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What The G7 Summit Is All About
Posted
June 8, 2018
Views
177,385
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June 8, 2018
177,385
2,314
174
1.40%
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You've probably heard about the G7 summit. It's an annual meeting of world leaders, where they discuss global issues, and pose for an obligatory photo op. But what about the G8 and G20?
Here are the differences.
G7, or "group of seven," mainly has to do with politics. After the first oil shock of the 1970s, economies across the world were suffering, and global leaders wanted to do something about it. So, a group of government officials decided to meet and figure things out. Members are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. In addition, the presidents of the European Council and the European Commission represent the EU at G7 summits.
In 1998, Russia joined the club, making it the G8, but it was kicked out in 2014 after its annexation of Crimea. So now we're back to G7. However, Trump said Friday that Russia should be reinstated in G7 talks.
The G20 is all about money and has 20 members. Its members represent 85 percent of global economic output, and it's a little less exclusive than the G7. The members are Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States and the European Union.
Both summits have traditionally drawn outrage and protest among activist groups demonstrating against capitalism, patriarchy and racism.
This year's G7 summit takes place in Quebec on Friday and Saturday.
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What the G7 Summit Is All About | CNBC
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