Group of seven (G – 7) nations
Why in news:
- Finance leaders of the Group of Seven (G7) rich nation warned of heightening global economic uncertainty.
- It is officially organized around shared values of pluralism and representative government with members making up the world’s largest IMF advanced economies and liberal democracies.
- Originating from an ad hoc gathering of finance ministers in 1973, the G7 has since become a formal, high-profile venue for discussing and coordinating solutions to major global issues, especially in the areas of trade, security, economics, and climate change.
- The International Group of Seven(G7) is an intergovernmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States; additionally, the European Union (EU) is a “non-enumerated member”.
- Each member’s head of government or state, along with the EU’s Commission President and Council President, meet annually at the G7 Summit; other high-ranking officials of the G7 and the EU meet throughout the year.
- Representatives of other states and international organizations are often invited as guests, with Russia having been a formal member (as part of the Group of Eight) from 1997 to 2014.
- The G7 is not based on a treaty and has no permanent secretariat or office.
- It is organized through a presidency that rotates annually among the member states, with the presiding state setting the group’s priorities and hosting and organizing its summit; Japan currently presides for 2023.