20 May G-7
This article covers “Daily Current Affairs” and the topic details “G-7”. The topic “G-7” has relevance in the International Relations section for the UPSC CSE exam.
Relevance of G-7
What is the composition of the G-7?
What is G-7?
GS 2: International Relations
What is the significance of G-7?
Why in the news?
Prime Minister Narendra Modi held a bilateral meeting with H.E Mr. Fumio Kishida, Prime Minister of Japan, on 20 May 2023 on the sidelines of the G-7 Summit in Hiroshima.
What is the composition of G-7?
It was initially established in 1975 as an annual meeting of finance ministers from the United States, Germany, France, the United Kingdom, Italy, Canada, and Japan. Over time, it expanded to include summits with the participation of heads of state or government.
What is G-7?
The Group of Seven (G-7) is an informal forum consisting of seven major advanced economies in the world.
The G-7 countries represent a significant share of the global economy, international trade, and political influence. The primary objective of the G-7 is to promote economic growth, financial stability, and global governance cooperation.
Significance of G-7
The significance of the G7 lies in several aspects:
1.Economic Power: The G7 countries collectively represent a substantial portion of the global GDP and trade. Their economies are highly developed, technologically advanced, and major contributors to international trade and investment. Decisions made within the G7 can have a significant impact on the global economic landscape.
2.Political Influence: The G7 nations are influential in shaping global political dynamics. They have historically played a central role in addressing major international crises, conflicts, and challenges. The G7’s discussions and joint statements can set the tone for global policy debates and initiatives.
3.Norm Setting: The G7 countries, as leading democracies, often strive to promote and uphold common values, such as human rights, freedom, democracy, and the rule of law. They aim to set standards and norms that align with their shared principles and advance global stability and prosperity.
4.Engagement with Other Nations: Although the G7 is composed of a select group of countries, it seeks to engage with other nations and international organizations. The G7 frequently invites guest countries and organizations to its summits, enabling broader participation and perspectives.
The G7’s significance has evolved over time, but its influence has been subject to criticism. Critics argue that the G7’s composition does not adequately represent the global distribution of power and wealth and that emerging economies should have a greater role in global governance. Efforts to include other countries, such as the G20 (which includes both advanced and emerging economies), reflect a recognition of the need for broader representation in global decision-making forums.
Q.1 Which of the following countries is not a member of the Group of Seven (G7)?
(c) United States
Q.2 Which of the following statements regarding the Group of Seven (G7) is/are correct?
1.The G7 is an intergovernmental organization comprising the world’s seven largest economies.
2.The G7 mandate is to address economic and financial issues only.
3.The G7 includes the European Union as a non-enumerated member.
4.The G7 holds annual summits where leaders of member countries discuss global challenges and coordinate their positions.
(a) 1 and 2 only
(b) 2 and 4 only
(c) 1,3 and 4 only
(d)1,2,3 and 4
Q.3 Discuss the significance of the G7 in shaping global governance, addressing key challenges, and fostering international cooperation. Also, highlight the limitations and criticisms associated with the G7’s composition and role. ( 15 marks)