Why in News?
Prime Minister of India Narendra Modi went to Germany to attend the 48th Group of Seven (G7) Summit, 2022, at Schloss Elmau. Germany holds the presidency of the G7 in 2022. They have invited Argentina, India, Indonesia, Senegal, and South Africa to the G7 Summit 2022.
48th G-7 Summit (2022)
Presidency - Germany
Venue - Schloss Elmau, Bavarian Alps, Germany
Representatives of the European Union always participate in the annual meeting of G7.
Germany has invited India, Argentina, Indonesia, Senegal, and South Africa to the 2022 Summit as partner countries.
President Ukrain will also join virtually on June 27 at G7 Summit.
International Institutions like United Nations, the World Health Organization (WHO), the World Trade Organization (WTO), the International Monetary Fund (IMF), and the World Bank will also participate in the G7 Summit.
In the G7 Summit 2022, the G7 leaders will focus on the topics such as partnerships for developing countries, global economy, sustainability, multilateralism, food security, and digital transformation.
What is Group of Seven (G7)?
The G7 is an intergovernmental organization that was formed in 1975.
- G7 is an informal forum of leading industrialized nations, including Canada, France, Germany, Italy, Japan, the United States, and the United Kingdom.
- Together the member countries represent 40% of the total global GDP and 10% of the world's population.
- The G7 is not founded on a treaty and has no permanent administration or office; its presidency rotates annually among the constituent states, with the presiding state setting the group's priorities and hosting and organizing its Summit. G7 group works globally on the economic crisis, terrorism, arms control, drug trafficking, etc.
History of G7
The G7 was born due to the world's enormous economic problems in the 1970s.
- As the world reeled from the first oil shock and subsequent economic crisis, the heads of state and government of the six leading industrial nations met in 1975 for the first time to discuss the global economy. In 1976, Canada joined the leaders of France, Germany, Italy, Japan, the United Kingdom, and the United States to discuss the global crises.
- From 1998 to 2014, the G8 nations were allied with the 8 leading industrial nations. The alliance, also known as the "Group of Eight", appeared from the G7 states, which Russia joined in 1998.
- In March 2014, Russia was removed in the wake of the Ukraine crisis and the annexation of Crimea. The remaining states now resume the alliance under the initial name G7.
The G20 is the most important platform for international alliance on the international economic and financial plan aspects. G20 brings the world's major advanced and emerging economies.
- The G20 includes Argentina, Australia, Brazil, Canada, China, EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, and the USA. The G20 Countries together represent around 90% of the global.
- All the members of G7 countries are also members of G20.
You can also read: Inter-State Council
India and the G7
India is not a member of the G7. But India is always invited to G7 Sessions.
- Dr. Manmohan Singh attended the G8 summits five times.
- Prime Minister Narendra Modi participated two times in the G7 meeting. Prime Minister Modi participated in the G7 2019 sessions on ''Climate, Biodiversity and Oceans'Oceans' and ''Digital Transformation''.
- At the invitation of UK Prime Minister Boris Johnson, Prime Minister Narendra Modi participated in the Sessions of the G7 Summit 2021 (47th G7 meeting) in virtual format.
- US President Donald Trump said he would like to include India, Australia, South Korea, and Russia in the grouping of G7 countries.
- Donald Trump had proposed that G7 be called "G10 or G11". Due to the pandemic and the US election outcome, that did not happen.
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