UPGRADATION OF GROUP OF SEVEN

Upgradation of Group of Seven (G7) Club

The US President has called the existing Group of Seven (G-7) club a “very outdated group of countries” and has also proposed the expansion of the G7 to be called ‘G10 or G11’.

Upgradation of Group of Seven (G7) Club

Top Current Affairs 3rd June 2020

Source | Indian Express


GS Paper II: Important International institutions, agencies and fora- their structure, mandate.



UPGRADATION OF GROUP OF SEVEN

Key Takeaways

  • The US President has called the existing Group of Seven (G-7) club a “very outdated group of countries” and has also proposed the expansion of the G7 to be called ‘G10 or G11’.
  • US President Donald Trump wanted to include India, Russia, South Korea, and Australia in the group.

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Context: US President Donald Trump has urged for the upgradation of Group of Seven (G7) and said that he wanted to include India, Russia, South Korea, and Australia in the group.

  • The US President has called the existing Group of Seven (G-7) club a “very outdated group of countries” and has also proposed the expansion of the G7 to be called ‘G10 or G11’.

What you need to know about Group of Seven (G7)?

The Group of Seven (G7), originally G8, was set up in 1975 as an informal forum to bring together the leaders of the world’s leading industrial nations.

The summit gathers leaders from the European Union (EU) and the following countries: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.


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How did it became G8?

Russia was formally inducted as a member in the group in 1998, which led G7 to become G8.
However, Russian President Vladimir Putin’s condemnable act of moving Russian troops into eastern Ukraine and conquering Crimea in 2014 drew heavy criticism from the other G8 nations.

  • Following this, the other nations of the group decided to suspend Russia from the G8 as a consequence of its actions and the group became G7 again in 2014.

Working of Group of Seven (G7)

The G-7 nations meet at annual summits that are presided over by leaders of member countries on a rotational basis. The summit is an informal gathering that lasts two days, in which leaders of member countries discuss a wide range of global issues.

The groundwork for the summit, including matters to be discussed and follow-up meetings, is done by the “sherpas”, who are generally personal representatives or members of diplomatic staff such as ambassadors.


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How G7 is significant?

G7 is capable of setting the global agenda because decisions taken by these major economic powers have a real impact. Thus, decisions taken at the G7 are not legally binding, but exert strong political influence.

Furthermore, As of 2018, the seven countries involved represent 58% of the global net wealth ($317 trillion) and more than 46% of the global gross domestic product (GDP) based on nominal values, and more than 32% of the global GDP based on purchasing power parity.

Criticisms involving Group of Seven (G7)

  • OBSOLETE: Many protesters claim the G7 – which has no representative from any African, Russian or Middle Eastern nation – is completely outdated.
  • NON-EGALITARIAN: G7 leaders are creating a wide gap between the ‘haves’ and the ‘have-nots’ both in their countries as well as across the globe, according to a new report published by non-profit Oxfam International. As a result, they are making the fight against alleviating poverty more difficult, claimed the report.

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