- The Group of Seven (G7) Summit will be held at Schloss Elmau, a century-old retreat in a Bavarian Alps nature preserve, while Prime Minister Narendra Modi is in Germany for the event.
- Leading industrialised nations such as Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States participate in the informal G7 forum.
- At the G7 heads of state and government gathering every year, the European Union is always represented. In 2022, Germany is the G7’s president.
- India has been invited to the 2022 Summit as a partner nation along with Argentina, Indonesia, Senegal, and South Africa by German Chancellor Olaf Scholz.
- The G7 presidency has confirmed that Ukrainian President Volodymyr Zelenskyy would participate online on June 27.
- A number of international organizations, including the United Nations, the World Health Organization (WHO), the World Trade Organization (WTO), the International Monetary Fund (IMF), and the World Bank, are also participating in the Summit.
Significance of G7:
- The G7 nations will account for 10% of the world’s population, 31% of its GDP, and 21% of its carbon dioxide emissions by the year 2022.
- China and India, the two most populous nations in the world with some of the highest GDP estimates, are excluded from the grouping.
- The majority of G7 nations have high levels of gross debt as well, particularly the US, Japan, and Italy (which combined for 263% of GDP)
- The G7 nations are significant participants in world trade. Particularly nations such as Germany and the US.
Source The Hindu