Group of Seven Countries (G7-Countries)

The Prime Minister of United Kingdom (UK), Boris Johnson, has invited the Prime Minister of India, Narendra Modi, to attend the G7-summit. It has also invited Australia and South Korea. The proposed summit will be held in the English region of Cornwall. It will be held from June 11, 2021 to June 13, 2021. This summit will be the first in-person G-7 summit in two years.

Highlights

  • This summit will be the second G7 summit attended by Modi. He had earlier attended the G-7 summit in Biarritz, France in August 2019.
  • G7 2020 summit could not take place due to ongoing Covid-29 pandemic. It was to be hosted by the US.

Why these countries are invited?

The UK had proposed the idea of D10 countries. The D10 grouping includes the members of G7 along with India, Australia and South Korea. Thus, these countries are invited with the objective of making the D10 grouping a reality. Further, they were invited to test the UK’s commitment of ensuring that the multilateral institutions better reflect today’s world.

Group of Seven or G7

  • It is an intergovernmental organization comprising of the countries like France, Germany, Canada, Italy, Japan, the United States and the United Kingdom.
  • The G7 summit is held every year where heads of government of the member states and the representatives of the European Union held meeting.
  • These seven member countries are the largest IMF-advanced economies of the world.
  • This grouping was formed in the year 1975.
  • The decision taken by G7 members is not binding in nature.

G8 minus Russia

The group of seven was earlier the Group of eight. In the year 2014, Russia was suspended from the G8. Russia was included in the grouping in the year 1998. But Russia conquered Crimea in 2014 which was criticized and led to its exclusion from the G8.

Who can become the member of G7?

The country who holds the high net national wealth and high human development index can become the member of G7.

Significance of G7

The members of the grouping are the major economic players. Thus, any decision by the G7 have huge impact globally. These countries account for 58% of global net wealth.