What is the G7 Grouping?

About G7 Grouping:

• The Group of Seven (G7) is an informal grouping of seven of the world’s advanced economies, including Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
• The European Union (EU) also participates in the Group and is represented at the summits by the President of the European Council and the President of the European Commission.
• G7 was founded in 1975 in response to the oil crisis.
• With the inclusion of Russia in 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.
• Over the years, it has broadened its agenda. It now covers the entire spectrum of global issues, such as foreign and security policy, trade, climate, and development.
• Governance Structure:
  • There is no firmly established secretariat, procedural guidelines, or administrative structures.
  • The G7 presidency rotates each calendar year among the member states. The EU does not hold the rotating presidency of the G7.
  • The Summit, the G7 Presidency’s centerpiece, is attended by the Heads of State and Government of the seven Member States, representatives of the European Union, and States and International Organizations invited by the Presidency.
  • The changing agenda and thematic priorities of the G7 are determined by the respective presidency.
  • Decisions are usually taken by consensus.
  • The G7 Summit concludes with the adoption of a communiqué outlining important political commitments.
  • These communiques–and more broadly the G7 decisions–have a significant influence on global governance and decision-making processes.