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G7 - CNBC > .23-4-19 [XiXiP whines about G7 2023] - Update > .
G7 summit What is it about and who is part of the 'Group of Seven?' | USA T > .> EU >>
The G7 or Group of Seven is an organization made up of world’s “most influential” and “advanced” economies. Every year, the leaders of the United States, United Kingdom, Canada, France, Germany, Italy and Japan gather to talk global affairs. But why seven countries and what does the group actually do?
The Group of Seven (G7) is an informal club of wealthy "liberal democracies" consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The heads of government of the member states, as well as the representatives of the European Union, meet at the annual G7 Summit.
As of 2018, the G7 represents 58% of the global net wealth ($317 trillion), 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. The seven countries involved are also the largest IMF-advanced economies in the world.
The concept of a forum for the world's major industrialized countries emerged before the 1973 oil crisis. On Sunday, 25 March 1973, the U.S. Secretary of the Treasury, George Shultz, convened an informal gathering of finance ministers from West Germany (Helmut Schmidt), France (Valéry Giscard d'Estaing), and the United Kingdom (Anthony Barber) before an upcoming meeting in Washington, D.C. When running the idea past President Nixon, Nixon noted that he would be out of town and offered use of the White House. The meeting was subsequently held in the library on the ground floor. Taking their name from the setting, this original group of four became known as the "Library Group". In mid-1973, at the World Bank-IMF meetings, Shultz proposed the addition of Japan to the original four nations, who agreed. The informal gathering of senior financial officials from the United States, the United Kingdom, West Germany, Japan, and France became known as the "Group of Five".
In 1976, Pierre Trudeau, the Prime Minister of Canada, the next largest advanced economy after the first six, was invited to join the group and the group became the Group of Seven (G7). Since first invited by the United Kingdom in 1977, the European Union has been represented by the president of the European Commission and the leader of the country that holds the presidency of the Council of the European Union; the Council President now also regularly attends.
Following 1994's G7 summit in Naples, Russian officials held separate meetings with leaders of the G7 after the group's summits. This informal arrangement was dubbed the Political 8 (P8) – or, colloquially, the G7+1. At the invitation of Prime Minister of the United Kingdom Tony Blair and President of the United States Bill Clinton, Russian President Boris Yeltsin was invited first as a guest observer, later as a full participant. After the 1997 meeting Russia was formally invited to the next meeting and formally joined the group in 1998, resulting in a new governmental political forum, the Group of Eight or G8. The Russian Federation, in fact, had and has limited net national wealth and financial weight compared to the other members of the G8. Russia also has never been a major advanced economy according to the IMF. However, the Russian Federation was ejected from the G8 political forum in March 2014, following the Russian annexation of Crimea.
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24-7-16 (Failed) Race For The Arctic - gtbt > .
24-7-1 P00ti lost Ruscia's Arctic dominance to Xina & Baltic NATO forces | Forces > .As of 2018, the G7 represents 58% of the global net wealth ($317 trillion), 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. The seven countries involved are also the largest IMF-advanced economies in the world.
E7 (countries) .
G4 (EU) .
G6 (EU) .
Group of Eight (G8) .
G10 currencies .
Group of Twelve (G12) .
G20 .
List of country groupings .
List of multilateral free-trade agreements .
NATO Quint .
Great power .
