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