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G7: Here’s what you need to know about the meeting of world leaders in England

The G7 is a shorthand by the Group of Seven, an organization of leaders from some of the world’s largest economies: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.

Russia was suspended indefinitely by the group – then known as the G8 – in 2014, after most member states united against the annexation of Crimea. This was the first violation of the borders of a European country after the Second World War.

What does the G7 do?

G7 members gather every year for a summit to discuss pressing issues on the world stage and coordinate policy.

International security and the global economy are often the subject of discussion, although recovery from the Covid-19 pandemic is expected to dominate this year’s meeting.
The first formal session of the economic summit of the seven most industrialized countries in the world at the House of Bourgeoisie.

In a statement before the summit, British Prime Minister Boris Johnson said he would call on his G7 leaders at the summit to make concrete commitments to vaccinating the world, as well as to support Global Pandemic Radar, a new global system for surveillance designed to protect immunization programs.

What power does the G7 have?

G7 leaders and field guests, including German Chancellor Angela Merkel (2-R) and US President Barack Obama (2-L), attended a working session of the G7 summit in Schloss Elmau on June 8, 2015. near Garmisch-Partenkirchen, Germany.

The G7 is a key point of coordination and the group has made decisions of global importance.

Prior to this year’s summit, for example, G7 finance ministers agreed to support a global minimum tax of at least 15% on multinational companies. The G7 group also agreed that the largest companies should pay tax where they generate sales, not just where they have a physical presence.
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US Treasury Secretary Janet Yellen said on Saturday that the agreement was a “significant, unprecedented commitment” from the world’s richest economies, aimed at preventing companies from tax evasion by shifting their profits abroad.

What is the history of the G7?

Saburo Okita, Pierre Elliott Trudeau, Helmut Schmidt, Valerie Giscard d'Estaing, Francesco Kosiga, Jimmy Carter, Margaret Thatcher and Roy Jenkins attended the G7 Summit in 1980 on June 22, 1980, San Giorgio Island, Venice , Italy.

The meetings began as a “Library Group” founded in the 1970s by then-US Treasury Secretary George Schultz.

The finance ministers of the United States, France, Germany and the United Kingdom met for informal “talks” to try to stabilize currency turbulence.

Japan joined soon after, and in 1975 – with two of the original participants becoming then French president and German president – the meetings were turned into meetings of heads of state and government.

Canada and Italy soon joined and became known as the Group of Seven.

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