Table Of Content :
- Introduction.
- What Is G-7 Summit?
- How It is formed ? -Brief History.
- Function Of G-7 Summit.
- Challenges G-7 Face.
- Latest G-7 Summit -Discussed topics,Conclusion.- 2019
- Some Static Questions
- Upcoming G-7 Summit -2020
=> INTRODUCTION
An oil crisis of 1973,which forced the global economy into recession and Compells the most advanced democracies to coordinate their Financial and Economic Policies.
From here the formation of international Group Emerges. What Are International Group?
Let's Understand.
=> WHAT IS G -7 SUMMIT ?
Here "G" Denote for "Group" And "7" Represting the Seven member Nations .Therefore G-7 Means "Group Of Seven".
G-7 is an informal and intergovernmental Economic Organizations made up of Seven Most advanced, Industrialized and developed Democracies or countries.
Official Members of G-7:-
- United States
- United Kingdom
- France
- Japan
- Germany
- Canada
- Italy
Interesting Thing : They Don not have legal Authority but if they agreed on a specific decision or issue, they can move the direction of Global Economy.
=> HOW IT IS FORMED ? - BRIEF HISTORY.
- In 1973,there was an oil crisis which forced the Global Economy into recession.
- Most Developed Democracies felt the need to coordinate their Financial and Economic Policies.
- On Sunday,25,1973 US Treasury Secretary - George Schultz called an informal meeting or we can say informal Summit among four countries :- US,UK,Germany,France And G-4 was formed.
- In 1974 Japan was added in the group and G-5 was formed.
- Italy was also added in the same year (1974). & G-6 Was formed.
- In 1976 ,Canada was added and G-7 was finally formed.
Critical Point : -
- In 1977,European Union included but as Non-enumerated Member.European Union is not an official Member of G-7.
- In 1994,Russian president Boris Johnson Invited in Naples Summit.
- In 1997 ,Russia became an official part or member of G-7 and thus formed G-8.
- But ,in 2014 Russia was suspended from G-8 because Russia annexed the Crimea from Ukraine and G-7 Is formed.
- in 2014 G-8 Summit scheduled to be held at Russia's Sochi ,Called Off.
- The same Summit was organized at Brussels without Russia.
=> FUNCTION OF G-7
- To achieve Global Financial Cooperation.
- The G-7 Wants to make such policies which benefits each democracies and avoid financial crisis situation in the future.
- International Security.(Rare)
- Global issues Such as Environmental issues, Financial Issues etc.
=> CHALLENGES IN FRONT OF G-7
- Had numbers of disagreement and clashes.
- Not reflect current status of Global Policies and Economy.
- Challenges from fast growing Economy such as India and Brazil.
=> LATEST G-7 SUMMIT - 2019
For complete details of 2019 G-7 Summit Click here To Know key Decisions.
To know what happened or key issues discussed in the past G-7 Summit Click here
=> UPCOMING G-7 SUMMIT - 2020.
The 2020 G-7 Summit Will scheduled to be held in United States. Donald Trump has proposed hosting it at his company-owned resort in Doral, Florida.
=> SOME STATIC QUESTIONS.
1. When was the first G-7 Summit held ?
Ans : First G-7 Summit held at Rambouillet,France in 1975.
2. When was the last G-7 Summit held in United States ?
Ans : Last time the US hosted the event was in 2012 in the Presidency of Barack Obama held it at a Government owned Property, Camp David.
3. Who is the president country of G-7 ?
Ans : France (French Presidency)
4. What Are the Total Number of Summit held till now ?
Ans : 45 G-7 Summits.
5. What Are the basic objectives of G-7 ?
Ans : Achieving the Global Financial Cooperation, International Security & Global Issues like Environment Problems.
SO , HERE IS END OF THIS BLOG.
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