G7 Group

G7 Group Latest News

Recently, the Group of Seven (G7) countries agreed to release 100 million barrels of diesel and crude oil from emergency reserves. 

About G7 Group

• It is an informal grouping of seven of the world’s advanced economies.
• Members: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
• Evolution
  • It was founded in 1975 in response to the oil crisis. 
  • Russia was a member from 1998, the group temporarily became the G8.
  • In 2014, the group returned to the G7 format. 
• The G7 originally dealt exclusively with issues related to the development of the global economy. 
• Major Focus Area: It now covers the entire spectrum of global issues, such as foreign and security policy, trade, climate, and development.
• Governance
  • There is no firmly established secretariat, procedural guidelines, or administrative structures. 
  • Presidency: Its presidency rotates each calendar year among the member states. The EU does not hold the rotating presidency of the G7.
  • The changing agenda and thematic priorities of the G7 are determined by the respective presidency. 
  • Decisions are usually taken by consensus.

Source: Reuters

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