New Delhi: The G7 conference has been postponed due to the coronavirus epidemic.
US President Donald Trump has postponed the G7 Summit which was initially scheduled to be held in June due to the coronavirus epidemic. Now this G7 Summit shall be held in September.
Trump, who took this choice on Saturday, stated that he would additionally like to invite India, Russia, South Korea and Australia for this summit.
Trump advised reporters travelling with him on board the Air Force One from Florida to Washington DC, that he’s “postponing it until September” and plans to invite Russia, South Korea, Australia and India.
“I don’t feel that as a G7 it properly represents what’s going on in the world. It’s a very outdated group of countries,” he stated.
The G7 is a discussion board of the seven nations with the world’s largest and most superior economies — France, Germany, Italy, Japan, the United States, the United Kingdom, and Canada. Heads of States of those nations meet yearly on worldwide financial and financial points.
The US holds the presidency of the G7 this 12 months. During the summit, G7 president usually invitations heads of States of 1 or two nations to attend the assembly as a particular invitee. Last 12 months French President Emanuel Macron had invited Prime Minister Narendra Modi to the G7 Summit.
Trump speaking about inviting India to the following G7 Summit is reflective of the rising worldwide stature of the nation.
Who are the members of G7?
Members of the G7 are Canada, France, Germany, Japan, Britain, Italy and the United States. The G7 is an elite membership of the seven most developed nations of the world, which determines the path of the worldwide economic system. These nations account for 40 % of the world’s GDP.
Why the G7 group was wanted
Many nations had been going through financial issues within the 1970s. Firstly due to the oil disaster and secondly due to the break down of the system of fastened forex change charges.
The first assembly of the G7 was held in 1975, throughout which attainable options to these financial issues had been thought-about. The member nations reached an settlement on worldwide financial coverage and labored out options to cope with the worldwide financial slowdown.
China just isn’t a part of G7
China is a member of the G20, however just isn’t included within the G7. China is the second largest economic system on this planet, but it isn’t part of the G7.
The motive for that is that China has the biggest inhabitants on this planet and the per capita revenue and wealth is way decrease than the G7 nations. As such, China just isn’t thought-about to be a sophisticated or developed economic system.