{"id":1231,"date":"2020-06-04T00:08:48","date_gmt":"2020-06-03T18:38:48","guid":{"rendered":"https:\/\/paperdigit.com\/?p=1231"},"modified":"2020-06-04T00:08:48","modified_gmt":"2020-06-03T18:38:48","slug":"g7-countries-the-group-of-seven","status":"publish","type":"post","link":"https:\/\/paperdigit.com\/?p=1231","title":{"rendered":"G7 Countries ” The Group of Seven “"},"content":{"rendered":"\n

The US President has deferred the 46th G7 (Group of 7) Summit which was scheduled to be held in June (2020) at Camp David (USA).<\/span><\/h2>\n\n\n\n

The Group of Seven (G-7) is group of 7 countries all over the world France, Germany, Italy, the United Kingdom, Japan, the United States, and Canada<\/strong> , They meets annually to discuss issues of common interest like global economic governance, international security and energy policy.<\/p>\n\n\n\n

About G7 ” History”<\/h2>\n\n\n\n

In 1973 oil crisis hit global market, for recover of this oil crisis, the finance minster of France<\/strong> called an official meeting with West Germany, the U.S, Great Britain, and Japan<\/strong> (the Group of Five). France, West Germany, Italy, Japan, the United Kingdom, and the United States formed the\u00a0Group of Six in 1975<\/strong>\u00a0to provide a venue for the\u00a0industrialized democracies<\/strong>\u00a0to address pressing economic concerns. after that G7 was formed in 1975 by the top economies of the time as an informal forum to discuss pressing world issues. Canada joined the group in 1976, and the European Union began attending in 1977. The first meeting with all G-7<\/strong> nations was hosted by the United States <\/strong>which was held in\u00a0Puerto Rico<\/strong>\u00a0in 1976<\/strong>.<\/p>\n\n\n\n

\"group
G7 Summit – US, UPSC<\/a><\/figcaption><\/figure>\n\n\n\n

The European Union has participated fully in the G-7<\/strong> since 1981 as a\u00a0“non enumerated”<\/strong>\u00a0member.It is represented by the presidents of the\u00a0European Council,<\/strong>\u00a0which represents the EU member states’ leaders, and the\u00a0European Commission<\/strong>\u00a0(the E.U.\u2019s executive branch)<\/p>\n\n\n\n

The G-7 was known as the G-8<\/span><\/strong> for several years after the original seven were joined by Russia<\/strong> in 1997<\/strong>. The inclusion of USSR in G-7<\/strong> was meant as a signal of cooperation between East and West after the\u00a0Soviet Union\u2019s collapse in 1991.<\/strong> The group returned to being called G-7 after Russia was expelled as a member in 2014 following the annexation of the Crimea region of Ukraine.<\/p>\n\n\n\n

Membership of G-7<\/h2>\n\n\n\n

There are\u00a0no formal criteria for membership,<\/strong>\u00a0but participants are all highly developed democracies. The aggregate GDP of G-7 member states\u00a0makes up nearly 50% of the global economy\u00a0<\/strong>and\u00a010% of the world\u2019s population.<\/strong><\/p>\n\n\n\n

Headquarters<\/h2>\n\n\n\n

The G-7 does not have a formal constitution or a fixed headquarters. The decisions taken by leaders during annual summits are non-binding.<\/p>\n\n\n\n

The rise of India, China, and Brazil over the past few decades has reduced the G-7\u2019s relevance, whose share in global GDP has now fallen to around 40%.<\/p>\n\n\n\n

How the G-7 summit works?<\/strong><\/h2>\n\n\n\n

The G-7 nations meet at annual summits that are presided over by leaders of member countries on a rotational basis.<\/p>\n\n\n\n

\u2022 The summit is an informal gathering that lasts two days, in which leaders of member countries discuss a wide range of global issues.<\/p>\n\n\n\n

\u2022 The host country typically gets to invite dignitaries from outside the G-7 to attend the Summit.<\/p>\n\n\n\n

\u2022 The groundwork for the summit, including matters to be discussed and follow-up meetings, is done by the \u201csherpas<\/strong>\u201d, who are generally personal representatives or members of diplomatic staff such as ambassadors.<\/p>\n\n\n\n

\u2022 The sherpa for Prime Minister Modi at last year\u2019s summit was former Union Minister Suresh Prabhu. <\/p>\n\n\n\n

SHERPAS<\/strong>– Who are generally personal representatives or members of diplomatic staff such as ambassadors.<\/p>\n\n\n\n

G-7 and G-20<\/h2>\n\n\n\n

G-20 was founded in 1999 after the\u00a0Asian financial crisis in 1997-1998,<\/strong>\u00a0it initially started off as a\u00a0meeting of finance ministers and central bank governors.<\/strong><\/p>\n\n\n\n

However, as a response to the\u00a0financial crisis of 2008,<\/strong>\u00a0the G-20 was upgraded to\u00a0head of state level<\/strong>\u00a0in an inaugural summit in Washington, D.C.<\/p>\n\n\n\n

While the G-7 mainly has to do with politics, the G-20 is a broader group that focuses on the global economy. It\u2019s also known as the\u00a0\u201cSummit on Financial Markets and the World Economy\u201d<\/strong>\u00a0and represents\u00a080%<\/strong>\u00a0of the global GDP.<\/p>\n\n\n\n

Apart from the G-7 countries, the G-20 comprises\u00a0Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea,<\/strong>\u00a0and\u00a0Turkey.<\/strong><\/p>\n\n\n\n

45th<\/sup>\u00a0G-7 summit<\/h2>\n\n\n\n

The\u00a045th<\/sup>\u00a0G-7 summit<\/strong>\u00a0was hosted by\u00a0France in August, 2019,<\/strong>\u00a0at\u00a0Biarritz in Nouvelle-Aquitaine, France.<\/strong><\/p>\n\n\n\n

French President invited four partner countries,<\/strong> which promote democracy<\/strong> and have significant regional influence (Australia, Chile, India and South Africa);<\/strong>five<\/strong>African partners<\/strong> (Burkina Faso, Senegal, Rwanda and South Africa, and the African Union Commission (AUC) Chair Moussa Faki); and civil society representatives.<\/p>\n\n\n\n

  • India\u2019s presence at the G7 is an acknowledgement of the changing world order and India\u2019s growing importance as a major economic power.<\/li>
  • There is a growing realization that revamping the post-world war order for the twenty-first century will require a leadership from emerging economies, especially from Asia and Africa.<\/li><\/ul>\n\n\n\n

    The five related priorities<\/strong> of the Summit:<\/p>\n\n\n\n

    • Fighting\u00a0inequality of opportunity,<\/strong>\u00a0promoting\u00a0gender equality<\/strong>\u00a0and access to\u00a0education<\/strong>\u00a0and\u00a0high-quality health services,<\/strong>\u00a0in particular;<\/li>
    • Reducing environmental inequality<\/strong>\u00a0by protecting the planet through climate finance and\u00a0just ecological transition,<\/strong>\u00a0based on\u00a0preserving biodiversity<\/strong>\u00a0and the oceans;<\/li>
    • Working toward\u00a0peace, and against security threats and terrorism;<\/strong><\/li>
    • Exploiting opportunities created by\u00a0digital technology and artificial intelligence (AI)<\/strong>\u00a0in an\u00a0ethical and human-oriented way;<\/strong>\u00a0and<\/li>
    • Combating inequality<\/strong>\u00a0through a renewed partnership with Africa.<\/li><\/ul>\n\n\n\n

      Indian Prime Minister participated in two sessions at the summit, on climate change<\/strong> and digitization,<\/strong> signaling India\u2019s growing willingness to lead on issues that are points of contention for the transatlantic members.<\/p>\n\n\n\n

      • Indian Prime minister highlighted India\u2019s efforts towards climate protection by eliminating single-use plastic, conserving water, harnessing solar energy and, preserving the flora and fauna for a sustainable future in his address to a G7 session on environment.<\/li><\/ul>\n\n\n\n

        Does G-7 Losing Powers ?<\/h2>\n\n\n\n
        • Subtle shift of power:<\/strong>\u00a0in 2008, while the G-8 talked about food inflation and all kinds of other admittedly important world issues, they\u00a0completely missed the 2008 global financial crisis.<\/strong>
          • The\u00a0G-20 stepped in<\/strong>\u00a0at their summit and addressed the root of the problem. They requested the United States to regulate its financial markets more.<\/li>
          • After that, it became apparent that the\u00a0G-20 emerging market countries,<\/strong>\u00a0which had largely escaped the crisis, were necessary partners of any global initiative.<\/li>
          • The\u00a0G-20 Summit superseded the G-8<\/strong>\u00a0as the world’s most important meeting of all global leaders.<\/li>
          • As a result, it signaled\u00a0the end of the old world order<\/strong>\u00a0and the beginning of a new one.<\/li>
          • The forum’s small and relatively homogenous membership promotes\u00a0collective decision-making,<\/strong>\u00a0but critics note that it often lacks follow-through and that\u00a0its membership excludes important emerging powers.<\/strong><\/li><\/ul><\/li>
          • The G-7 is an\u00a0informal bloc<\/strong>\u00a0and takes\u00a0no mandatory decisions,<\/strong>\u00a0so the leaders\u2019 declarations at the end of the summit are\u00a0not binding.<\/strong><\/li>
          • The evolution of G-20 which represents the aspiration of emerging economies like India, China, Brazil etc had challenged the west dominated groupings like G-7.<\/li><\/ul>\n\n\n\n

            <\/p>\n","protected":false},"excerpt":{"rendered":"

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