G7

Subject: International bodies

Context: UK has invited Indian PM along with the South Korea and Australia as the guest countries.

Concept:

G7 summit will be held in Cornwall in UK this year.
It will be first in-person summit in two years.
The invitation to three countries is seen as potential expansion into D-10 (G7+3) with representation of 60% of people living in the democracies worldwide. Last year even USA proposed the expansion.
Expansion is significant for declining importance of G7 as it does not reflect current realities of world order with none of the emerging economies represented.

About G7:

It is a platform of World’s 7 developed countries USA, UK, France, Canada, Italy, Japan, and Germany.
Its origin is traced to oil crisis of 1973 and formed as a result of a summit in France in 1975. It expanded to include Russia in 1997 as G-8. After annexation of Crimea by Russia it was suspended and grouping again became G-7.
It seeks to discuss economic and monetary issues of the international importance and meets annually.