Group Of Seven

The Group of Seven (G7) is an intergovernmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States; additionally, the European Union (EU) is a "non-enumerated member". It is organized around shared values of pluralism, liberal democracy, and representative government. As of 2020, G7 members are the major IMF advanced economies and account for over half of global net wealth (at over $200 trillion), 30 to 43 percent of global gross domestic product, and 10 percent of the world's population (770 million people). Its members maintain mutually close political, economic, diplomatic, and military relations in global affairs. Originating from an ad hoc gathering of finance ministers in 1973, the G7 has since become a formal, high-profile venue for discussing and coordinating solutions to major global issues, especially in the areas of trade, security, economics, and climate change. Each member's head of government or state, along with the EU's Commission President and European Council President, meet annually at the G7 Summit; other high-ranking officials of the G7 and the EU meet throughout the year. Representatives of other states and international organizations are often invited as guests, with Russia having been a formal member (as part of the G8) from 1997 until its expulsion in 2014. The G7 is not based on a treaty and has no permanent secretariat or office. It is organized through a presidency that rotates annually among the member states, with the presiding state setting the group's priorities and hosting the summit; Japan presides for 2023. While lacking a legal or institutional basis, the G7 is widely considered to wield significant international influence; it has catalyzed or spearheaded several major global initiatives, including efforts to combat the HIV/AIDS pandemic, provide financial aid to developing countries, and address climate change through the 2015 Paris Agreement. However, the group has been criticized by observers for its allegedly outdated and limited membership, narrow global representation, and ineffectualness. History