G7 countries

Why in News?

The G7 leaders are meeting in Canada amid rising tensions over U.S. trade policies, tariffs, and foreign policy splits, with key focus on Ukraine, West Asia conflicts, and critical mineral supply chains.

Description:

• Members: The G7 consists of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The European Union also participates but does not hold the presidency.
• Formation: The G7 originated as the G6 in 1975 to coordinate economic policies during the oil crisis; Canada joined in 1976, making it the G7. Russia was added in 1997 (G8) but suspended in 2014 after Crimea’s annexation.
• Nature of Grouping: The G7 is an informal forum — it has no charter, no permanent secretariat, and no formal membership criteria. The presidency rotates annually among member nations.
• Economic Influence: G7 countries represent less than 30% of global GDP today, compared to nearly 50% when the group was formed, reflecting the rise of emerging economies.
• Focus Areas of 2024 Summit:

The 2024 G7 Summit in Italy focused on:

• Defending the rules-based international order
  • Supporting Ukraine (using frozen Russian assets)
  • Managing the Israel-Gaza conflict
  • Engaging with the Global South and Africa
  • Ethical governance of AI
  • Climate action, including phasing out coal by mid-2030s
• Canada hosted the 2025 G7 Summit focusing on peace, energy security, digital transition, and building strong international partnerships amid global conflicts and trade tensions.
•  The summit included invited leaders like India’s PM Modi and Ukraine’s President Zelenskyy, aiming to address security, economic stability, and emerging technologies without a joint communique to maintain unity.

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