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What is the G7 Summit and why does it matter?

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For three days, starting Friday, some of the world’s most powerful leaders are descending on a small Cornish village for a series of meetings as part of the Group of 7 summit, which brings together the leaders of Britain, Canada, France, Germany , Italy, Japan and the United States.

So what exactly is the G7, and why does it matter?

The nations that belong to the club are the world’s richest democracies, close allies and large trading partners that make up about half of the global economy.

With broadly similar views on trade, political pluralism, security and human rights, they can when agreed agree to have a major collective impact. Their heads of government meet, together with representatives of the European Union, to discuss economic issues and key international policies.

Participants in this annual gathering include leaders from G7 member countries Britain, Canada, France, Germany, Italy, Japan and the United States plus the European Union, guests Australia, South Africa and South Korea, along with India via video link.

The group, whose origins go back to the 1973 oil crisis, grew out of an informal meeting of finance ministers from Britain, the United States, France, Japan and what was then West Germany originally known as the Big Five as it was tried to agree on a way forward.

Since the 1970s, the group and its further additional members have met dozens of times to work on key global issues affecting the international economy, security, trade, equity, and climate change. In 2015, the summit paved the way for the Paris agreement to limit global emissions, which was decided later that year.

For a while, the group had eight members remembering the G8? but Russia, always something like a foreign market, was excluded in 2014 amid international condemnation of President Vladimir V. Putin annexing Crimea. Last year, President Donald J. Trump said he believed Russia should return.

At the top of the agenda this year will be the coronavirus pandemic and its effects on the global economy, with a focus on cure and vaccination worldwide.

This summit, hosted by Britain, which currently holds the presidency of the groups, is the 47th of its kind and will continue until Sunday. The summit of recent years was canceled due to the pandemic, making this rally the first personal Summit of G7 Leaders in almost two years. The last one was in August 2019 in Biarritz, France.

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