Syllabus section: international relations

 

Why in News?

The UK Prime Minister Boris Johnson recently invited PM Modi to attend the G7 summit.

About:

• It is an intergovernmental organization that was formed in 1975.

• The bloc meets annually to discuss issues of common interest like global economic governance, international security and energy policy

• 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 major purpose of the G-7 is to discuss and deliberate on international economic issues. It sometimes acts in concert to help resolve other global problems, with a special focus on economic issues.

• The decisions taken at G7 have a huge impact globally as the members are the major economic powers. They represent 58% of global net wealth. However, the decisions taken at G7 are not legally binding but have strong political influence.

• Five of the seven members of G7, US, Italy, Japan, France, Germany have the largest proven reserves of gold.

 

Source: The Hindu