13th June 2024 (13 Topics)

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G7 Summit

Context

Prime Minister Narendra Modi is poised to participate in the annual G7 summit held in Italy. The summit holds significant importance in addressing pressing global issues, particularly amidst ongoing geopolitical tensions such as the Ukraine conflict.

About the G7 Summit:

Founded: 1975
The G7 is an intergovernmental political and economic forum of industrialized democracies.
Composition: United States, the United Kingdom, France, Italy, Germany, Canada, and Japan. European Union (EU) is a “nonenumerated” member.
It is not a formal institution with a charter and a secretariat. The presidency rotates annually among member states.
Currently presided over by Italy, the G7 aims to tackle global challenges while upholding the principles of the rules-based international system.
Agenda and Focus: At the upcoming summit, a primary focus will be addressing the
- Ukraine conflict
- ongoing Middle East crisis and its implications for the global agenda

Fact Box: Alternatives of G7

BRICS: BRICS expansion saw Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE joining Brazil, Russia, India, China, and South Africa as full-fledged members. Now, the group comprises 36 per cent of global GDP (of which China alone accounts for 65 per cent of BRICS). However, G7 countries still dominate global GDP, accounting for 43.2%.
G20: Many analysts believe that the power and prestige of the Group of Twenty (G20), a forum for finance ministers and central bank governors from nineteen of the world’s largest countries, the EU, and the African Union (AU), has surpassed that of the G7. The G20 members represent around 85% of the global GDP, over 75% of the global trade.

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G7 Summit

About the G7 Summit:

Fact Box: Alternatives of G7

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