G7 Current Affairs - 2020

G7 summit postponed; To be expanded as G10 or G11

The US President Donald Trump recently announced that the USA is postponing the G7 summit to September 2020. Also, President Trump intends to expand the G7 group to G10 or G11.

On June 2, 2020, US  President Trump invited Indian PM Modi to the G7 summit through telephonic conversation. The Leaders discussed India-China recent Stand Off at the Line of Actual control

Highlights

The G-7 is a group of seven countries namely France, Canada, Germany, Japan, US and UK. The grouping dies not have a fixed headquarters or a formal constitution. The decision that are taken in the summit are non-binding.

President Trump intends to expand the G7 group by including three other nations namely Australia, Russia, India and South Korea.

About G7

G7 is an inter governmental organization that was formed in 1975. It was formed by the top economies of the world as an informal forum to discuss world issues. Canada joined G7 in 1976 and EU (European Union) began attending G7 meets in 1977.

Russia joined G7 in 1997. Initially G7 was called G8. In 2014, Russia was expelled as it annexed Crimea region of Ukraine to its territory.

G7 VS G20

G20 is a larger group and includes all the G7 members. India is a member of G20. G20 was formed in 1999 as a response to bring more countries to address global economic concerns. G20 makes up 80% of the global economy.

US joins G7 partnership on Artificial Intelligence

The Leaders of Group of the seven wealthiest countries in the world had set up Global Partnership on Artificial Intelligence.

Highlights

The United States was not a part of the partnership initially. However, US is now joining the group to counter Chinese dominance in shaping international standards on surveillance and facial recognition at the United Nations.

The initiative to launch a global group on Artificial Intelligence was initiated by France and Canada.

US on the partnership

The US initially objected G7 partnership on AI claiming that focusing too much on regulation of AI would hamper innovation. It is important for the US to join the partnership as there are several tech giants such as Google, Microsoft and Apple that contribute significant amount to the GDP of US. Also, the international standards set will affect these companies greatly. Therefore, it is important for the US to join the partnership.

G7

The Group of 7 or G7 is an intergovernmental economic organization that consists of world’s largest economies such as France, Canada, Italy, Germany, Japan, UK and US. The group has more than 46% of global GDP.