Group of Seven (G7)

Why in news?

• G7 leaders’ to hold a virtual meeting to discuss a common strategy and approach for Afghanistan’s future in the aftermath of Taliban takeover

About G7:

• The Group of Seven (G7) is an inter-governmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
• Its members are the world's most industrialized economies and wealthiest liberal democracies
• The G7 is not based on a treaty and has no permanent secretariat or office; its presidency rotates annually among the member states.
• The organization earlier included Russia and was called G8 till Russia was expelled in 2014.
• The latest summit was held in June 2021 Cornwall, England

Significance:

• The group is officially organized around shared values of pluralism and representative government.
• As of 2018, the G7 nations account for close to 60 percent of global net wealth, 32 to 46 percent of global gross domestic product, and about 770 million people or 10 percent of the world's population
• Most members are great powers in global affairs and maintain mutually close economic, military, and diplomatic relations.

PRACTICE QUESTION

Which of the following countries is currently part of Group of Seven (G7)?

1. Germany

2. China

3. Italy

4. France

Select the correct answer using the code given below:

(a) 1 and 3 only

(b) 2 and 3 only

(c) 1,3 and 4 only

(d) 1,2, 3 and 4

Answer