The heads of state of the G7 countries and the leaders of the European Union have already arrived in Puglia, Italy, where they are expected to discuss for the next three days urgent issues on the international agenda, such as the Russian invasion of Ukraine, climate change and the war in the Strip. Gaza.
The collegiate brings together the most developed democratic nations in the world, with an accumulated wealth of US$43.5 trillion — which represents around 43% of the world’s GDP, according to an estimate by the World Bank. But, after all, what is the G7?
What is the G7?
The G7 is short for the Group of Seven, an informal organization of leaders from some of the world’s largest economies: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
Russia was suspended indefinitely from the group, which was then known as the G8, in 2014 after most member countries sided against the annexation of Crimea. It was the first violation of a European country’s borders since World War II.
What does the G7 do?
G7 members meet annually at a summit to discuss pressing issues on the global stage and coordinate policies. International security and the global economy are frequently topics of discussion. Unlike formal international organizations, the
G7 does not have any permanent administrative structure.
The host country, which changes every year, is responsible for organizing the meeting and proposing the agenda to be discussed. In addition to the G7 summit, there are a series of meetings of senior officials and the diplomatic corps of the states involved.
How powerful is the G7?
The G7 is primarily a place of coordination, and the group has produced decisions of global importance. At the end of each summit, countries sign a communiqué stating the political commitments adopted for the next cycle. The objective is for the G7’s decisions to influence global governance in several other collegiate bodies and international organizations.
What is the history of the G7?
The meetings began as the “Library Group,” founded in the 1970s by then-U.S. Treasury Secretary George Shultz.
Finance ministers from the United States, France, Germany and the United Kingdom met for “informal talks” to try to stabilize the exchange rate turmoil.
Japan joined soon after, and in 1975, with two of the original participants – France and Germany – sending their presidents, the meetings became meetings of heads of state and government. Canada and Italy soon joined and the summit became known as the Group of Seven.
The last country to join the group was Russia, in 1997. Still, in 2014, the Kremlin was expelled from the meeting after the annexation of Crimea, which is officially recognized as Ukrainian territory by most nations in the international community.
According to a statement released this year by Italy, the G7 “is a group united by common values and principles, and plays an invaluable role in the international arena to promote freedom, democracy and human rights”.
Source: CNN Brasil
Bruce Belcher is a seasoned author with over 5 years of experience in world news. He writes for online news websites and provides in-depth analysis on the world stock market. Bruce is known for his insightful perspectives and commitment to keeping the public informed.
