Everything you need to know about the G7

What is G7 ?

The Group of seven (G7) is a group consisting of the seven largest advanced economies in the world which include the United States, the United Kingdom, Germany, France, Italy, Japan and Canada. These countries represent 60% of the global net worth i.e, 280 trillon dollars. They also amount to more than 46% of the global GDP. The meet is held annually to discuss economics and other global issues.

When and how it started?

The concept of this forum emerged before the 1973 oil crisis. On 25 March 1973, the U.S. Secretary of Treasury, George Shultz arranged an informal meeting of finance ministers from West Germany, France and the U.K. in Washington. Later in mid 1973, Shultz proposed the addition of Japan. France, Italy joined to the group. In 1976, Canada’s Piere Trudeau was invited to join the group and the group came to be known as G7.

The G7 summit 2018 was hosted by Canada. The dignitaries present were Justin Trudeau (Prime Minister, Canada), Emmanuel Macron (President, France), Angela Merkel (Chancellor,Germany), Giuseppe Conte (PM, Italy), Shinzo Abe (PM, Japan), Theresa May (PM, UK), Donald Trump (President, U.S), Donald Tusk (President, European Union) and Jean- Claude Juncker (PM, EU).

Major decisions taken :-

1. The G7 leaders committed to defend democracies from foreign threats. They urged Russia to end its destabilising behaviour by supporting the Syrian regime. They also pledged to eradicate Daesh and other hateful ideology. Complete denuclearization of the Korean peninsula was also a major point of talk.

2. They stressed on the value of education for women in the developing countries and agreed to invest 3 billion dollars to improve access to quality education for women worldwide.

3.The leaders committed to fight trade protectionalism with free, fair and mutually beneficial trade and to modernize the World Trade Organization.

4. The leaders also discussed on the environmental issues. They discussed on concrete steps to fight the threat of plastic waste and prevent oceans.