Designed to tackle climate change through clean energy research and development, the Apollo Program was conceived by the UK but failed to generate traction until the other G7 countries agreed to support it.
The programme calls for developed nations to commit to spending 0. Despite its achievements, the G7 has also come under significant criticism and has been involved in a number of controversies. Until the mids, G7 meetings were held discreetly and informally. However, after discussions at a G7 summit in , member countries subsequently signed the Plaza Accords, an agreement that had major ramifications for global currency markets. Their actions caused strong international backlash, with other nations upset by the fact that a meeting between a small group of countries could have such a disproportionate effect on the world economy.
Following that backlash, the G7 began to announce the agenda for their meetings in advance so that markets could prepare themselves for potential changes in global macroeconomic policy.
However, several countries and individuals still perceive the G7 as an exclusive, closed group that blatantly exercises their power over other nations. As a result, virtually every summit since has been met with protests and demonstrations in the country in which it has been held.
The election of Donald Trump in also caused some friction between the G7 member nations. After the summit, Trump once against caused controversy by tweeting his refusal to endorse the official G7 statement because he had been offended by comments made by Canadian Prime Minister Trudeau during a news conference. That year, Trump also asked that Russia be reinstated into the group , a suggestion that was rejected by the other nations.
In , the G7 summit was cancelled for the first time as a result of the Covid pandemic. While not being an official member of the group, India has been invited to the G7 summit as a special guest, making this year the second time that Prime Minister Modi has been asked to participate in discussions. Direct talks between the G7 and the European Community were held for the first time in London in The President of the European Commission was invited to attend the G7 summit.
Today the President of the European Council also attends the summit meetings. The G7 was born as a result of the huge economic problems facing the world in the s. The first oil shock and the collapse of the Bretton Woods fixed exchange rate system had the world on tenterhooks. These were grounds enough for the heads of state and government to consult on international economic policy.
In the s the G7 extended its interests to embrace foreign and security policy issues. International challenges at that time included the long-standing conflict between Iran and Iraq and the Soviet occupation of Afghanistan. Founded in after the Asian financial crisis in , the G20 started off as a meeting of finance ministers and central bank governors.
However, as a response to the financial crisis of , the G20 was upgraded to head of state level in an inaugural summit in Washington, D. The Osaka summit was the 14th meeting of the G20, held on June Write to Julia Webster at julia. By Julia Webster. What does G7 stand for? Why was G7 created? Related Stories.
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