Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
- Recently, at the 48th G7 Summit, Indian Prime Minister invited the G7 Nations to tap into the huge market for clean energy technologies emerging in the country.
- Germany holds the presidency of the G7 in 2022.
- The German Presidency has invited Argentina, India, Indonesia, Senegal and South Africa to the G7 Summit.
Group of Seven (G7)
- It is an intergovernmental organisation that was formed in 1975.
- The bloc meets annually to discuss issues of common interest like global economic governance, international security and energy policy.
- The G7 countries are the UK, Canada, France, Germany, Italy, Japan and the US.
- All the G7 countries and India are a part of G20.
- The G7 does not have a formal charter or a secretariat. The presidency, which rotates among member countries each year, is in charge of setting the agenda. Sherpas, ministers and envoys hammer out policy initiatives before the summit.
- As of 2022, G7 countries make up 10% of the world’s population, 31% of global GDP, and 21% of global carbon dioxide emissions, according to the Summit website. China and India, the two most populous countries with among the largest GDP figures in the world, are not part of the grouping.
- In all G7 countries, annual public sector expenditure exceeded revenue in 2021. Most G7 countries also had a high level of gross debt, especially Japan (263% of GDP), Italy (151%) and the US (133%).
- The G7 countries are important players in global trade. The US and Germany in particular are major export nations. Both sold goods worth well over a trillion US dollars abroad in 2021.
Highlights of G7 Summit
PGII:
G7 announced the collective mobilization of 600 billion dollars by 2027 under Partnership for Global Infrastructure and Investment (PGII) to deliver “game-changing” and “transparent” infrastructure projects to developing and middle-income countries.
LiFE Campaign:
- Indian Prime Minister highlighted Global Initiative for LiFE (Lifestyle for Environment) campaign.
- The goal of this campaign is to encourage an eco-friendly lifestyle.
SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT
