History and Influence of the "G-7" and the need for its Expansion

|Image: G-7 leaders at a summit in August 2019|

For Starters, "G-7" meaning "Group of 7" is an informal bloc of countries, made up of so-called world's seven largest advanced economies that meet annually to discuss issues such as global economic governance, international security and energy policy etc. This Forum wields considerable influence on matters concerning the international economic policy. Recently, the head of one of its member state, the U.S. President Mr Donald Trump has expressed his intention to delay its annual summit and proposed to expand its number for members. So, why has this symposium come into being and what does the future hold for it? |The Wholistic View tries to expound (6 Min Read)|

The Group of 7(G-7) is an informal entente of seven nations namely, The United States, Canada, West Germany(now Germany), Japan, Italy, France and The United Kingdom. This group came into existence to in 1975 when leaders of six states except Canada met outside Paris to discuss mitigating the 1973 Oil Shock and subsequent financial crisis. When the meeting got over, the leaders of the member states agreed to establish an annual rotating presidency and decide to meet annually to discuss important economic and political issues facing the world. 

|Image: 24th G8 Summit,1998|

In 1976, the group became the G7 when Canada was invited to join. The following year, the G7 invited the president of the European Commission to attend. As a result, the European Union(EU) continues to be a permanent invitee(and not a member) to the summit. Russia also became a full-fledged member of what became known as G8 in 1997 and went on to host the 2006 summit in St. Petersburg. After Russia's military intervention in Ukraine and its illegal annexation of Crimea in 2014, its membership was revoked. Since then, the group has been known as the G7 again.

The major purpose of the G-7 is to discuss and sometimes act in concert to help resolve, global problems, with a special focus on economic issues. The group has discussed financial crises, monetary systems, and major world crises such as oil shortages and health problems like HIV/AIDS. At the end of the summit, a communiqué is issued, outlining what has been agreed. The G-7 has also launched initiatives to fund issues and relieve crises where it sees an opportunity for joint action. Those efforts include several aimed at debt relief for developing nations. 

|Image: leaders of G7 summit planting trees,2016|

In 1997, the G-7 provided $300 million to the effort to build the containment of the reactor meltdown at Chernobyl. In 1999, the G7 decided to get more directly involved in "managing the international monetary system" by creating the Financial Stability Forum of major national financial authorities such as finance ministries, central bankers, and international financial bodies.

|Image: Protests against G7 Summit,2019|

G7 has been criticised from all corners and looks more like a "club of old powers".Today it is defined as a claim of the old powers to rule the world, which is in contradiction with the very parameters of globalization. The G7 has been termed as a moribund institution is deemed as a failure in its objective of achieving multilateralism with deepening divisions amongst its member states. Some criticism centres on the assertion that members of G7 do not do enough to help global problems, due to strict patent policy. It has also been condemned for advocating food security without making room for economic freedom. Each summit attracts large groups of demonstrators, representing a wide range of organisations, from environmental activists to anti-capitalists, who are kept well away from the venue by a huge security operation.

|Image: Indian PM Narendra Modi at G7 Summit, 2019|

Voices have been raised from all corners of the globe to expand the current set of members to include emerging world powers such as China, India as well as modern thriving economies such as Australia and Sout Korea. Initially, When G7 was conceived, its member nations held 70% of the World's GDP but today this accounts for only 40%. Thus, the influence, once it had eventually, has started to wane. The group is also not unanimous in its approach like its once was and thus its policies have not been very effective or noteworthy lately. 

Recently, The US President Donald Trump expressed his intention to delay the annual Group of 7 (G7) summit until September traditionally held in June. He has planned to invite Russia, South Korea, Australia and India to join the talks. Trump claims the G7 is "very outdated," failing to reflect the present international situation. It is reported Trump also spoke to Brazilian President Jair Bolsonaro on about Brazil's participation in the meeting. Indian Prime Minister Mr Narendra Modi had been invited to attend the summit in 2019 as well but no talks of India being a permanent member of G7 has taken a substance yet. Likewise can be said for other nations also.

|Image: UN Climate Change Summit Paris, 2015|Fortune|

Though criticised as "an artefact of a bygone era", the G7 points to a number of successes, including helping to launch a global fund to fight Aids, TB and malaria, which it says has saved 27 million lives since 2002. The Global Apollo Program, for instance, was launched out of the 2015 summit meeting to make carbon-free baseload electricity less costly than electricity from coal by the year 2025. It also claims to have been a driving force behind the implementation of the 2016 Paris climate agreement, though the United States has given notice that it will withdraw from that. Protests notwithstanding, the summit meetings have continued, and have continued to forge real agreements and create real progress on subjects of international concern. Although national leaders may appear more for photo opportunities and glad-handing than substantive policy discussions, foreign policy experts and cabinet-level officials conduct genuine negotiation and make significant decisions at G7 meetings. 

Though the future looks challenging for G7 and its existing set of members and whether these members welcome new members in their pack is to be seen. Yet, its impact and significance of the past will continue to enshrine upon the years to come for it started the trend of multilateralism in true sense which has taken prominence in today's time with like-minded leaderships across the world with the same set of objectives coming together to achieve their mutual objectives.

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