Group of Seven

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Group of Seven

Group of Seven (G7), international organization officially established in 1985 to facilitate economic and commercial cooperation among the world's largest industrial nations, including efforts to aid the economies of non-G7 nations. Members are Canada, France, Germany, Great Britain, Italy, Japan, and the United States. The leaders of the G7 nations meet annually in member countries. Summit meetings of the member nations of what became the G7 began in 1975, and representatives of the European Commission attended G7 meetings beginning in 1981. The Group of Eight (G8), which consists of the G7 nations plus Russia, was officially established in 1998, although Russia began participating in some G7 meetings earlier in the 1990s. G7 nations continued to meet without Russia on certain issues.

Emerging nations had long complained that their interests were not addressed during the G7 meetings; these concerns resulted in the first meeting (1999) of the newly formed Group of Twenty (G20), with the G8 nations plus Argentina, Australia, Brazil, China, the European Union, India, Indonesia, Mexico, Saudi Arabia, South Africa, South Korea, and Turkey participating. Initially involving only finance ministers and the heads of central banks, the organization brought together industrial and emerging-market countries to discuss issues related to global economic stability. The G20 conferences included national leaders for the first time in 2008 amid the world financial crisis and recession, and in 2009 G20 leaders announced plans for the G20 to replace its predecessors as the main forum for global economic policy, reflecting the increased economic importance of China and other emerging-market nations. Although superseded on economic issues, the G8 would continue, focusing instead on noneconomic issues, such as those relating to security. In 2014, following Russia's annexation of Crimea, the G7 nations suspended Russia's membership in the G8.

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References in periodicals archive ?
Macron's side projects at the G-7 summit were also failures.
Asked if he had signed off on a statement that Macron intends to give on behalf of G-7 on Iran, Trump said: "I haven't discussed this.
The Group of Seven is more than forty years old and, except from 1994 till 2014, when the Russian Federation was a co-opted member of G-7 (then called G-8) the world's seven richest countries met every year to discuss global economic, political and security issues and how to retain the edge of Western democracies in world affairs.
'It's a brutal blow to a summit of significant success, both in substance and in presentation,' said John Kirton, director of the University of Toronto's G-7 Research Group.
The G-7 vowed "a more forceful and balanced policy mix" to "achieve a strong, sustainable and balanced growth pattern", taking each country's circumstances into account, while continuing efforts to put public debt on a sustainable path.
Aso said that George Osborne, Britain's chancellor of the exchequer and chair of the G-7 talks, quoted the February statement when kicking off the first-day discussions in Aylesbury near London.
The G-7 statement also took note of developments regarding the debt crisis in Europe and said the focus should be on "quick and full implementation of the agreements" that have been reached to deal with debt burdens in countries facing problems.
The G-7 summit will focus on global economy and stability of financial markets.
Finance ministers and central bank governors from the G-7 -- Britain, Canada, France, Germany, Italy, Japan and the United States -- issued a rare warning in late October, saying they were ''concerned'' about the excessive volatility in the exchange rate of the yen.
-- The G-7 will remain vigilant to downside risks such as tight and volatile energy markets and rising inflation expectations in some countries.
Mortality rates in the G-7 countries will continue their decline as science alters the face of medicine, said the National Institute of Health (NIH), which funded the survey by the research firm base in Los Altos, California.
The Group of Seven (G-7) leading industrial nations is unable to unveil a membership list of a new global financial forum because it is still considering whether to admit Indonesia, an international financial source said Monday.