The 47th G7 summit was held in Cornwall in the United Kingdom on 11-13 June 2021. The G7 summit is an inter-governmental political form that includes Canada, Italy, Germany, United Kingdom, France, Japan, and the united states. All the members of the G7 summit are the wealthiest liberal democracies and the world’s largest IMF- advanced economies. Officially, the organization is based on the values of pluralism and representative government.
In 2018, the G7 accounted for about 60% of worldwide net worth ($317 trillion), 32–46% of worldwide gross domestic product (GDP), and over 770 million people, or 10% of the worldwide population. In global affairs, the majority of members are Great Powers with close economic, military, and diplomatic ties.
The G7 has no permanent staff or office, and its presidency is rotated annually among the members, with the presiding nation determining the group’s priorities and hosting and arranging its summit. The G7 has spurred or spearheaded various major global initiatives, including attempts to tackle the HIV/AIDS epidemic, provide financial help to underdeveloped nations, and address climate change through the 2015 Paris Agreement, although it lacks a legal or institutional basis. It has been chastised for its purportedly antiquated and limited membership, limited global representation, and ineffectiveness; it is also opposed by anti-globalization organizations, which frequently demonstrate at meetings.
Origin of G7 Summit
Before the 1973 oil crisis, the idea of a forum for the world’s main industrialized countries was floated. Before an approaching summit in Washington, D.C., US Secretary of the Treasury George Shultz called an informal gathering of finance ministers from West Germany (Helmut Schmidt), France (Valéry Giscard d’Estaing), and the United Kingdom (Anthony Barber). President Richard Nixon of the United States provided the White House as a site, and the conference was conducted in the ground-floor library; the initial group of four was dubbed the “Library Group” as a result.
Shultz recommended the addition of Japan during the Spring Meetings of the International Monetary Fund and the World Bank in mid-1973, and all members agreed. The “Group of Five” was an informal gathering of senior financial officials from the United States, the United Kingdom, West Germany, Japan, and France.
In 1974, all five countries experienced abrupt and frequently tumultuous leadership changes. President Georges Pompidou died unexpectedly, prompting two rounds of presidential elections in a single year, with Valéry Giscard d’Estaing narrowly winning both. Because of controversies, West German Chancellor Willy Brandt, US President Richard Nixon, and Japanese Prime Minister Kakuei Tanaka all resigned.
A hung election in the United Kingdom resulted in a minority government, which was followed by instability, prompting another election the following year. As a result, Nixon’s successor, Gerald Ford, proposed a retreat for the group’s new leaders to learn about one another the following year.
47th G7 Summit
The leaders of the seven G7 member states, as well as representatives from the European Union, were among the attendees. Since 1981, the President of the European Commission has been a permanently welcome participant at all meetings and decision-making, and since the 36th G8 summit, held by Canada in 2010, the incumbent President of the European Council has been the EU’s co-representative.
47th G7 Summit – Leaders
Leaders of the G7 member states, as well as representatives from the European Union, were in attendance. Since 1981, the President of the European Commission has been a regular attendee at all sessions. Since the 36th G8 summit, which was hosted by Canada in 2010, the President of the European Council has served as the EU’s co-representative.
Boris Johnson, the British Prime Minister, asked leaders from India, South Korea, South Africa (Cyril Ramaphosa), and Australia to attend. Australia accepted the official invitation with open arms. President Moon Jae-in of South Korea accepted the invitation and invited Johnson to the Partnering for Green Growth and the Global Goals 2030 (P4G Summit) in May 2021, which Johnson accepted. The invitation was also accepted by Indian Prime Minister Narendra Modi. Boris Johnson is rumored to be aiming to enlarge the G7 group, a gathering platform for the world’s top economies, to form the D10, a forum for the world’s ten most powerful democracies.
The Italian Prime Minister Mario Draghi, Japanese Prime Minister Yoshihide Suga, and US President Joe Biden all attended the 47th G7 Summit for the first time. It is also the first G7 meeting to which the President of South Korea has been invited. Because German Chancellor Angela Merkel is not seeking re-election in the German federal election scheduled for September 2021, this will likely be her final summit. Following the first day of meetings, Queen Elizabeth II invited G7 leaders to the Eden Project.
The 47th G7 Summit’s agenda
The development of a response to the COVID-19 pandemic and climate change were among the topics discussed. To ensure an equal global distribution of COVID-19 vaccines and to prevent future pandemics, British Prime Minister Boris Johnson has vowed to call on the G7 to collaborate on a global approach to pandemics. He proposed a five-point plan to prevent future pandemics, including establishing a global network of zoonotic research hubs, increasing global manufacturing capacity for treatments and vaccines, developing a global early warning system, agreeing on global protocols for a future health emergency, and lowering trade barriers.
The G7 countries decided to donate 1 billion immunizations to developing countries. Johnson also spoke about climate change, which is a primary concern for the UK as it prepares to host the COP26 conference in November 2021. Johnson requested concerted action on carbon border fees, green finance, coal phase-out, and assisting poorer countries to take up climate action, according to UK Secretary of State for Business Kwasi Kwarteng. While the EU and the US support the taxes, EU climate ambassador Mark Vanhuekelen has suggested that Australia may resist them. The G7 countries have committed to achieving net-zero emissions by 2050.
Another item of the debate was international economic policy coordination. Janet Yellen, the US Secretary of the Treasury, has stated that American multilateralism will be revived, with a focus on ongoing economic support. Other finance minister have urged for strong economic coordination on recovery plans and strategies., like
- Italy’s Daniele Franco
- France’s Bruno Le Maire
- the United Kingdom’s Rishi Sunak
Negotiations on overhauling multinational corporate taxation took place as well, with the US agreeing to a summer deadline to make progress on the subject after threatening to levy penalties on European countries in retaliation for their new digital sales tax. The US is also considering a plan for the IMF to distribute up to £500 billion in special drawing privileges to its members, which has been broadly accepted by other countries but has been vetoed by the US in the past.
At the G7 conference, Boris Johnson claimed that he hoped to ‘open’ travel restrictions between the UK and the amber-list US. It’s unclear whether a deal was reached. Peace in the Taiwan Strait was called for by the G7 nations.” The days when global decisions were driven by a small set of countries are long gone,” a representative for the Chinese embassy in London responded. It is expected that policing the summit will cost £70 million.
The 47th G7 Summit- Participating leaders
The 47th G7 summit – Invited Guests
Africa, Latin America, and the southern hemisphere do not have any G7 members. Fast-growing emerging economies such as India and Brazil, who are not members of the G7, are also posing a threat. The G-20, on the other hand, was established in 1999 in response to a perceived need to bring more countries on board in order to address global economic challenges.
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