Context:
50th Group of Seven (G7) Summit concluded
Key Outcomes:
- Mobilize up to USD 600 billion through the Partnership for Global Infrastructure Investment (PGII) by 2027.
- PGII – Joint initiative of G7 countries to help fund infrastructure projects in developing countries through public and private investments
- Launched G7 Apulia Food Systems Initiative (AFSI) to intensify efforts to overcome structural barriers to food security and nutrition
G7 Summit:
- Origin – Roots in an informal meeting of the finance ministers of France, West Germany, the U.S, Great Britain, and Japan (the Group of Five) in the wake of the 1973 oil crisis.
- 1st Summit was held in 1975.
- Does not have a permanent administrative structure.
- Membership – No formal criteria for membership, but participants are all highly developed democracies.
- Members – Italy, Canada, France, Germany, Japan, United Kingdom, and the United States of America.
- European Union also participates in the Summit.G7 was known as the G8 for several years after the original 7 were joined by Russia in 1997.
- Russia was expelled as a member in 2014 following the annexation of the Crimea region of Ukraine.
- Summit Participation –
- Held annually and hosted on a rotation basis by the group’s members.
- Host country not only holds the G7 presidency but also sets the agenda for the year.
- Countries like China, India, Mexico, and Brazil have attended summit at various occasions as special invitees.
- The leaders of important international organizations like European Union, IMF, World Bank and the United Nations are also invited.
Source: The Indian Express
Previous Year Question
With reference to the “G20 Common Framework”, consider the following statements:
1. It is an initiative endorsed by the G20 together with the Paris Club.
2. It is an initiative to support Low Income Countries with unsustainable debt.
Which of the statements given above is/are correct?
[UPSC Civil Services Exam – 2022 Prelims]
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer: (c)
