B-3W of G-7
The 47th edition of the G-7 (Group of Seven) summit was held in Carbis Bay, southwest England.
The Group of Seven (G7) is an inter-governmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
The G7 nations are expected to collectively agree to provide a billion doses of Covid-19 vaccine in an effort to end the pandemic in 2022.
Importance of G-7
The member countries are the world’s largest IMF-advanced economies and wealthiest countries.
As of 2018, the G7 accounts for close to 60% of global net wealth.
When G-7 was formed?
The G7 was formed in 1975 in the aftermath of the 1973 Oil Crisis.
The G7 became the G8 with Russia’s admission into the group in 1998. But it reverted back to the G7 in 2014, following the Russia’s unlawfull annexation of Crimea.
Where is the secretariat of G-7?
The G7 has no permanent secretariat or office.
The G7’s presidency rotates annually among the members.
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