Note4Students

From UPSC perspective, the following things are important :

Prelims level: G7, G12, G20

Mains level: G7

PM Modi will fly to the Germany as a special invitee to the meeting of G-7 countries.

The G-7 or ‘Group of Seven’ includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
It is an intergovernmental organisation that was formed in 1975 by the top economies of the time as an informal forum to discuss pressing world issues.
Initially, it was formed as an effort by the US and its allies to discuss economic issues.
The G-7 forum now discusses several challenges such as oil prices and many pressing issues such as financial crises, terrorism, arms control, and drug trafficking.
It does not have a formal constitution or a fixed headquarters. The decisions taken by leaders during annual summits are non-binding.
Canada joined the group in 1976, and the European Union began attending in 1977.

When it started in 1975—with six members, Canada joining a year later—it represented about 70% of the world economy.
And it was a cosy club for tackling issues such as the response to oil shocks.
Now it accounts for about 40% of global GDP.
Since the global financial crisis of 2007-09 it has sometimes been overshadowed by the broader G20.
The G-7 became the G-8 in 1997 when Russia was invited to join.

The G-7 was known as the ‘G-8’ for several years after the original seven were joined by Russia in 1997.
The Group returned to being called G-7 after Russia was expelled as a member in 2014 following the latter’s annexation of the Crimea region of Ukraine.
Since his election in 2016, President Trump has suggested on several occasions that Russia be added again, given what he described as Moscow’s global strategic importance.

New Delhi is preparing for more pressure from the G-7 countries.
These countries (Canada, France, Germany, Italy, Japan, the UK, the US and the EU) have unitedly imposed sanctions on Russia since it invaded Ukraine.
They want India to cooperate in restricting its purchase of Russian oil, not circumvent the sanctions by using a rupee-rouble mechanism.
It also wants India to lift the ban on the export of wheat.

India will get more voice, more influence and more power by entering the G7.
After UN Security Council (UNSC), this is the most influential grouping.
If the group is expanded it will collectively address certain humongous issues in the global order.
Diplomatically, a seat at the high table could help New Delhi further its security and foreign policy interests, especially at the nuclear club and UNSC reforms.
It will further protect its interests in the Indian Ocean.

PM to attend G-7 summit in Germany

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