Context:
Foreign Ministers of G7, who met in Tokyo, appealed for humanitarian pauses in Gaza.
About G7:
- An intergovernmental political forum
- 7 Members – Canada, France, Germany, Italy, Japan, the United Kingdom and the United States
- The European Union (EU) is a “non-enumerated member”
- Origin – an ad hoc gathering of finance ministers in 1973
- G7 is not based on a treaty
- Has no permanent secretariat or office.
- Organized through a presidency that rotates annually
- 2023 presidency – Japan
- Russia belonged to the forum from 1998 TO 2014 – the bloc was known as the Group of Eight (G8).
- Russia’s membership was suspended in 2014 over the annexation of Crimea.
About G8:
- The Group of Eight (G-8) was an intergovernmental organization addressing global economic and monetary issues through periodic meetings.
- Now known as the G-7 due to Russia’s suspension in 2014 following the annexation of Crimea.
- Both the G-8 and the G-7 lack legislative or authoritative power to enforce the policies and plans they compile.
Source: The Hindu
Read about G77
Read more about other international organisations and groupings
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 initiavtive 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)
Explanation:
Chad has made history by becoming the first country to officially request debt restructuring under the G20 Common Framework.
This framework was introduced last year with the help of the Paris Club and is designed to deal with insolvency and protracted liquidity problems faced by countries impacted by COVID-19.
The G20 Common Framework is an initiative endorsed by G20 and Paris Club, and it is intended to address unsustainable debts while implementing an IMF-supported reform program.
