US President Donald Trump has postponed the G-7 summit and wants India including some other countries to join it. As G-7 stands for ” Group of Seven ” industrialized nations. It used to be known as the G-8 until 2014 when Russia was evolved because of its annexation of Crimea from Ukraine.
Background of G-7
France, Italy, Japan, United Kingdom, United State of America and West Germany formed the Group of Six in 1975 so that the non communist powers the Group of six in 1975 so that the non communist powers could come together to discuss economic concerns, which at the time included inflation and recession following an OPEC oil embargo.
Initially, it was six membered summit but later on got modified into seven members and became G-7. The Group of Seven is an international intergovernmental economic organization consisting of the seven largest IMF-advanced economies in the world; Canada, France, Germany, Japan, United Kingdom, Italy and the United states of America.
According to the actual point in this graphical representation, these blue shaded regions are advanced economical powers but India is not. South Korea, Australia can join G-7 because these are IMF Advanced Economies. Since India and Russia are not advanced economies, however this has never hindered the acceptance of a country into this group.
Russian President Boris Yeltsin was invited first as a guest observer, later as a full participant. After the 1997 meeting Russia was formally invited to the next meeting and formally joined the group in 1998, resulting in a new governmental political forum, Group of Eight. Russia was kicked out in 2014 due to events in Ukraine.
According to US President Donald Trump, G-7 needs some more countries, but the problem would have been created if Russia will again wants to join G-7 because as the Russia did with Ukraine, maximum European countries will not get agreed from this decision.
If G-7 is expanded into G-10 or G-11 then do not confuse it with an already existing group called ” Group of Ten ” . Countries that agreed to participate in the General Arrangements to Borrow ( GAB ), an agreement to provide the international Monetary fund with additional funds to increase its lending ability.
- United Kingdom
- United States
These are not comparable with G-7, So do not compare these CAB countries with G-7. This group is totally inactive in these days because the summits for these countries have not been held yet and also this group does not has any status in the books of International forum.
President Donald Trump’s statement about G-7
” I do not feel that as a G-7 it properly represents what is going on in the world. It is a very outdated group of countries. This summit is going to be held in United States but it has been postponed because we need four more countries, so that the importance of this group will increase.
This is factual thing the maximum trade is done from Indo-Pacific region, and out of these seven countries only Japan does trade from Indo-Pacific region. We can include US but it is very much extreme to the pacific site.
India meets leaders of Russia and China annually multiple times during BRICS summit, SCO summit and then G-20 summit.
Benefit for India to Join G-7
If India joins the expanded G-7 group then it will open more economic opportunities for India. There are already talks of making D-10 groups to limit Chinese influence in the field of 5G technology. Similarly more proposals could come in the future. Already United kingdom has launched a D-10 group, a group in which for 5G technology, China will be outside, so thats why some similar proposal will India receive from other G-7 countries regarding pharmaceuticals products, API, Chips and manufacturing etc.
John Cornyn ; Wealthy, powerful, democratic India would help frustrate China’s hegemonic ambitions; US Senator.
Suppose India and Russia will join this G-7, then there is a possibility of Russia’s removal from CAATSA Act, which means the American sanctions on Russia will be removed. Then India will purchased more weapons from Russia if India wants.
Definitely this involvement will be very beneficial for India in terms of Defensive parameters, economical activities, social declaration etc. We hope that India will be the part of G-7 summit in future.
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