CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The year 2025 marks the 50th anniversary of the Group of Seven (G7) summits. Canada is set to host the G7 Leaders’ Summit from June 15 to 17 in Kananaskis, Alberta. This event will be Canada’s seventh time acting as host. Notably, India may miss out on an invitation for the first time since 2019. Prime Minister Narendra Modi has participated in every summit since then, except for the 2020 meeting which was cancelled.
About G7
The G7 is an informal coalition of seven leading economies: the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom. Together, these nations represent approximately 40% of the world’s GDP and about 10% of the global population. The group has no formal legal status or permanent secretariat, and all decisions made at the summits require approval by each member country independently.
Historical Origins
The G7’s roots trace back to a 1973 gathering of finance ministers and central bank governors in Paris, convened to tackle pressing economic issues such as the oil crisis and inflation. The first formal G7 summit was held in 1975 in Rambouillet, France, with six founding countries, before Canada joined the group in 1976.
Development Over Time
Starting in 1977, representatives from the European Economic Community began participating in the G7 meetings. Following the Cold War, Russia was invited in 1998, turning the group into the G8. However, after Russia’s annexation of Crimea in 2014, it was expelled, and the group reverted to the G7.
Leadership And Structure
The presidency of the G7 rotates annually among its members, with the host country responsible for organising the summit and shaping the agenda. Canada currently holds the presidency and is overseeing the preparations for the 2025 summit.
Key Focus And Influence
While the G7 initially concentrated on international economic policies, its agenda has expanded to cover foreign policy and security matters. The annual summit serves as a forum for member countries to discuss shared values and global challenges, with the outcomes often shaping international governance.
Invited Guests And Partners
Hosts typically invite other countries as guests or outreach partners. For the 2025 summit, Canada has extended invitations to Ukraine and Australia. Additional guest countries for the event are yet to be announced.
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