Context

External Affairs Ministry had announced that Prime Minister of India will attend the outreach session of the G7 meet at Biarritz, France, where India is a special invitee.

About

• The G7 is a collective of seven of the world's most industrialized and developed economies. Their political leaders come together annually to discuss important global economic, political, social and security issues.
• Together, the G7 countries represent 40% of global GDP and 10% of the world’s population.

Function of G7

• The G7 was formed initially to discuss economic and political concerns prompted by the 1973 oil crisis - when members of OPEC, the Organization of Petroleum Export Countries, increased the price of oil and cut global supplies to countries seen as having backed Israel in the Yom Kippur War.
• Since then, the group has expanded its brief to cover a large number of international issues, including energy security, trade, climate change, global health issues, gender equality, poverty - and any other topic the country holding the G7 presidency chooses to put on the agenda.
• Today, the G7 are reckoned as the seven wealthiest and most advanced nations in the world because China, which holds the second largest net worth in the world, nonetheless has a low net worth per individual and an economy that has not yet fully modernized.

Members

• The seven members of the group are the following:
  • France
  • Italy
  • Japan
  • Germany
  • Canada
  • United States
  • United Kingdom
  • The European Union is also represented at the G7 summit.

G7 Summits

• Its first summit was held at Rambouillet, France, in 1975
• This year, the 45th G7 summit will be held on August 24-26, 2019, in Biarritz, France. It will focus on fighting income and gender inequality and protecting biodiversity.
• The 2019 G7 Summit, presided over by France, will focus on fighting inequality.
• Following are the five objectives for the 2019 Summit:
  1. fighting inequality of opportunity, promoting in particular gender equality, access to education and high quality health services;
  2. reducing environmental inequality by protecting our planet through climate finance and a fair ecological transition, preserving biodiversity and the oceans;
  3. strengthening the social dimension of globalization through more fair and equitable trade, tax and development policies;
  4. taking action for peace against security threats and terrorism which weaken the foundations of our societies; and
  5. tapping into the opportunities created by digital technology and artificial intelligence (AI).