Which countries comprise G7? What is its significance ?

The Group of Seven, popularly known as G7, is a group of seven countries – the US, the UK, Canada, France, Germany, Japan and Italy – the heads of which hold an annual summit to address the issues of mutual concern. As on date, there is a lot of buzz around the impending G7 meeting that was held last weekend. The history of G7 goes around 50 years back in the time – to 1975.

That year, the global economy was going through a recession due to the Organization of the Petroleum Exporting Countries (OPEC) oil embargo in retaliation to Arab-Israel war. G7 invited Russia also to join the bandwagon. That is how it became G8 in 1998. However, in 2014, after Russia overnight annexure of Crimea in Ukraine it got expelled from the grouping.

The head of the grouping is selected on an alternative basis. Every year, the president of G7 meetings is rotated – that is, each of countries gets a chance to head the G7 grouping every seven years. *The G7 is very prone to domestic political churning within the member countries. Take the example of Donald Trump’s presidency. One of the earliest moves in his tenure was to pull out of the Paris Climate Accord – which the US was strong votary of once.

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