We have launched our mobile app, get it now. Call : 9354229384, 9354252518, 9999830584.  

Current Affairs

G7 grouping

Date: 14 June 2021 Tags: Miscellaneous

Issue

The G7 summit was recently held in United Kingdom. The summit assumes significance for its role in global decision making.

 

Details

  • The G7 is an informal group that consists of countries such as United States, France, Italy, United Kingdom, Germany, Japan and Canada.

  • The group accounts for about 40 percent of the GDP of the world and 10 percent of global population.

  • The group has no legal existence based on any treaty. The decisions made by the group are not binding and each state has to ratify individually.

 

Historical origin

  • The current group started in 1975 when the global condition was in turmoil due to the oil embargo imposed by the OPEC countries.

  • US Foreign secretary felt that all large players on the global stage should come together to formulate economic policies and subsequently a summit was held.

  • Canada officially became a partner a year later and it was decided that an annual meeting will be held between the countries.

  • Russia was invited to join the group in 1998 after the fall of Soviet Union. It was then called as G8 until 2014, when Russia was expelled for its Crimea annexation.

 

President of summit

  • Presidency is held by each country turn by turn. They are responsible for arranging the summit in their countries. UK is the current President.

  • The President country can invite other country for the summit as guests. This year India, South Korea and Australia were invited.

 

Agenda

  • Its early policy was focused on economy. Now it has evolved to include issues such as foreign policy and security concerns.

  • Countries have been trying to handle challenges related to education, health, human rights, climate change and counterterrorism.

 

Criticism

  • Many countries consider that the group misuses its powers to influence global economic condition. They involve in their own agenda without any consideration for other states.

  • Major economies such as India and China have been excluded. Some view that as an effort to keep growing economies out of the group.