Bisnis.comJAKARTA – Negara Member of the G7 organizes a high-level conference (summit) in Germany on Monday (27/6/2022). President Jokowi reportedly attended the meeting with the leaders of the G7 summit. What is the G7 and which countries are part of it?
Group of Seven (G-7) is an interstate organization consisting of 7 countries with developed economic backgrounds and the largest in the world. The 7 countries are France, Germany, Italy, Japan, USA, UK and Canada.
The main purpose of creating the G-7 is to be a forum for developed countries to address global issues.
Not only that, the Group of 7 was also formed as a platform for its members to act together to help solve various global issues, with a particular focus on economic issues.
Since its inception in the early 1970s, the group has dealt with financial crises, the monetary system and major global crises, from the oil shortage to the current geopolitical conflict between Ukraine and Russia.
Initially, G7 consists of eight member states (G8). At its inception, Russia was part of this group of organizations.
However, in 2014 Russia was officially expelled from the G8 for illegally annexing Crimea to Ukraine. Since then, the G8 has changed its name to G7.
History of the Group of 7 (G-7)
Group of 7 (G7) originated in the early 1970s, when the leaders of the United States, United Kingdom, France, West Germany and Japan met informally in Paris to discuss the recession and of the oil crisis that hit at the time.
This eventually prompted French President Valéry Giscard d’Estaing to invite the leaders of these countries, plus Italy, to a meeting which took place in Rambouillet in 1975 to initiate further discussions on world oil conditions.
Eventually, the agenda for the meeting began to run steadily, until finally, the following year, Canada was invited to join the Group of 7 (G7).
Meanwhile, the host of the G7 summit will rotate each year in the following order: France, United States, United Kingdom, Germany, Japan, Italy and Canada.
Main tasks and functions of the Group of 7 (G-7)
In 1996, the G7 collaborated with the World Bank (World Bank), to pioneer an innovation aimed at easing the burden of 42 heavily indebted poor countries, the Heavily Indebted Poor Countries (HIPCs), in conjunction with the multilateral debt (MDRI) .
A year later, the Group of 7 also received an infusion of funds in 1997 to help build the Chernobyl reactor meltdown containment.
In 1999, the group also decided to get directly involved in the “management of the international monetary system” by creating the Financial Stability Forum (FSB).
The G7-created FSB is made up of key national financial authorities, such as finance ministers, central bank governors and international financial bodies.
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