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G7

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(Redirected from G7 finance ministers)
"Group of Six" redirects here. For the unofficial European group, see G6 (EU). For other uses, see G7 (disambiguation).
"Group of Seven" redirects here. For the Canadian group of artists, see Group of Seven (artists). For other uses, see Group of Seven (disambiguation).

G7
Group of Seven
Formation
  • 25 March 1973
    (51 years ago)     (25 March 1973)
  • (Library Group)
  • 15 November 1975
    (48 years ago)     (15 November 1975)
  • (1st G6 summit)
Founder
Library Group:
1st G6 summit:
Founded at
TypeIntergovernmental organisation
PurposePolitical and economic forum
Formerly called

The Group of Seven (G7) is an intergovernmental political and economic 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.[1][2][3] G7 members are major IMF advanced economies.

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.[4] 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; Italy presides for 2024.[5] While lacking a legal or institutional basis, the G7 is widely considered to wield significant international influence;[6] 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.[6][1][7] However, the group has been criticized by observers for its allegedly outdated and limited membership, narrow global representation, and ineffectualness.[8][9][10]

The G7 countries have together a population of about 780 million people (or almost 10% of the world population), comprise around 50% of worldwide nominal net wealth and as of 2024 about 30% of world GDP (as by purchasing power parity) and more than 44% of nominal gross domestic product.[11][12][13]

History

[edit]

Origins

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The concept of a forum for the capitalist world's major industrialized countries emerged before the 1973 oil crisis. On 25 March 1973, the United States 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, DC. United States President Richard Nixon offered the White House as a venue, and the meeting was subsequently held in its library on the ground floor;[14] the original group of four consequently became known as the "Library Group".[15] In mid-1973, at the Spring Meetings of the International Monetary Fund and the World Bank, Shultz proposed the addition of Japan, which all members accepted.[14] The informal gathering of senior financial officials from the United States, United Kingdom, West Germany, Japan, and France became known as the "Group of Five".[16]

In 1974, all five members endured sudden and often troubled changes in leadership. French President Georges Pompidou abruptly died, leading to a fresh presidential election that was closely won by Valéry Giscard d'Estaing. West German Chancellor Willy Brandt, American President Richard Nixon, and Japanese Prime Minister Kakuei Tanaka all resigned due to scandals. In the United Kingdom, a hung election led to a minority government whose subsequent instability prompted another election the same year. Consequently, Nixon's successor, Gerald Ford, proposed a retreat the following year for the group's new leaders to learn about one another.

First summit and expansion

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First G6 summit at the Château de Rambouillet in November 1975

At the initiative of Giscard d'Estaing and his German counterpart, Helmut Schmidt, France hosted a three-day summit in November 1975, inviting the Group of Five plus Italy, forming the "Group of Six" (G6).[17] Taking place at the Château de Rambouillet, the meeting focused on several major economic issues, including the oil crisis, the collapse of the Bretton Woods system, and the ongoing global recession.[18] The result was the 15-point "Declaration of Rambouillet", which, among other positions, announced the group's united commitment to promoting free trade, multilateralism, cooperation with the developing world, and rapprochement with the Eastern Bloc.[19] The members also established plans for future gatherings to take place regularly every year.

In 1976, British Prime Minister Harold Wilson, who had participated in the first G6 summit, resigned from office; Schmidt and Ford believed the group needed an English speaker with more political experience, and advocated for inviting Pierre Trudeau, who had been Prime Minister of Canada for eight years – significantly longer than any G6 leader. Canada was also the next largest advanced economy after the G6 members.[20] The summit in Dorado, Puerto Rico later that year became the first of the current Group of Seven (G7).[18]

In 1977, the United Kingdom, which hosted that year's summit, invited the European Economic Community to join all G7 summits; beginning in 1981, it has attended every gathering through the president of the European Commission and the leader of the country holding the presidency of the Council of the European Union.[21] Since 2009, the then-newly established position of the President of the European Council, who serves as the Union's principal foreign representative, also regularly attends the summits.

Rising profile

[edit]
Flags of G7 members as seen on University Avenue, Toronto (September 2016)

Until the 1985 Plaza Accord, meetings between the seven governments' finance ministers were not public knowledge. The Accord, which involved only the original Group of Five, was announced the day before it was finalized, with a communiqué issued afterward.[22] The 1980s also marked the G7's expanded concerns beyond macroeconomic issues, namely with respect to international security and conflict; for example, it sought to address the ongoing conflicts between Iran and Iraq and between the Soviet Union and Afghanistan.

Following the 1994 summit in Naples, Russian officials held separate meetings with leaders of the G7. This informal arrangement was dubbed the "Political 8" (P8), colloquially the G7+1. At the invitation of the G7 leaders, Russian President Boris Yeltsin was invited first as a guest observer, and 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 the Group of Eight (G8).[18] Russia was an outlier in the group, as it lacked the national wealth and financial weight of other members, and at the time was not an established liberal democracy.[23][24] Its invitation, made during a difficult transition to a post-communist economy, is believed to have been motivated by a desire to encourage its political and economic reforms and international engagement.

Russia's membership was suspended in March 2014 in response to its annexation of Crimea.[25][26][27] Members stopped short of permanently ejecting the country,[28] and in subsequent years expressed an openness or express desire to reinstate Russian participation. In January 2017, Russia announced it would permanently leave the G8, which came into effect June 2018.[29][30] In 2020, U.S. President Donald Trump, backed by Italian Prime Minister Giuseppe Conte, advocated for Russia's return; all other members rejected the proposal, and Russia expressed no interest.[31]

Renewed calls for expanded membership

[edit]

There have been various proposals to expand the G7. The U.S.-based Atlantic Council has held the D-10 Strategy Forum since 2014 with representatives from what it calls "leading democracies" which support a "rules-based democratic order", consisting of all members of the G7 (including the European Union) plus Australia and South Korea. Several democratic countries – including India, Indonesia, Poland, and Spain – participate as observers.[32] Centered around a similar mandate as the G7, the D-10 has been considered by some analysts to be an alternative to the group;[33] This is also favored by various think tanks and former British leader Boris Johnson.[32]

In 2019 under Putin, Russia had signaled support for the inclusion of China, India, and Turkey if the G7 had reinstated Russian membership.[34]

In 2020 under Trump, the U.S. had signaled support for the inclusion of Australia, Brazil, India, and South Korea, plus the reincorporation of Russia.[35][36] The leaders of the other six G7 members unanimously rejected this proposal.[37]

Also in November 2020, Jared Cohen and Richard Fontaine, writing in Foreign Affairs, suggested that the G7 might be expanded to a "T-12" of "Techno Democracies". Earlier, in June of that same year, the Global Partnership on Artificial Intelligence (GPAI) was announced. Something of a spin-out of the G7, founded by members Canada and France, GPAI's initial membership was 15, including both the EU and India, as well as Australia, Mexico, New Zealand, Singapore, Slovenia, and the Republic of Korea.[38]

Boris Johnson invited representatives of Australia and the Republic of Korea to the June 2021 G7 summit.[33] India was also invited to the 2021 summit, with an aim to "deepen the expertise and experience around the table" along with the other guests, according to a U.K. government statement.[39]

In 2021, French jurist and consultant Eric Garner de Béville, a member of the Cercle Montesquieu, proposed Spain's membership to the G7.[40] American Chargé d'Affaires in Spain, Conrad Tribble, stated that the United States "enthusiastically supports" a "greater" role of Spanish leadership at the international level.[41]

In 2022, Germany confirmed it would be inviting India,[42] against rumours to the contrary.[43][44][needs update]

In 2023, Japan's prime minister Fumio Kishida invited South Korea, Australia, India, Indonesia, Brazil, Vietnam, Comoros, the Cook Islands (representing the Pacific Islands Forum) and Ukraine to the 49th summit hosted in Hiroshima.[45][46][47][48][49][50]

Ronald A. Klain writing for the Carnegie Endowment, proposed creating the G9 by adding South Korea and Australia due to the Eurocentrism of the current alliance and rising challenges posed by China in Asia[51]

Activities and initiatives

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Host venues of G7 summits in Europe

The G7 was founded primarily to facilitate shared macroeconomic initiatives in response to contemporary economic problems; the first gathering was centered around the Nixon shock, the 1970s energy crisis, and the ensuing global recession.[52] Since 1975, the group has met annually at summits organized and hosted by whichever country occupies the annually-rotating presidency;[53] since 1987, the G7 Finance Ministers have met at least semi-annually, and up to four times a year at stand-alone meetings.[54]

Beginning in the 1980s, the G7 broadened its areas of concern to include issues of international security, human rights, and global security; for example, during this period, the G7 concerned itself with the ongoing Iran-Iraq War and Soviet occupation of Afghanistan.[53] In the 1990s, it launched a debt-relief program for the 42 heavily indebted poor countries (HIPC);[55] provided $300 million to help build the Shelter Structure over the damaged reactor at Chernobyl;[56] and established the Financial Stability Forum to help in "managing the international monetary system".[57]

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Host venues of G7 summits in North America

At the turn of the 21st century, the G7 began emphasizing engagement with the developing world. At the 1999 summit, the group helped launch the G20, a similar forum made up of the G7 and the next 13 largest economies (including the European Union), in order to "promote dialogue between major industrial and emerging market countries";[57] the G20 has been touted by some of its members as a replacement for the G7.[58] Having previously announced a plan to cancel 90% of bilateral debt for the HIPC, totaling $100 billion, in 2005 the G7 announced debt reductions of "up to 100%" to be negotiated on a "case by case" basis.[59]

Following the global financial crisis of 2007–2008, which was the worst of its kind since the 1970s,[60] the G7 met twice in Washington, D.C. in 2008 and in Rome, the following February.[61][62] News media reported that much of the world was looking to the group for leadership and solutions.[63] G7 finance ministers pledged to take "all necessary steps" to stem the crisis,[64] devising an "aggressive action plan" that included providing publicly funded capital infusions to banks in danger of failing.[65] Some analysts criticized the group for seemingly advocating that individual governments develop individual responses to the recession, rather than cohere around a united effort.[66]

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Host venues of G7 summits in Japan

In subsequent years, the G7 has faced several geopolitical challenges that have led some international analysts to question its credibility,[67] or propose its replacement by the G20.[68] On 2 March 2014, the G7 condemned the Russian Federation for its "violation of the sovereignty and territorial integrity of Ukraine" through its military intervention.[69] The group also announced its commitment to "mobilize rapid technical assistance to support Ukraine in addressing its macroeconomic, regulatory and anti-corruption challenges", while adding that the International Monetary Fund (IMF) was best suited to stabilizing the country's finances and economy.[69]

In response to Russia's subsequent annexation of Crimea, on 24 March the G7 convened an emergency meeting at the official residence of the Prime Minister of the Netherlands, the Catshuis in The Hague; this location was chosen because all G7 leaders were already present to attend the 2014 Nuclear Security Summit hosted by the Netherlands. This was the first G7 meeting neither taking place in a member state nor having the host leader participating in the meeting.[70] The upcoming G8 summit in Sochi, Russia was moved to Brussels, where the EU was the host. On 5 June 2014 the G7 condemned Moscow for its "continuing violation" of Ukraine's sovereignty and stated they were prepared to impose further sanctions on Russia.[71] This meeting was the first since Russia was suspended from the G8,[71] and subsequently it has not been involved in any G7 summit.

The G7 has continued to take a strong stance against Russia's "destabilising behaviour and malign activities" in Ukraine and elsewhere around the world, following the joint communique from the June 2021 summit in the U.K.[72] The group also called on Russia to address international cybercrime attacks launched from within its borders, and to investigate the use of chemical weapons on Russian opposition leader Alexei Navalny.[72] The June 2021 summit also saw the G7 commit to helping the world recover from the global COVID-19 pandemic (including plans to help vaccinate the entire world); encourage further action against climate change and biodiversity loss; and promote "shared values" of pluralism and democracy.[39]

In 2022, G7 leaders were invited to attend an extraordinary summit of NATO called in response to the 2022 Russian invasion of Ukraine.[73][74]

In April 2024, the G7 countries agreed to close all coal power plants in 2030-2035 unless their greenhouse gases will be captured or the countries will find another way to align their emissions with the 1.5 degree pathway.[75][76]

2019 Amazon rainforest fires and Brazil

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Further information: 45th G7 summit and 2019 Brazil wildfires

The G7 nations pledged US$20 million to help Brazil and other countries in South America fight the wildfires. This money was welcomed, although it was widely seen as a "relatively small amount" given the scale of the problem. Macron threatened to block a major trade deal between the European Union and Brazil (Mercosur) that would benefit the agricultural interests accused of driving deforestation. Soon after, Germany and the United Kingdom criticized the threat.[77]

Summit organization

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The annual G7 summit is attended by each member's head of government.[78] The member country holding the G7 presidency is responsible for organizing and hosting the year's summit. The serial annual summits can be parsed chronologically in arguably distinct ways, including as the sequence of host countries for the summits has recurred over time and series.[79] Generally every country hosts the summit once every seven years.[80]

Besides a main meeting in June or July, a number of other meetings may take place throughout the year; in 2021 for example, seven tracks existed for finance (4–5 June 2021), environmental (20 and 21 May 2021), health (3–4 June 2021), trade (27–28 May 2021), interior (7–9 September 2021) digital and technology (28–29 April 2021), development (3–5 May 2021) and foreign ministers.[81]

Friction with the United States

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Further information: Russo-Ukrainian War

The 2018 meeting in Charlevoix, Canada, was marred by fractious negotiations concerning tariffs and Donald Trump's position that Russia should be reinstated to the G7. The Trump administration had just imposed steel and aluminium tariffs on many countries, including European countries that are fellow members of the G7, and Canada, the host country for the 2018 meeting. Trump expressed dismay at Canadian Prime Minister Justin Trudeau for holding a press conference in which Canada restated its position on tariffs (a public criticism of Trump's economic policy), and directed his representatives at the meeting not to sign the economic section of the joint communiqué that is typically issued at the conclusion of the meeting. German Chancellor Angela Merkel described Trump's behaviour as a "depressing withdrawal", while French President Emmanuel Macron invited him "to be serious".[82] In the final statement signed by all members except the US, the G7 announced its intention to recall sanctions and to be ready to take further restrictive measures within the next months against the Russian Federation for its failure to completely implement the Minsk Agreement.[83]

List of summits

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Overview of G7 summits
# Date Host Host leader Location held Notes
1st 15–17 November 1975  France Valéry Giscard d'Estaing Château de Rambouillet, Yvelines The first and last G6 summit.
2nd 27–28 June 1976  United States Gerald R. Ford Dorado, Puerto Rico[84] Also called "Rambouillet II". Canada joined the group, forming the G7.[84]
3rd 7–8 May 1977  United Kingdom James Callaghan London, England The President of the European Commission was invited to join the annual G7 summits.
4th 16–17 July 1978  West Germany Helmut Schmidt Bonn, North Rhine-Westphalia
5th 28–29 June 1979  Japan Masayoshi Ōhira Tokyo
6th 22–23 June 1980  Italy Francesco Cossiga Venice, Veneto Prime Minister Ōhira died in office on 12 June; Foreign Minister Saburō Ōkita led the delegation that represented Japan.
7th 20–21 July 1981  Canada Pierre E. Trudeau Montebello, Québec
8th 4–6 June 1982  France François Mitterrand Versailles, Yvelines
9th 28–30 May 1983  United States Ronald Reagan Williamsburg, Virginia
10th 7–9 June 1984  United Kingdom Margaret Thatcher London, England
11th 2–4 May 1985  West Germany Helmut Kohl Bonn, North Rhine-Westphalia
12th 4–6 May 1986  Japan Yasuhiro Nakasone Tokyo
13th 8–10 June 1987  Italy Amintore Fanfani Venice, Veneto
14th 19–21 June 1988  Canada Brian Mulroney Toronto, Ontario
15th 14–16 July 1989  France François Mitterrand Paris, Paris The Financial Action Task Force (FATF) was formed.
16th 9–11 July 1990  United States George H. W. Bush Houston, Texas
17th 15–17 July 1991  United Kingdom John Major London, England
18th 6–8 July 1992  Germany Helmut Kohl Munich, Bavaria The first G7 summit in reunified Germany.
19th 7–9 July 1993  Japan Kiichi Miyazawa Tokyo
20th 8–10 July 1994  Italy Silvio Berlusconi Naples, Campania
21st 15–17 June 1995  Canada Jean Chrétien Halifax, Nova Scotia
22nd 27–29 June 1996  France Jacques Chirac Lyon, Rhône The first summit to debut international organizations, namely the United Nations, World Bank, International Monetary Fund, and the World Trade Organization.[85]
23rd 20–22 June 1997  United States Bill Clinton Denver, Colorado Russia joined the group, forming the G8.
24th 15–17 May 1998  United Kingdom Tony Blair Birmingham, West Midlands
25th 18–20 June 1999  Germany Gerhard Schröder Cologne, North Rhine-Westphalia The first summit of the G20 major economies at Berlin.
26th 21–23 July 2000  Japan Yoshirō Mori Nago, Okinawa South Africa was invited to the summit for the first time, and was thereafter invited annually without interruption until the 38th G8 summit in 2012. With permission from a G8 leader, other nations were invited to the summit on a periodical basis for the first time. Nigeria, Algeria, and Senegal accepted their invitations here. The World Health Organization was also invited for the first time.[85]
27th 20–22 July 2001  Italy Silvio Berlusconi Genoa, Liguria Leaders from Bangladesh, Mali, and El Salvador accepted their invitations here.[85] Demonstrator Carlo Giuliani was shot and killed by the Carabinieri during a violent demonstration. One of the largest and most violent anti-globalization movement protests occurred during the summit.[86] Following those events and the 11 September attacks two months later in 2001, the summits have been held at more remote locations.
28th 26–27 June 2002  Canada Jean Chrétien Kananaskis, Alberta Russia gained permission to officially host a G8 Summit. Also, this meeting was the first Kananaskis G7/G8 Summit, as the area will host it again in 2025.
29th 1–3 June 2003  France Jacques Chirac Évian-les-Bains, Haute-Savoie The G8+5 was unofficially formed when China, India, Brazil, and Mexico were invited to this summit for the first time (the other member of the +5 was South Africa). Other first-time nations that were invited by the French president included Egypt, Morocco, Saudi Arabia, Malaysia, and Switzerland.[85]
30th 8–10 June 2004  United States George W. Bush Sea Island, Georgia A record number of leaders from 12 different nations accepted their invitations here. Amongst a couple of veteran nations, the others were: Ghana, Afghanistan, Bahrain, Iraq, Jordan, Turkey, Yemen, and Uganda.[85] The state funeral of former President Ronald Reagan took place in Washington during the summit. Many of the G8 leaders attended this funeral, along with 20 other heads of state.
31st 6–8 July 2005  United Kingdom Tony Blair Gleneagles, Scotland The G8+5 was officially formed. On the second day of the meeting, suicide bombers killed 52 people on the London Underground and a bus. Ethiopia and Tanzania were invited for the first time. The African Union and the International Energy Agency made their debut here.[85] 225,000 people took to the streets of Edinburgh as part of the Make Poverty History campaign calling for Trade Justice, Debt Relief and Better Aid. Numerous other demonstrations also took place challenging the legitimacy of the G8.[87]
32nd 15–17 July 2006  Russia
(G8 member, not G7)[23]		 Vladimir Putin Strelna, Saint Petersburg The only G8 summit held in Russia. The International Atomic Energy Agency and UNESCO made their debut here.[85]
33rd 6–8 June 2007  Germany Angela Merkel Heiligendamm, Mecklenburg-Western Pomerania Seven different international organizations accepted their invitations to this summit. The Organisation for Economic Co-operation and Development and the Commonwealth of Independent States made their debut here.[85]
34th 7–9 July 2008  Japan Yasuo Fukuda Tōyako, Hokkaidō Australia, Indonesia, and South Korea accepted their G8 summit invitations for the first time.[85]
35th 8–10 July 2009  Italy Silvio Berlusconi L'Aquila, Abruzzo This G8 summit was originally planned to be held in La Maddalena (Sardinia), but was moved to L'Aquila as a way of showing Prime Minister Berlusconi's desire to help the region after the 2009 L'Aquila earthquake.[88] With 15 invited countries, it was the most heavily attended summit in the history of the group. Angola, Denmark, Netherlands, and Spain accepted their invitations for the first time.[89] A record of 11 international organizations were represented in this summit. For the first time, the Food and Agriculture Organization, the International Fund for Agricultural Development, the World Food Programme, and the International Labour Organization accepted their invitations.[90]
36th 25–26 June 2010[91]  Canada Stephen Harper Huntsville, Ontario[92] Malawi, Colombia, Haiti, and Jamaica accepted their invitations for the first time.[93]
37th 26–27 May 2011  France Nicolas Sarkozy Deauville,[94][95] Calvados Guinea, Niger, Côte d'Ivoire, and Tunisia accepted their invitations for the first time. The League of Arab States made its debut in the meeting.[96]
38th 18–19 May 2012  United States Barack Obama Camp David, Maryland The summit was originally planned for Chicago, along with the NATO summit,[97] but on 5 March 2012 an official announcement was made that the summit would be held at the more private location of Camp David, and starting one day earlier than previously scheduled.[98] The second summit in which one of the leaders, in this case Vladimir Putin, declined to participate. The summit concentrated on the core leaders only, as no non-G8 leaders or international organizations were invited.
39th 17–18 June 2013  United Kingdom David Cameron Lough Erne, County Fermanagh, Northern Ireland[99] As in 2012, only the core members of the G8 attended this meeting. The four main topics that were discussed here were trade, government transparency, tackling tax evasion, and the ongoing Syrian crisis.[100]
40th 4–5 June 2014  European Union Herman Van Rompuy
José Manuel Barroso		 Brussels, Belgium This summit was originally planned to be held in Sochi, Russia, but was relocated, with Russia disinvited, due to the latter's annexation of Crimea.[101][102] Thus, the grouping reverted from G8 back to G7. (There was an emergency meeting in March 2014 in The Hague.)
41st 7–8 June 2015  Germany Angela Merkel Schloss Elmau, Bavaria[103] The summit was focused on the global economy, as well as on key issues regarding foreign, security, and development policy.[104] The Global Apollo Programme was also on the agenda.[105]
42nd 26–27 May 2016[106][107]  Japan Shinzō Abe Shima, Mie Prefecture[108] The G7 leaders aimed to address challenges affecting the growth of the world economy, like slowdowns in emerging markets and drops in price of oil. The G7 also issued a warning to the United Kingdom that "a UK exit from the EU would reverse the trend towards greater global trade and investment, and the jobs they create and is a further serious risk to growth."[109] Commitment to an EU–Japan Free Trade Agreement.
43rd 26–27 May 2017[110]  Italy Paolo Gentiloni Taormina, Sicily[111] The G7 leaders emphasized common endeavours: ending the Syrian crisis, fulfilling the UN mission in Libya, and reducing the presence of ISIS in Syria and Iraq. North Korea was urged to comply with UN resolutions, and Russian responsibility for the Ukrainian conflict was stressed. Supporting economic activity and ensuring price stability was demanded, while inequalities in trade and gender were called to be challenged. It was agreed to help countries in creating conditions that address the drivers of migration: ending hunger, increasing competitiveness, and advancing global health security.[112][113]
44th 8–9 June 2018  Canada[114] Justin Trudeau La Malbaie, Québec (Charlevoix)[115] The summit took place at the Manoir Richelieu. Prime Minister Trudeau announced five themes for Canada's G7 presidency, which began in January 2018. Climate, along with commerce trades, was one of the main themes. "Working together on climate change, oceans and clean energy."[116] The final statement contained 28 points. US President Donald Trump did not agree to the economic section of the final statement.[117] The G7 members also announced to recall sanctions and to be ready to take further restrictive measures against Russian Federation for its failure to implement the Minsk Protocol completely.[83]
45th 24–26 August 2019  France[118] Emmanuel Macron Biarritz, Pyrénées-Atlantiques It was agreed at the summit that the World Trade Organization, "with regard to intellectual property protection, to settle disputes more swiftly and to eliminate unfair trade practices", "to simplify regulatory barriers and modernize international taxation within the framework of the OECD", "to ensure that Iran never acquires nuclear weapons and to foster peace and stability in the region", and "to support a truce in Libya that will lead to a long-term ceasefire". The summit also addressed the Russian military intervention in Ukraine and the 2019 Hong Kong anti-extradition bill protests.[119][120][121][122]
46th Cancelled  United States (original host, none)[118] Donald Trump (original host figure) Camp David, Maryland (cancelled) The summit was originally to be held in Camp David, Maryland, but was officially postponed on 19 March 2020 due to the concerns over the worldwide coronavirus pandemic, and was planned to be replaced by a global videoconference,[123] but in the end, no meeting was held.
47th 11–13 June 2021[124]  United Kingdom Boris Johnson Carbis Bay, Cornwall, England[125] The summit reached provisional agreement on a global minimum corporate tax rate of 15%.[126]
48th 26–28 June 2022[127]  Germany[112] Olaf Scholz Schloss Elmau, Bavaria[128] Discussed with Ukrainian president Volodymyr Zelenskyy virtually, and the statement on support for Ukraine was issued.[129][130] Also discussed with invited guests about global food security, gender equality and "Investing in a Better Future" on climate, energy and health, and G7 Leaders' Communiqué was issued after the summit meetings.[131][132]
49th 19–21 May 2023[133]  Japan[112] Fumio Kishida Hiroshima[134] At the situation of the world facing multiple crises, including Russian invasion of Ukraine, climate crisis, pandemic, and geopolitical crisis, the G7 discussed to counter these crisis. The G7 affirmed to uphold "the free and open international order" based on "the rule of law", and strengthened the G7's outreach to the emerging and developing countries.[135] The long guest list reflects the attempts to woo what many call the "Global South", a term used for developing countries in Asia, Africa and Latin America, all of whom have complex political and economic ties to both Russia and China.[136] President of Ukraine Volodymyr Zelenskyy attended two sessions as guest and got a lot of attention.[137]
50th 13–15 June 2024  Italy[112] Giorgia Meloni Fasano, Puglia The 50th G7 summit hosted many guest international leaders representing Nations and International organizations such as the UN, IMF, and the World Bank. The summit also hosted Pope Francis of the Vatican in his first appearance at a G7 Summit. The Summit also hosted President Zelensky of Ukraine for the 3rd year since the start of the Russian invasion of Ukraine. Indian Prime Minister too attended the summit. The topics discussed included the ongoing war in Ukraine, The Middle East, climate change, China, Migration, and the Economy.[138][139]
51st June, 2025  Canada [140] Justin Trudeau Kananaskis, Alberta[140] The second time the Kananaskis area gets to host the G7 Summit.[141]

Current leaders

[edit]
Leaders of G7 members
Member Leader(s) Minister of Finance Central Bank Governor
 Canada Prime Minister Justin Trudeau Minister of Finance Chrystia Freeland Governor Tiff Macklem
 France President Emmanuel Macron Minister of the Economy and Finance Antoine Armand Governor François Villeroy de Galhau
 Germany Chancellor Olaf Scholz Minister of Finance Christian Lindner President Joachim Nagel
 Italy Prime Minister Giorgia Meloni Minister of Economy and Finance Giancarlo Giorgetti Governor Fabio Panetta
 Japan Prime Minister Shigeru Ishiba Minister of Finance Katsunobu Katō Governor Kazuo Ueda
 United Kingdom Prime Minister Keir Starmer Chancellor of the Exchequer Rachel Reeves Governor Andrew Bailey
 United States President Joe Biden Secretary of the Treasury Janet Yellen Chair Jerome Powell
 European Union Council President[142] Charles Michel Commissioner for Economy Paolo Gentiloni President Christine Lagarde
Commission President[142] Ursula von der Leyen

Member country data

[edit]

The G7 is composed of the seven wealthiest advanced countries. The People's Republic of China, according to its data, would be the second-largest with 17.90% of the world net wealth,[143] but is excluded because of its relatively low net wealth per adult and Human Development Index.[23] As of 2021, Crédit Suisse reports the G7 (without the European Union) represents around 53% of the global net wealth;[144] including the EU, the G7 accounts for over 60% of the global net wealth.[144] The combined population of the G7 countries is about 10% of world population.[145]

Overview of G7 members
Member Trade mil. USD (2014) Nominal GDP (USD million)[146] PPP GDP (Int$ million)[146] Nominal GDP per capita ($)[146] PPP GDP per capita (Int$)[146] HDI (2022) Population (2022-2023) P5 G4 DAC OECD C'wth NATO Economic classification (IMF)[146] Currency
 Canada 947,200 2,089,672 2,385,124 52,722 60,177 0.935 39,891,963 No No Yes Yes Yes Yes Advanced Canadian dollar
 France 1,212,300 2,923,489 3,872,729 44,408 58,828 0.910 68,042,591 Yes No Yes Yes No Yes Euro
 Germany 2,866,600 4,308,854 5,545,656 51,383 66,132 0.950 84,270,625 No Yes Yes Yes No Yes
 Italy 948,600 2,169,745 3,195,548 36,812 44,160 0.906 58,815,463 No No Yes Yes No Yes
 Japan 1,522,400 4,409,738 6,456,527 35,385 51,809 0.920 124,470,000 No Yes Yes Yes No global partner Yen
 United Kingdom 1,189,400 3,158,938 3,846,931 46,371 56,471 0.940 67,026,292 Yes No Yes Yes Yes Yes Pound
 United States 3,944,000 26,854,599 26,854,599 80,034 80,034 0.927 334,748,000 Yes No Yes Yes No Yes US dollar
 European Union 4,485,000 17,818,782 25,399,093 39,940 56,929 0.899 (2021) 446,828,803 No No Yes No No No Advanced / Emerging and Developing[147] Euro
Total (excl. EU) 12,630,500 45,915,035 52,157,114 59,072 67,103 0.922 777,264,934

Reception

[edit]

According to the group hegemony theory, the G7 has helped stabilise and perpetuate an inequitable world economic order.[148]

2015 protests

[edit]
Further information: 41st G7 summit

About 7,500 protesters led by the group 'Stop-G7' demonstrated during the 2015 summit in Bavaria, Germany. About 300 of those reached the 3 m high and 7 km long security fence surrounding the summit location. The protesters questioned the legitimacy of the G7 to make decisions that could affect the whole world. Authorities had banned demonstrations in the area closest to the summit location and 20,000 police were on duty in Southern Bavaria to keep activists and protesters from interfering with the summit.[149][150]

See also

[edit]

References

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