The Group of Seven (G-7) is an intergovernmental organisation that meets periodically to address international economic and monetary issues. G-7 countries consist of the U.S., U.K., France, Germany, Italy, Canada and Japan. The G-7 was formely referred to as the G-8 until Russia was suspended from the group in 2014 after illegally annexing Crimea.
Founded at – Washington, D.C.
Type – Intergovernmental organisation
Purpose – Political and economic forum
The Group of seven (G-7) is an intergovernmental political and economic forum consisting of Canada, France, Germany, Italy, Japan the United Kingdom and the United States. The G-7 is not based on a treaty and has no permanent secretariat or office. It is organised through a presidency that rotates annually among the member states. The concept of a forum for the capitalist world’s major industrialized countries before emerged before the 1973 oil crises. On 25 March 1973, the United States Secretary of the treasury. The G-7 was for a while known as the Group of Eight (G-8), until 2014 when former member Russia was removed after annexing the region of Crimea illegally from Ukraine. The European Union (EU) is sometimes considered to be a de- facto eight member of the G-7. The G-7 is not an official formal entity and therefore has no legislative or authoritative power of enforce the recommended policies and plans it compiles.
The Group of Seven is an intergovernmental organisation made up of the world’s largest developed economies: France, Germany, Italy, Japan, the United States, the United Kingdom and Canada.
Germany:- Germany has been hosting the G-7 Summit. It has held the G-7 Presidency since January 2022.
France:- France and Germany launched the World Economic Summit in 1975. It later became the G-7.
UK:- The UK has belonged to the group of leading economic nations since 1975. The country has hosted numerous summits, most recently in Carbis Bay in Corn wall in 2021.
Italy:- Italy was involved in the very first World Economic Summit in France.
Japan:- Japan has belonged to the group of leading economic nations ever since the first summit in 1975.
Canada:- Canada was admitted to the group at the 1976 summit in Puerto Rico – the G-7 was born.
USA:- The United States participated in the first World Economic Summit in 1975, which later developed into the G-7.
EU:- The EU has been a member of the G-7 since 1981 and has participated at a high level in G-7 meeting ever since.
