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G7: What you need to know about the UK Global Leaders Conference

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

Russia has been suspended indefinitely from the group. It was known as the G8 in 2014 after most of its member states were allies against the annexation of Crimea. It was the first European border violation since World War II.

What does the G7 do?

Members of the G7 meet annually for a summit to discuss urgent issues in the global arena and to coordinate policy.

International security and the global economy are often topics of discussion. Although the recovery from the COVID-19 pandemic It is expected to dominate this year’s meeting.
The first official economic summit comprising the 7 most industrialized countries in the world at the House of Burgesses.

In a statement before the summit British Prime Minister Boris Johnson said he would urge his fellow G7 leaders at the summit to make concrete commitments to vaccinate the world. as well as to provide support “Global Pandemic Radar”, a new world Surveillance system intended to protect immunization programs

What power does the G7 have?

G7 leaders and guests including German Chancellor Angela Merkel (2-R) and US President Barack Obama (2-L) attend the summit of the G7 countries at Schloss Elmau on June 8, 2015 near Garmisch-Partenkirchen, Germany. .

The G7 is primarily a place for coordination. And the group made decisions about global outcomes.

For example, prior to this year’s summit, the G7 finance ministers agreed to return at least 15 percent of the global minimum tax on multinational corporations. The G7 also agreed that the largest companies should pay taxes where they generate sales. It’s not just where they have a physical storefront.
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Janet Yellen, US Secretary of the Treasury said on Saturday that Such agreements are “An important and unprecedented commitment” from the world’s richest economies. The aim is to prevent companies from Avoid Taxes by Shifting Profits Abroad

What is the history 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 June 22, 1980 at San Giorgio Island, Venice, Italy.

The conference began as a “Library Group”, which was founded in 1970 by then US Treasury Secretary George Shultz.

Secretary of the Treasury of the United States, France, Germany and the United Kingdom had an informal meeting to try to stabilize currency fluctuations

Japan joined soon after, and in 1975 was joined by two of the original participants, then the French and German presidents. The meeting thus became a gathering of heads of state and government.

Canada and Italy soon joined, and they became known as the Group of Seven.

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