Group of Seven (G7) is an organization of highly industrialized countries in the United States (USA), Canada, France, Germany, Italy, Japan and the United Kingdom (United Kingdom). The G7 countries have 64% of the world’s wealth and have a very high human development index. Member countries also represent 46% of global GDP. The group’s last 42nd meeting was held in Japan in May 2016.
History of the G7 formation
The G7 was formed in 1975 by the six countries of the United States, France, Germany, Italy, Japan and the United Kingdom with the exception country. Canada was invited the following year to become a member of seven G7 countries. The representatives of the G7 countries meet annually to discuss international economic and monetary issues. The president of the G7 rotates among the member states every year. France hosted the first G7 meeting in 1975, although it was represented by the G6 countries. The correct G7 with all seven countries represented was held in Puerto Rico, and the United States was the host. Representatives of the European Commission have participated in the G7 meetings since 1981. In 1998 Russia was fully admitted to do so G8, although Russia has participated in meetings since 1990. Other countries have joined, and is now known as the G20, which reflects the countries participating in the annual meetings. In 2014, Russia was suspended by the group after the annexation of Crimea and disputes with Ukraine. Initially, when G6 was formed, it was exclusively the main non-communist countries and the inclusion of Russia later was a gesture to help post-Soviet Russia to participate and have more say in world affairs.
Purpose of the G7 training
Representatives of the G7 countries meet annually to discuss global issues such as financial crisis, monetary systems and other important global issues such as oil shortages. From the outset, the group has had a say in preventing the global economy from going into recession. The first seven G7 countries represent around 50% of the world economy. The main objective of the group is to improve the economies of member countries and of the whole world. The finance ministers of the member countries always meet every year or more frequently in a year to discuss the economies and world economies of the Member States.
When G6 was formed in 1975, the members were United States, United Kingdom, France, Germany, Italy and Japan. In 1976, Canada joined the G7 later in the 1990s. Russia was admitted to G7 membership making it G8. In 1999 G7 enrollments increased again to twenty, including G8 members and now other countries such as Brazil, Australia, China, Argentina, European Union, India, Turkey, South Africa, Saudi Arabia, South Korea, Mexico and Indonesia
Initially, members of the G7 countries only involved finance ministers and the heads of member countries’ central banks, but the G20 summit in 2008 included national leaders. In 2009 it was announced that the G20 would replace the G8 predecessor as the main forum to address global economic policy and other related issues such as security.
Disputes and criticism
Over the years, the G7 countries have been criticized for not having included in the emerging markets an opinion seen as incapable of representing enough of the global economy. Since 1981 G7 has hosted non-member members like the European Union who have fully participated as unlisted members. Unlike the UN or NATO, the G7 is not a formal institution and therefore the secretariat is lacking. Almost all the annual G7 meetings have received protesters in large numbers opposing their meetings. In 2015, Germany tried to prevent the demonstrators from reaching the place where the meeting was held and to hold the meeting in a remote location in a Schloss hotel at an altitude of 1008m. There were about 300 of the 7500 protesters rising to 3m and there it was a security that surrounded the position of the summit. The protesters have always challenged the legitimacy of the G7 to make decisions that could affect the whole world. There were more 20,000 policemen stationed in southern Bavaria to prevent the protestor from interfering with the summit.
Group of seven (G7) countries
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