Group of Seven [G7] was founded in 1975 as an intergovernmental organisation. The group meets once a year to address global economic governance, international security, and energy policy.
The G7 nations are the United Kingdom, Canada, France, Germany, Italy, Japan, and the United States. The G20 includes all of the G7 countries, as well as India. The G7 lacks a written constitution and a permanent headquarters. Leaders' choices at annual summits are not legally binding.
Functionality of G7
- Summits are held once a year and hosted by members of the organisation on a rotating basis.
- The "sherpas," who are either personal representatives or members of diplomatic staff such as ambassadors, lay the foundation for the Summit, including the topics to be covered and follow-up meetings.
- Leaders of major international organisations such as the European Union, the International Monetary Fund, the World Bank, and the United Nations are also invited.
About the 47th G7 Summit
The event took place in the United Kingdom in June 2021. The Indian prime minister and delegates from South Korea, South Africa, and Australia were invited to the 47th G7 Summit as guests of honour.
The 47th G7 Summit's goal was to bring together the world's leading democracies to help the globe recover from the Coronavirus and build a greener, more prosperous future.
47th G7 Summit's goals were to -
- Aiding recovery from the Coronavirus at a global level while also bolstering pandemic preparedness.
- By advocating for free and fair trade, we can ensure future prosperity.
- Defending the planet's biodiversity and combating climate change
- In open societies, promoting worldwide common values.
- The G7 countries have also used international pressure to contribute to climate change initiatives and provide surplus Covid-19 vaccinations to economically disadvantaged nations. This was one of the seven countries' main concerns, as they had suffered significant economic losses during the pandemic.
- The 47th G7 Summit also discussed how to raise funding for climate finance.
India and Group of Seven [G7]
To efficiently handle the pandemic scenario, India's Prime Minister called for a "one earth, one health" approach and India's commitment to finding a "collective" solution to global health concerns. He also emphasised the importance of keeping vaccination raw materials readily available.
India prioritises maintaining open supply chains for acquiring vaccine raw materials to enhance vaccine production in nations like India.
The Prime Minister also sought G7 support for India and South Africa's TRIPS waiver proposal at the World Trade Organization. The exemption is likely to boost vaccine production in India.
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Concerns have been expressed that open societies are more prone to disinformation and cyber-attacks.
According to the UN, countries acting in isolation will not be able to protect the planet's atmosphere, biodiversity, or oceans, which has called for global action on climate change. India is the only member of the G-20 that is on track to reach its Paris targets.
The G7 Summit takes essential decisions that affect several nations globally. All of these seven countries are a part of the G20. The decisions taken by G20 are not binding, but it acts as a tool for cooperation among nations.
FAQs on Group of Seven [G7]
Q.1. Where was the G7 of 2019 held?
The G7 meet of 2019 was held in France.
Q.2. Which countries were invited to G7 Summit, 2021 as guests?
India, Australia and South Korea were invited to the Group of Seven [G7] Summit.
Q.3. What are the common issues that are discussed by G7 countries?
The G7 countries have discussions on international security, international policies, treaties, trade and economic governance.
Q.4. Which country hosted the Group of Seven [G7] Summit of 2021?
The UK hosted the G7 Summit in the year 2021.
Q.5. Which declaration was signed by the Group of Seven [G7] to prevent any future pandemic?
The Carbis Bay Declaration was signed to prevent any future pandemics by the Group of Seven [G7].