G7

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Intergovernmental political forum

Group of Seven
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The Group of Seven (G7) is an intergovernmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The European Union is also represented at the G7 meetings. The G7 countries are the seven largest advanced economies in the world, and they represent more than 58% of the global net wealth.

History

The G7 was established in the early 1970s as an informal forum for the leaders of the world's largest industrialized nations to discuss and coordinate economic policy. The first summit was held in 1975 in Rambouillet, France, and included six countries: France, Germany, Italy, Japan, the United Kingdom, and the United States. Canada joined the group in 1976, making it the G7.

Meetings

The G7 holds annual summits where the leaders of the member countries meet to discuss a wide range of global issues, including economic policy, international security, and climate change. The presidency of the G7 rotates annually among the member countries, and the country holding the presidency hosts the summit.

Functions and Objectives

The primary objective of the G7 is to discuss and coordinate economic policy among the world's largest advanced economies. The G7 also addresses other global issues, such as international security, climate change, and development. The G7 does not have a permanent secretariat or headquarters, and its decisions are not legally binding.

Criticism and Controversies

The G7 has faced criticism for being an exclusive club of wealthy nations that does not represent the interests of developing countries. Critics argue that the G7's decisions often reflect the interests of its member countries rather than the global community. Additionally, the G7 has been criticized for its lack of diversity and inclusivity.

Related Pages

• G20
• International Monetary Fund
• World Bank
• United Nations
• OECD

See Also

• List of G7 summits
• G7 finance ministers and central bank governors
• G7 Research Group

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