G7 Countries (group of 7)

Syllabus: General Studies paper 2 ( international relations)

Context:

The meeting of g7 countries is going on in cornwall, england. The expectation from this meeting is to draw out a framework that is inclusive and resilient in nature.

About G7:

• Formed in 1975in the aftermath of the 1973 oil crisis, the g7 then collectively produced 70% of the world’s gdp, a number that has dropped to 40% now
• The g7 became the g8 with russia’s admissioninto the group in 1998.
• But it reverted to the g7 in 2014, following russia’s annexation of crimea
• Over the years, the group has taken up a host of issues ranging from economic growth to environmental issues and terrorism.
• The latest summit seeks to address global health challenges.

Latest summit:

• As the leaders of seven nations — the s., germany, the u.k., france, canada, japan and italy— meet in cornwall in south-west england, they would be marking the 47th edition of the “group of seven” summit.
• The g7 prides itselfas a group of nations that steadfastly promote liberal democracy and enjoy economic prosperity, which they seek to institutionalise through multilateral cooperation.
• When mr. Trump was at the helm in the u.s., his transactional approach to international relationsshowed disdain for multilateralism, evidenced in particular in the way he pulled the s out of the paris accord, and openly complained about the summit itself being “outdated”.
• The current president of the u.s., joe bidenhas sought to reorient his country’s policy towards multilateralism, which includes closer coordination with traditional allies in the global north and this sets the stage for a renewed emphasis of purpose for the g7 as they meet in cornwall.
• The theme of this year’s summit is ‘build back better’ and the focus would be on 4 priority areas:
  1. Leading the global recovery from coronavirus while strengthening resilience against future pandemics;
  2. Promoting future prosperity by championing free and fair trade;
  3. Tackling climate change and preserving the planet’s biodiversity;
  4. Championing shared values and open societies
• This holistic vision will help in developing the cornwall consensus that will displace the “washington consensus.

Significance of g7 countries

• The major purpose of the g-7 is to discuss and sometimes act to help resolve global problems, with a special focus on economic issues.
• It became more relevant in the 1980s when it started discussing issues related to foreign policy and security as well.
• In recent years, g7 leaders have met to formulate common responses to challenges encompassing counterterrorism, development, education, health, human rights, and climate change.
• It is considered to be the second most important groupingafter the unsc which can effectively deal with global issues.

Issues with g7 countries:

• Disregards the interest of smaller nations: several countries and individuals still perceive the g7 as an exclusive, closed group that blatantly exercises its power over other nations. The collective power of the group is so huge that it creates a disproportionate impact on other nations.
• Shortcomings of washington consensus: the grouping has mainly focused on realising the washington consensus. It is a collective term used for 10 economic policy prescriptions to promote a free-market economy. It was promoted for crisis-wracked developing countries. However:
  1. It puts ruthless conditions on the global south countries that undermine their economic sovereignty.
  2. Furthermore, it ignores environmental and social considerations for economic growth. The mere focus placed on global good like health enhanced the vulnerability of smaller nations against the pandemic.
  3. It enhanced the economic inequality within and among the countries.
  4. The east asian crisis in the late 1990s and the global recession of 2008–09 were further reminders that increased deregulation would only result in financial instability.
• A tussle between the members: the us relationship with germany and canada deteriorated during the trump era.
• Failed in tackling global problems: g7 accounts for 59% of historical co2 emissions and pledged to phase out fossil fuels. Yet there is no visible progress of the same, and they currently account for twice the co2 emission than african continent.
• Outdated group: the group no longer reflects the modern-day geopolitical realities. Many incumbent members like italy and canada possess less economic and political power in comparison to non-members like india and china.
• Non-binding nature:  unlike other bodies such as nato, the g7 has no legal existence or a permanent secretariat. Further, the meeting commitments are non-binding in nature.

Conclusion:

The grouping should become more representative in nature and emerging economies like india and south korea must be made a part of the group. The new principles and policies of the group should reflect a global outlook rather than merely focusing on the myopic interests of the developed world.

https://indianexpress.com/article/explained/g7-group-summit-uk-2021/

Question:

Syllabus: General Studies paper 2 ( international relations)

Context:

The meeting of g7 countries is going on in cornwall, england. The expectation from this meeting is to draw out a framework that is inclusive and resilient in nature.

About G7:

• Formed in 1975in the aftermath of the 1973 oil crisis, the g7 then collectively produced 70% of the world’s gdp, a number that has dropped to 40% now
• The g7 became the g8 with russia’s admissioninto the group in 1998.
• But it reverted to the g7 in 2014, following russia’s annexation of crimea
• Over the years, the group has taken up a host of issues ranging from economic growth to environmental issues and terrorism.
• The latest summit seeks to address global health challenges.

Latest summit:

• As the leaders of seven nations — the s., germany, the u.k., france, canada, japan and italy— meet in cornwall in south-west england, they would be marking the 47th edition of the “group of seven” summit.
• The g7 prides itselfas a group of nations that steadfastly promote liberal democracy and enjoy economic prosperity, which they seek to institutionalise through multilateral cooperation.
• When mr. Trump was at the helm in the u.s., his transactional approach to international relationsshowed disdain for multilateralism, evidenced in particular in the way he pulled the s out of the paris accord, and openly complained about the summit itself being “outdated”.
• The current president of the u.s., joe bidenhas sought to reorient his country’s policy towards multilateralism, which includes closer coordination with traditional allies in the global north and this sets the stage for a renewed emphasis of purpose for the g7 as they meet in cornwall.
• The theme of this year’s summit is ‘build back better’ and the focus would be on 4 priority areas:
  1. Leading the global recovery from coronavirus while strengthening resilience against future pandemics;
  2. Promoting future prosperity by championing free and fair trade;
  3. Tackling climate change and preserving the planet’s biodiversity;
  4. Championing shared values and open societies
• This holistic vision will help in developing the cornwall consensus that will displace the “washington consensus.

Significance of g7 countries

• The major purpose of the g-7 is to discuss and sometimes act to help resolve global problems, with a special focus on economic issues.
• It became more relevant in the 1980s when it started discussing issues related to foreign policy and security as well.
• In recent years, g7 leaders have met to formulate common responses to challenges encompassing counterterrorism, development, education, health, human rights, and climate change.
• It is considered to be the second most important groupingafter the unsc which can effectively deal with global issues.

Issues with g7 countries:

• Disregards the interest of smaller nations: several countries and individuals still perceive the g7 as an exclusive, closed group that blatantly exercises its power over other nations. The collective power of the group is so huge that it creates a disproportionate impact on other nations.
• Shortcomings of washington consensus: the grouping has mainly focused on realising the washington consensus. It is a collective term used for 10 economic policy prescriptions to promote a free-market economy. It was promoted for crisis-wracked developing countries. However:
  1. It puts ruthless conditions on the global south countries that undermine their economic sovereignty.
  2. Furthermore, it ignores environmental and social considerations for economic growth. The mere focus placed on global good like health enhanced the vulnerability of smaller nations against the pandemic.
  3. It enhanced the economic inequality within and among the countries.
  4. The east asian crisis in the late 1990s and the global recession of 2008–09 were further reminders that increased deregulation would only result in financial instability.
• A tussle between the members: the us relationship with germany and canada deteriorated during the trump era.
• Failed in tackling global problems: g7 accounts for 59% of historical co2 emissions and pledged to phase out fossil fuels. Yet there is no visible progress of the same, and they currently account for twice the co2 emission than african continent.
• Outdated group: the group no longer reflects the modern-day geopolitical realities. Many incumbent members like italy and canada possess less economic and political power in comparison to non-members like india and china.
• Non-binding nature:  unlike other bodies such as nato, the g7 has no legal existence or a permanent secretariat. Further, the meeting commitments are non-binding in nature.

Conclusion:

The grouping should become more representative in nature and emerging economies like india and south korea must be made a part of the group. The new principles and policies of the group should reflect a global outlook rather than merely focusing on the myopic interests of the developed world.

https://indianexpress.com/article/explained/g7-group-summit-uk-2021/

Question: