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Group of Seven (G7)
Context:
Prime Minister Modi is expected to attend the G7 Summit in Italy as a special invitee.
About Group of Seven (G7)
- The G7 is an informal gathering comprising Italy, Canada, France, Germany, Japan, the United Kingdom, and the United States.
- The European Union is also a participant, represented by its Council and Commission presidents.
- Establishment and Early Years (1973-1976): Formed in response to the 1973 energy crisis.
- First Summit was held in 1975 in Rambouillet, France, with France, USA, UK, Germany, Japan, and Italy participating.
- Canada’s admission in 1976 solidified the G7’s current composition.
- The European Economic Community (now EU) began participating in 1977.
- Expansion and Suspension of Russia (1997-2014):
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- G7 was expanded to G8 with Russia’s inclusion from 1997 to 2013.
- Russia was suspended in 2014 due to the illegal annexation of Crimea.
- Evolution and Expansion of Focus:
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- Initially focused on economic and financial cooperation.
- Evolved into addressing broader global issues.
- Recognition of the need for more technical discussions on complex issues.
- Initiation of thematic Ministerial Meetings for deeper insights.
- Role and Principles:
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- Unified by common values: freedom, democracy, and human rights.
- Plays a significant role in the international arena, upholding these principles.
- Initiatives:
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- Build Back Better World (B3W) Partnership: Launched at the 2021 G7 Leaders’ Summit, B3W aims to mobilise an international response to immediate and long-term challenges such as the global infrastructure gap, economic recovery post-COVID-19, and countering China’s economic and political influence in developing economies.
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- Coordination Platform on Economic Coercion: Established at the 2023 G7 Summit in Hiroshima, Japan, this platform aims to increase collective assessment, preparedness, deterrence, and response to economic coercion by G7 countries.
- Cornwall Consensus: The Cornwall Consensus is a new global economic consensus proposed by the G7 Economic Resilience Panel. It aims to address chronic and acute issues to advance global economic resilience and replace the Washington Consensus, which is seen as no longer effective in addressing global economic challenges.
