international organization like EU, IMF, world bank, and countries also invited by the Host Country.
The groundwork for the Summit, including matters to be discussed and follow-up meetings, is done by the sherpas, who are generally personal representatives or members of diplomatic staff such as ambassadors.
Challenges and ConcernInternally the G7 has a number of disagreements, e.g. clash of the USA with other members over taxes on imports and action on climate change.
- The organisation has also been criticised for not reflecting the current state of global politics or economics.
- There are no G7 members from Africa, Latin America or the southern hemisphere.
- It is also facing a challenge from fast-growing emerging economies, like India and Brazil are not members of the G7.
Way Forward
- 7 must focus on the key international issues like terrorism, climate change, trade and internal conflicts between the countries.
- As a platform it must reflect the solutions for the pressing issues and global concerns like elimination of poverty and diseases.
- It should support the economies at the global level and help to establish the equal levels for each country.
Source - The Hindu
