Introduction
Regularly, the G7 summit is held. At this summit, the heads of state from each country meet to discuss a variety of issues. The G7 is an important conference for the world’s future. The G7 is a regular international summit that many people have heard of but are unaware of the specifics of. What is the G7’s purpose, and what types of activities do they engage in?
The history of the G7
G7 is an abbreviation for group of seven. It includes the following seven developed countries: the US, the UK, Germany, Canada, Japan, France, and Italy. Russia was initially included in 1998. However, it became exclusive in 2014. Because there was much criticism of the then president and leaders. Ultimately, Russia’s annexation of Ukraine’s Crimea region triggered the G7 withdrawal (CFR.org Editors, 2023). The G7 has a long history of more than 40 years, and political leaders of various countries discuss a lot of problems such as the global economy and security (Julia Webster, 2019). The host country and the topic of discussion change every year. The host country has to decide and arrange the agenda (CFR.org Editors, 2023).
Ordinarily, instead of seven nations, six nations—France, Italy, Japan, Great Britain, the United States, and West Germany—formed the G6, which later became the present G7 (Julia Webster, 2019).
The G7 is an informal international conference, and there is no compulsion for decisions made here (Julia Webster, 2019).
How is G7 different from G20?
Both the G7 and G20 hold discussions about the economy, trade, stability, and so on with the leaders of each country. However, they have different terms.
In the first place, G7 and G20 are different scales. The G7 is a group of seven developed countries, but the G20 consists of 20 countries, including 19 of the world’s largest powers plus the European Union. The following countries are included in the G20: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States, and the European Union.
The G20 has more countries that are at the center of the world economy than the G7. G7 countries have a GDP of over 40 trillion, while G20 countries have a GDP of over 85 trillion.
Moreover, they also differ in terms of purpose. While the G7 seeks to solve problems related to economic growth and stability, the G20 is aimed at solving trade, development, and political issues and has a broader scope than the G7.
Finally, they also differ in their decision-making power. Many of the world’s most advanced economies are represented in the G7. As a result, it has a significant impact on the environment. However, in recent years, not just rich countries but also emerging countries have continued to enhance their strength and importance, so the G20’s impact has grown (Popli, 2023).
What impact will the G7 have on our future?
Discussions at the G7 have a big impact on our future policies and lives.
・Economic impact
Countries included in the G7 have a high GDP, and many of them have economic strength. As such, the decisions will help boost and stabilize economic growth (Gaur, 2023).
・Policy adjustment
G7 countries adjust policies and meet to ensure everyone is on the same page. They can find coherent ideas by sharing and reviewing their respective knowledge and experiences (Gaur, 2023).
・Global governance
It plays a major role in decision-making in international policy and politics. The G7 has addressed issues related to trade, climate, global health, security, and more to great effect (Gaur, 2023).
・Diplomatic relations
Meetings between countries can deepen relationships and strengthen international cooperation (Gaur, 2023).
・Management of crises
When the economy is in an emergency, such as a financial recession, the G7 will mitigate the consequences and lay the groundwork for a solution. The G7 summit allows us to bring ideas and information from various countries together in order to identify better ways to manage crises (Gaur, 2023).
Conclusion
The G7 summit can have a positive impact on our lives since it allows us to exchange perspectives and ideas with people from other countries. The concerns to be discussed vary from time to time. However, at the G7, it is vital to develop the necessary remedies based on the scenario. The G7 summit is an essential international conference because it promotes economic growth by collaborating with other countries and brainstorming solutions to challenges that cannot be solved by a single country alone. To stabilize the planet, we must accept more challenges and solve more issues.
References
CFR.org Editors (2023). What Does the G7 Do? [online] Council on Foreign Relations. Available at: <https://www.cfr.org/backgrounder/what-does-g7-do> [Accessed 20 May 2023].
Gaur, M. (2023). G7 Countries List, Names, Members, History, Significance. [online] adda247. Available at: <https://currentaffairs.adda247.com/g7-countries-list/> [Accessed 25 May 2023].
Julia Webster (2019). What Does the G7 Stand For? [online] Time. Available at: <https://time.com/5657375/what-is-G7/> [Accessed 20 May 2023].
Popli, S. (2023). G20 & G7 Difference. [online] Leverage Edu. Available at: <https://leverageedu.com/explore/trending-events/g20-g7-difference/> [Accessed 23 May 2023].
