G7 Summit 

#GS2 #InternationalRelations 

Trump postpones G7 summit, seeks to expand list of invitees, It could include India, Russia, South Korea and Australia. 

U.S. President Donald Trump said on Saturday that he would postpone a Group of Seven summit he had hoped to hold next month until September or later and expand the list of invitees to include Australia, Russia, South Korea and India. 

Expanding the group? 

  • It was unclear whether Mr. Trump’s desire to invite the additional countries was a bid to permanently expand the G7. On several previous occasions, he suggested Russia be added, given what he called Moscow’s global strategic importance.
  • Russia was expelled from what was then the G8 in 2014 when Mr. Trump’s predecessor, Barack Obama, was U.S. President, after Moscow annexed the Crimea region from Ukraine. 
  • Russia still holds the territory, and various G7 governments have rebuffed previous calls from Mr. Trump to readmit Moscow. White House spokeswoman Alyssa Farah said Mr. Trump wants the countries to discuss China.

Group of Seven - G7 

  • The Group of Seven (G7) is a forum of the world's seven largest developed economies whose government leaders meet annually to discuss international economic and monetary issues.
  • The G-7 has its roots in an informal meeting of the finance ministers of France, West Germany, the U.S, Great Britain, and Japan (the Group of Five) in the wake of the 1973 oil crisis. That, in turn, inspired the French President to invite the leaders of those countries, and Italy, to Rambouillet in 1975 for further discussions on global oil.
  • The next year, Canada was also invited to join the group and the first meeting with all G-7 nations was hosted by the United States which was held in Puerto Rico in 1976.
  • Summits are held annually and hosted on a rotation basis by the group's members.
  • The 2018 summit was hosted by Canada in Quebec from June 8-9.
  • The 45th G7 summit was hosted by France from August 24-26, 2019, in Biarritz in Nouvelle-Aquitaine, France.
  • The G7 members are recognized as the seven wealthiest and most advanced nations in the world. The members are:
    • France,
    • Germany,
    • The United Kingdom,
    • Italy,
    • The United States of America,
    • Canada,
    • Japan
  • The European Union is sometimes considered an eighth member of the G-7, since it holds all the rights and responsibilities of full members except to chair or host the meeting.
  • Expansion to G-8 (the Group of Eight)
  • The G-7 responded as the global economy evolved. In 1991, the Soviet Union pledged to create an economy with freer markets and held its first direct presidential election.
  • Following the 1994 G7 meeting in Naples, Russian President held meetings with G-7 member countries, in what became known as the P-8 (Political 8).
  • In 1998, after urging from leaders including U.S. President, Russia was added to the G-7 group as a full-time member, creating a formal G-8.
  • However, in 2014, Russia was suspended from the group after the annexation of Crimea and tensions in Ukraine.

Purpose 

  • 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.
  • G7 fills out numerous global top lists:
  • Leading export countries,
  • Largest gold reserves,
  • Largest nuclear energy producers,
  • Top contributors to the UN budget.
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