G7 Group:
The Union External Affairs Minister met French President Emmanuel Macron on the sidelines of the G7 Foreign Ministers’ Summit.
- The Group of Seven (G7) is an informal grouping of seven of the world’s advanced economies.
- It was founded in 1975 in response to the oil crisis.
- Members: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
- Russia was 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.
- 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.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.
