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G7 (Group of Seven)


Recently, the Union Minister of Commerce and Industry participated in the G7 (Group of Seven) Trade Ministers Meeting in Osaka, Japan.


GS II: International Relations

Dimensions of the Article:

  1. Key Highlights of the Meeting
  2. About G7

Key Highlights of the Meeting

Enhancing Supply Chain Resilience

  • India presented suggestions for enhancing supply chain resilience.
  • Emphasized the vulnerabilities exposed by the COVID-19 pandemic and geopolitical events in existing supply chains, which led to increased commodity prices and global inflation.

Collaborative Regulatory Framework

  • Urged governments to collaborate on a regulatory framework to facilitate the movement of supply chains and cross-border trade.

Global Value Chains Framework

  • Referenced the Generic Framework for Mapping of Global Value Chains from the New Delhi Declaration of the G20 to help member countries identify risks and enhance trade resilience.

Public-Private Partnership

  • Encouraged public-private partnerships, investment in critical infrastructure, and innovation and digitalization of supply chains.

Free Trade Agreement (FTA)

  • Reviewed the progress of negotiations for a proposed Free Trade Agreement (FTA) with the UK, now in its final stages.
  • Addressed differences on issues like Rules of Origin and services sector in the FTA negotiations.

Rules of Origin

  • Discussed the significance of Rules of Origin in determining the national source of products, affecting duties and restrictions.

UK’s FTA Objectives

  • The UK aimed for a significant reduction in import duties on goods like scotch whiskey, automobiles, lamb meat, chocolates, and confectionery items.
  • Sought more opportunities for UK services in Indian markets, especially in telecommunications, legal, and financial services.

Trade and Economic Partnership Agreement (TEPA)

  • Discussed the progress of the Trade and Economic Partnership Agreement with European Free Trade Association (EFTA) member countries, including Switzerland, Norway, Iceland, and Liechtenstein.

About G7:

  • 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.

December 2023