G7 Countries

Overview:

What is G7?

The G7 (Group of seven) is an informal group of seven advanced economy countries in the world, Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. G7 countries represent about 45% of the global GDP.

G7 Establishment:

G7 countries were initially founded as G6 on 15 November 1975. In 1976, Canada joined G6, and this group became G7.

In 1998, Russia joined G7 countries, and this group became G8.

In 2014, Russia was suspended from the G8 due to the annexation of Crimea by Russia, and again the group became G7.

G7 Members:

The G7 countries members are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The G7 comprises seven advanced economic countries in the world.

Why is Russia not in G7?

In 1998, Russia joined G7, and the group became G8. In 2014, Russia was suspended from the G8 due to the annexation of Crimea by Russia, and again the group became G7.

Why is China not in G7?

The G7 is a group of seven advanced economies in the world. China is the second-largest economy in terms of overall nominal GDP however the GDP per capita and wealth per capita of China are very less as compared to other G7 countries, that's why China is not a member of G7.

Why is India not in G7?

The same criteria apply to India as for China. The G7 is a group of seven advanced economies in the world, and India is the fifth-largest economy in terms of overall nominal GDP however, the GDP per capita and wealth per capita of India are very less as compared to G7 countries, that's why India not a member of the G7.

Members of G7:

G7 comprises seven member countries, which are advanced economies in the world.

Canada	Germany
Italy	UK

Japan	France
US

Objectives of G7 Countries:

The main objectives of the G7 countries are to prevent the global economy from entering a recession. This group also supports the climate change movement, gender equality, and disarmament program.

Previously, the objective of the G7 countries was to facilitate shared macroeconomic initiatives due to the energy crisis in the 1970s and the collapse of the exchange rate in 1971.

G7 Headquarters:

G7 countries do not have any headquarters till now. The host country takes all the responsibilities of the arrangement for the annual summit and other meetings of the G7 countries.

What is the G7 summit?

The G7 summit is an annual meeting of the head of all G7 countries. In the G7 summit, the head of the states, discuss the economic situation of the world and how to overcome any issue like due to Covid-19 in 2020 the world economy faced the worst time, so G7 countries are discussing this situation to overcome, and again all the countries can work together to develop as before covid-19. The location of the G7 summit was decided by member countries in the previous G7 summit meetings. The G7 summit location is always held in one of the G7 countries. The first summit of the G7 countries was held in France in 1975 when it was known as G6.

G7 Leaders:

The G7 countries heads are the leaders of the G7 group. G7 leaders meet at the G7 summit every year to discuss the world economic situation.

India and G7 Countries:

Currently, India is not a member of the G7 countries however India was invited by the host countries many times because India is an important country in the world and also has friendly relations with G7 countries. In 2019, France invited India to the G7 summit, and in 2021, The United Kingdom invited India to take part in the G7 summit.