THE G7
The G7 is an informal grouping of wealthy Western nations. It has no permanent secretariat or legal status.
Each year, a different member country assumes the presidency of the group, sets priorities and organises summits. Japan is due to take over the presidency from Germany in 2023.
MEMBERS
The G7 is made up of the United States, Britain, Canada, France, Germany, Italy and Japan. Representatives from the European Union also attend.
WHY IS RUSSIA NOT A MEMBER?
Russia was included in what became the G8 in 1997 but was suspended in 2014 after annexing Crimea from Ukraine.
HOW LONG HAS IT BEEN AROUND?
The G7 was founded following the 1973 OPEC oil embargo as a forum for the richest nations to discuss crises affecting the world economy. Its countries have a combined annual GDP of $40 trillion, or just under half of the global economy.
Does the G7 have any power?
It can't pass any laws because it is made up of separate nations with their own democratic processes.
However, some of its past decisions have had global effects.
For example, the G7 played crucial role in setting up a global fund to fight malaria and Aids in 2002.
Ahead of the 2021 G7 summit in the UK, the G7 finance ministers agreed to make multinational companies pay more tax.
It has also provided financial aid to developing countries, and addressed climate change.
✅Most Important Facts about G7
♦ The G7 is a group of seven major industrialised countries, includingCanada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
♦The G7 holds annual meetings to discuss various global issues, but these meetings are usually held in different locations each year.
♦The 48th G7 summit was hosted by Germany in 2022.
✅FACTS About G7 SUMMIT
🔹 1st - 1975 : France
🔹46th - 2020 : United States
🔹47th - 2021 : United Kingdom
🔹48th - 2022 : Germany
🔹 49th - 2023 : Japan
🔹 50th - 2024 : Italy
✅ Trick to remember G7 Countries
👁🗨Trick - Drink JUICE with GF (girlfriend)
🔻 JUICE Stands for :-
🔸J for Japan
🔸 U for USA
🔸 I for Italy
🔸C for Canada
🔸E for England
💎 GF stands for :-
🔸G for Germany
🔸 F for France