All about the G7 summit and India’s role in it

Jun 29, 2022

By: Varnika Srivastava

About G7 Summit

The G7 or Group of Seven is an international association of the world's ‘advanced’ economies, which dominate global commerce and the international financial system.

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Countries in G7 Summit

G7 formed the association in 1975 with and includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. Russia joined the G8 in 1998 but was booted out in 2014 over the annexation of Crimea.

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Goals of G7 Summit

The G7 has strengthened international economic and security policies and progressive discussion of crucial global issues such as climate change and gender equality.

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G7 2022 Plans

For the 2022 summit, the preliminary plan will be the war in Ukraine and the need to "cement a united Western bloc," according senior fellow Stewart M Patrick of Council on Foreign Relations. The Discussions will focus on reducing Europe's dependency on Russian energy.

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G7 summit 2022 theme

The German G7 Presidency has set as its programme "Progress towards an Equitable World" five primary goals: a sustainable planet, economic stability and transformation, healthy lives, investment in a better future, and strong together. Germany will host the G7 meeting in Schloss Elmau on June 26-28, 2022.

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India's presence in G7

India is invited to the G7 summit in Germany at Schloss Elmau, where India's Prime Minister Narendra Modi will be addressing issues like food security, health, gender equality and democracy.

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How the G7 summit operates

The G7 does not have a formal charter or a secretariat. The presidency, which rotates among member countries each year, is in charge of setting the agenda. Sherpas, ministers and envoys hammer out policy initiatives before the summit.

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Revenue of G7 summit countries

In 2021, annual public sector spending will exceed revenue in all G7 countries. Japan (263 percent of GDP), Italy (151 percent), and the United States (133 percent) have high levels of gross debt. In 2021, both Germany and the US sold goods worth over $1 trillion abroad.

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History of the G7 summit

The Group of Six was formed in 1975 to address economic concerns such as inflation and a recession caused by the oil embargo. The group's plan was invariably dominated by Cold War politics, with its meetings dominated by Soviet-American tensions. Canada joined the group the following year.

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