Focus: Facts for Prelims, International Relations
Why in News?
Recently, the G7 countries pledged to quit fossil fuels faster and urged other countries to follow suit, but failed to agree to any new deadlines on ending polluting power sources like coal.
- G7 stands for Group of Seven, which is an international intergovernmental economic organization consisting of seven member countries.
- The member countries are the United States, Canada, Japan, Germany, France, Italy, and the United Kingdom.
- As of 2022, G7 countries make up 10% of the world’s population, 31% of the global GDP, and 21% of global carbon dioxide emissions.
- G7 was founded in 1975 as the G6, consisting of the six richest countries in the world at that time.
- Canada joined the group in 1976, and the group became known as the G7.
- The group meets annually to discuss global economic issues and make decisions that can affect the global economy.
- The main objectives of G7 are to promote economic growth and stability, enhance international trade, and coordinate policies on economic issues among the member countries.
- The group also focuses on addressing global challenges such as climate change, cybersecurity, and geopolitical tensions.
Meetings and decisions:
- G7 leaders meet annually at the G7 Summit to discuss global economic issues and coordinate policies.
- Decisions made by the G7 can have a significant impact on the global economy and international relations.
- The G7 also collaborates with other international organizations such as the International Monetary Fund and the World Bank.
- The G7 has been criticized for being too exclusive, as it only includes the richest countries in the world and does not represent the interests of developing nations.
- Critics also argue that decisions made by the G7 can have negative consequences for developing countries and can perpetuate global economic inequality.