Dubai, United Arab Emirates (CNN) – G7 stands for Group of Seven, the world’s 7 largest economies: the United States, Canada, Germany, the United Kingdom, France, Italy and Japan.
Russia was part of the group, known as the Group of AIDS, and its membership was suspended in 2014 after a majority of member states united against the annexation of Crimea.
What does the Seven team do?
G7 members meet at a summit each year to discuss pressing global issues and integrated policies.
International security and the global economy are often topics of debate.
What power does the G7 have?
The panel has already made decisions with global implications.
For example, prior to this year’s summit, a group of seven finance ministers agreed to support multinational corporations with at least 15% global tax.
The group agreed that large companies should pay taxes where they make sales.
History of the Seven Group
It was initially called the “Library Collection” because it was housed in the White House Library, and was founded in the 1970s by then U.S. Treasury Secretary George Schultz.
The finance ministers of the United States, France, Germany and the United Kingdom met for “informal talks” to try to stabilize the currency crisis.
Japan soon merged, and in 1975 the meetings became meetings of heads of state and government.
Canada and Italy soon became known as a group of seven.
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