Q. What is G7?
A. The G7, originally G8, was set up in 1975 as an informal forum bringing together the leaders of the world’s leading industrial nations.
The summit gathers leaders from the European Union (EU) and the following countries: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
Q. How did G7 become G8?
A. Russia was formally inducted as a member in the group in 1998, which led G7 to become G8.
• However, condemnable act of moving Russian troops into eastern Ukraine and conquering Crimea in 2014 drew heavy criticism from the other G8 nations. The other nations of the group decided to suspend Russia from the G8 as a consequence of its actions and the group became G7 again in 2014.
Q. How the G-7 summit works?
A. The G-7 nations meet at annual summits that are presided over by leaders of member countries on a rotational basis.
The summit is an informal gathering that lasts two days, in which leaders of member countries discuss a wide range of global issues.
The groundwork for the summit, including matters to be discussed and follow-up meetings, is done by the “sherpas”, who are generally personal representatives or members of diplomatic staff such as ambassadors.
Q. What is G-7’s significance?
A. G7 is capable of setting the global agenda because decisions taken by these major economic powers have a real impact. Thus, decisions taken at the G7 are not legally binding, but exert strong political influence.
Q. What criticisms have been made of the G7?
1. G7 gatherings tend to attract thousands of protesters. Many protesters claim the G7 which has no representative from any African, Russian or Middle Eastern nation is completely outdated.
2. Protest groups also use the worldwide platform as a stage to lobby and campaign on issues that are important to them.
3. G7 leaders are creating a wide gap between the ‘haves’ and the ‘have-nots’ both in their countries as well as across the globe, according to a new report published by non-profit Oxfam International. As a result, they are making the fight against alleviating poverty more difficult, claimed the report.
Q. How can it be made more effective?
1. Work towards implementing tax models for the rich individuals and corporations to pay their fair share of tax.
2. Consider how new and existing wealth taxes could be used as a tool to fight poverty and inequality.
3. Invest in healthcare and education and provide aid to developing countries.
4. Work towards limiting greenhouse gas emissions down to zero well before mid-century.