In this article, We learn about "G7".Let's Go!
G7 represents the "G7" industrialized countries.
It used to be called the G8 (Group of Eight) until 2014 when Russia was excluded due to its annexation of Crimea from Ukraine.
The Group of Seven are the world's leading industrial countries: the United States, Germany, Japan, France, the United Kingdom, Canada, and Italy.
Why was G7 created?
The Group of Seven was founded more than four decades ago as an annual gathering of political leaders to discuss and exchange views on a wide range of issues including the global economy, security and energy.
France, Italy, Japan, the United Kingdom, the United States and West Germany formed the Group of Six in 1975. Canada joined the following year.
Russia finally joined in 1998, and its accession signaled East-West cooperation after the collapse of the Soviet Union in 1991.
The G7 is an informal group and does not make mandatory decisions, so leaders' statements at the end of the summit are not binding.
Who are the members of G7?
This group includes the United States, United Kingdom, Germany, Canada, Japan, France, and Italy.
As a group, the G7 countries account for approximately 40% of global GDP and 10% of the world’s population.
The EU has participated in the work of the G7 since 1977 and is represented at the summit by the President of the European Commission and the President of the European Council.
The European Union, despite not having formal membership, has gradually been included on the agenda of all political discussions.
Why was Russia kicked out of the G8?
Russia was expelled from the then-G8 group in 2014 after it annexed Crimea from Ukraine, a move that leaders deemed "a violation of Ukraine's sovereignty and territorial integrity."
U.S. President Barack Obama and other world leaders announced in March 2014 in a joint statement titled The Hague Declaration that they would cancel that year’s planned conference in Sochi, Russia .
What is the difference between G7 and G20?
The G7 and G20 are both groups of countries that come together to discuss and resolve major global economic, political and social issues. However, they differ in terms of membership, scope and objectives.
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G7 is primarily concerned with politics, while the G20 is a broader organization focused on the global economy.
Here are the main differences between the two:
Member
G7: The Group of Seven (G7) is an informal grouping of the world's seven most developed economies, including the United States, Canada, Germany, France, the United Kingdom, Italy and Japan. The European Union (EU) is also represented in the G7, but is not a full member.
G20: The Group of Twenty (G20) is a broader and more inclusive grouping of 19 countries and the European Union. It includes members of the G7 and other major economies such as Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea and Turkey.
Scope and Objectives
G7: The G7 is mainly committed to solving global economic problems and coordinating economic policies among member countries. It was originally established in the 1970s in response to global economic crises such as the collapse of the Bretton Woods system and the oil crisis. Over the years, the G7's agenda has expanded to include other issues such as climate change, global health and security.
G20: The G20 was established in 1999 to bring together the world’s major economies to discuss and solve pressing global issues. While it also focuses on economic issues, its agenda is broader than that of the G7, as it covers a wide range of topics, including financial stability, international trade, jobs, development and energy. The goal of the G20 is to promote international economic cooperation and ensure global financial stability.
Influence and representation
G7: The G7 represents a smaller, more selective group of countries with advanced economies. Collectively, they account for a large share of global economic output, but their influence has waned as emerging economies such as China and India have grown in importance.
G20: G20 members are more diverse, representing both advanced and emerging economies. As such, it covers approximately 85% of the world's GDP, more than 75% of global trade, and approximately two-thirds of the world's population. This broad representation gives the G20 greater influence and legitimacy in addressing global issues than the G7.
To sum up, both the G7 and the G20 are international forums to discuss and respond to global challenges, but they are different in terms of members, scope and goals.
The G7 is a smaller grouping of advanced economies, while the G20 is a larger, more inclusive grouping representing a wider range of countries and issues.
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