Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ US https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ G7: Here’s what to know about the meeting between world leaders in England

G7: Here’s what to know about the meeting between world leaders in England

G7 is the shorthand for Group of Seven, an organization of leaders from some of the world’s largest economies: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.

Russia was indefinitely suspended from the group – then known as the G8 – in 2014 after the majority of member states allied themselves against its annexation of Crimea. It was the first violation of a European country’s borders since World War II.

What does the G7 do?

Members of the G7 meet annually for a summit to discuss pressing issues on the global stage and coordinate policy.

International security and the world economy are often topics of discussion, although it is expected that the recovery from the Covid-19 pandemic will dominate this year’s meeting.
First formal session of the economic summit of the seven most industrialized nations of the world in the House of Burgesses.

In a pre-summit statement, British Prime Minister Boris Johnson said he would urge his G7 counterparts at the summit to make concrete commitments to vaccinate the world and provide support for “Global Pandemic Radar” – a new global surveillance system designed to protect immunization programs.

What power does the G7 have?

G7 leaders and outreach guests including German Chancellor Angela Merkel (2-R) and US President Barack Obama (2-L) attend a working session at the G7 Nations Summit at Schloss Elmau on 8 June 2015 near Garmisch-Partenkirchen, Germany.

The G7 is primarily a place for coordination, and the group has made decisions of global significance.

Prior to this year’s summit, for example, G7 finance ministers agreed to back a global minimum tax of at least 15% on multinational companies. The G7 group also agreed that the largest companies should pay taxes where they generate sales and not just where they have a physical presence.
RELATED: Why Biden’s trip abroad is so unique and so important

U.S. Treasury Secretary Janet Yellen said Saturday that the deal was a “significant, unprecedented commitment” from the world’s richest economies aimed at preventing companies from avoiding taxes by moving profits abroad.

What’s the story of the G7?

Saburo Okita, Pierre Elliot Trudeau, Helmut Schmidt, Valéry Giscard D'Estaing, Francesco Cossiga, Jimmy Carter, Margaret Thatcher and Roy Jenkins attend the 1980 G7 Summit on 22 June 1980, San Giorgio Island, Venice, Italy.

The meetings began as the “Library Group,” founded in the 1970s by then-US Treasury Secretary George Shultz.

Finance ministers from the United States, France, Germany and the United Kingdom met for informal “fire chats” to try to stabilize currency turbulence.

Japan joined shortly afterwards, and in 1975 – when two of the original participants had become French President and German President – the meetings were transformed into assemblies of Heads of State and Government.

Canada and Italy soon joined, and they became known as the group of seven.

Source link