The G-7 is a group of the world’s seven most industrialized and developed economies. Their political leaders gather annually to discuss important global economic, political, social and security issues. India has also been specially invited by the French side to the 45th G7 Summit this time. Objective: This year the 45th G-7 summit is being held in the city of Biarritz, France on August 08-26, 2019. The agenda of this conference focuses on fighting income and gender inequality and protecting biodiversity.
G-7 member countries are France, Italy, Japan, Germany, Canada, USA, UK. The European Union is also represented at the G-7 summit. The group considers itself a ‘community of values’, a community that respects values. Freedom and protection of human rights, democracy, and rule of law and prosperity and sustainable development are its key principles.
The group’s work was initially a group of six countries, which had their first meeting in 1975. Possible solutions to the global economic crisis were considered in this meeting. The following year Canada joined the group and thus became the G-7. Ministers and bureaucrats from G-7 countries meet every year to discuss matters of mutual interest. Each member country alternately presides over this group and hosts a two-day annual summit. This process runs in a cycle. Energy policy, climate change, HIV-AIDS, and global security are some of the topics that were discussed in previous summits. Representatives of other countries and international organizations are also invited to the summit.
The group became known as G8 after Russia joined Russia in 1998, but was expelled from the group after occupying Crimea in 2014.
How effective the G7 is criticized as saying it has never been an effective organization, although the group claims a number of successes, including launching a global fund to fight AIDS, TB, and malaria. The group claims that it has saved 2.7 million lives since 2002. The group also claims that it has a role behind implementing the 2016 Paris Climate Agreement.
Why China is not a part of G7 and China is the second-largest economy in the world, yet it is not part of this group. The reason for this is that it has the largest population in the world and the per capita income is much lower than the G7 group countries. As such, China is not considered a developed economy, due to which it is not included in the group.
The major challenges internally are several disagreements in the G7. At Trump’s summit in Canada last year, President Trump clashed with other members over action on climate change and import taxes. There are no G7 members from Africa, Latin America. Brazil and India are also not part of the fast-growing economy. Some global economists believe that this economy will overtake some of the G7 nations by 2050.