London Daily

Focus on the big picture.
Friday, Oct 17, 2025

What's the G-7?

What's the G-7?

Together, these seven wealthy nations form the foundation of the modern global economy and the cooperative rules-based system on which it is built.

British Prime Minister Boris Johnson, right, greets French President Emmanuel Macron during arrivals for the G7 meeting at the Carbis Bay Hotel in Carbis Bay, St. Ives, Cornwall, England, Friday, June 11, 2021. Leaders of the G7 begin their first of three days of meetings on Friday, in which they will discuss COVID-19, climate, foreign policy and the economy.

The Group of 7 is an informal group of seven powerful democracies: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The presidents of the European Commission and European Council also attend G-7 meetings because several of Europe’s largest countries are also members.

Membership, which is decided internally, hasn’t changed much since the group’s founding in 1975. At the time, it included only six countries, all of which still belong. Canada joined a year later. Russia joined as an eighth member in 1998, temporarily changing the group’s moniker to the G-8, but Russia was ousted after it annexed Crimea in 2014.

Together, these seven wealthy nations form the foundation of the modern global economy and the cooperative rules-based system on which it is built.

Leaders of the G7 pose for a group photo on overlooking the beach at the Carbis Bay Hotel in Carbis Bay, St. Ives, Cornwall, England, Friday, June 11, 2021. Leaders from left, Canadian Prime Minister Justin Trudeau, European Council President Charles Michel, U.S. President Joe Biden, Japan's Prime Minister Yoshihide Suga, British Prime Minister Boris Johnson, Italy's Prime Minister Mario Draghi, French President Emmanuel Macron, European Commission President Ursula von der Leyen and German Chancellor Angela Merkel.


Why the G-7 matters
The G-7 countries make up about 40% of the world economy, down from nearly 70% a few decades ago.


Despite the decline, the economic might of G-7 nations remains undeniable, not least due to their collective position as countries at the forefront of technological innovation and industrial know-how. Moreover, G-7 economies are inextricably interwoven with global supply chains, which means that a policy change or economic shock in one G-7 country will, for better or worse, have ripple effects across the globe.

Ultimately, the G-7 may be the best hope for quick, decisive and meaningful policy action on pressing global problems.

While the G-7 doesn’t have the institutional clout of the United Nations, the World Trade Organization or NATO, it also doesn’t have their institutional red tape or bureaucracy.

And although the G-7 is a subset of the ascendant G20 – which also includes rising economic powerhouses China, India and Brazil – the G-7 has another advantage: it’s much easier to achieve consensus in an intimate group of similar nations than it is to find common ground among diverse nations with very different economic and political priorities.

In this Nov. 17, 1975 file photo the six heads of state and government attending Economic and Monetary summit meeting at the Chateau de Rambouillet, West of Paris, pose for a group portrait before the final session. From left: Premier Aldo Moro of Italy, Premier Harold Wilson of the Great Britain, President Gerald Ford of the United States, President Valery Giscard d'Estaing of France, Chacellor Helmut Schmidt of West Germany and Premier Takeo Miki of Japan. The G7 was originally a response by leaders of Western democracies to the economic shocks and recession of the mid-1970s.


What the G-7 does


The world is facing profound challenges, from the devastation of the COVID-19 pandemic and climate change to authoritarianism and attacks on democracy.

None of these issues colors neatly within the lines of national borders. Countries need to cooperate to find solutions that do not simply kick the can to their neighbors.

An example of meaningful action by the G-7 is its June 5, 2021, announcement of an agreement on global minimum corporate tax rates, which marked a watershed moment in international taxation. If successful, the agreement could mean the end of tax havens and a dramatic shift in how companies record their profits around the world.

Newsletter

Related Articles

0:00
0:00
Close
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Erika Kirk Delivers Moving Tribute at White House as Trump Awards Charlie Presidential Medal of Freedom
British Food Influencer ‘Big John’ Detained in Australia After Visa Dispute
ScamBodia: The Chinese Fraud Empire Shielded by Cambodia’s Ruling Elite
French PM Suspends Macron’s Pension Reform Until After 2027 in Bid to Stabilize Government
Orange, Bouygues and Free Make €17 Billion Bid for Drahi’s Altice France Telecom Assets
Dutch Government Seizes Chipmaker After U.S. Presses for Removal of Chinese CEO
Bessent Accuses China of Dragging Down Global Economy Amid New Trade Curbs
U.S. Revokes Visas of Foreign Nationals Who ‘Celebrated’ Charlie Kirk’s Assassination
AI and Cybersecurity at Forefront as GITEX Global 2025 Kicks Off in Dubai
DJI Loses Appeal to Remove Pentagon’s ‘Chinese Military Company’ Label
EU Deploys New Biometric Entry/Exit System: What Non-EU Travelers Must Know
Australian Prime Minister’s Private Number Exposed Through AI Contact Scraper
Ex-Microsoft Engineer Confirms Famous Windows XP Key Was Leaked Corporate License, Not a Hack
China’s lesson for the US: it takes more than chips to win the AI race
Australia Faces Demographic Risk as Fertility Falls to Record Low
California County Reinstates Mask Mandate in Health Facilities as Respiratory Illness Risk Rises
Israel and Hamas Agree to First Phase of Trump-Brokered Gaza Truce, Hostages to Be Freed
French Political Turmoil Elevates Marine Le Pen as Rassemblement National Poised for Power
China Unveils Sweeping Rare Earth Export Controls to Shield ‘National Security’
The Davos Set in Decline: Why the World Economic Forum’s Power Must Be Challenged
France: Less Than a Month After His Appointment, the New French Prime Minister Resigns
Hungarian Prime Minister Viktor Orbán stated that Hungary will not adopt the euro because the European Union is falling apart.
Sarah Mullally Becomes First Woman Appointed Archbishop of Canterbury
Mayor in western Germany in intensive care after stabbing
Australian government pays Deloitte nearly half a million dollars for a report built on fabricated quotes, fake citations, and AI-generated nonsense.
US Prosecutors Gained Legal Approval to Hack Telegram Servers
Macron Faces Intensifying Pressure to Resign or Trigger New Elections Amid France’s Political Turmoil
Standard Chartered Names Roberto Hoornweg as Sole Head of Corporate & Investment Banking
UK Asylum Housing Firm Faces Backlash Over £187 Million Profits and Poor Living Conditions
UK Police Crack Major Gang in Smuggling of up to 40,000 Stolen Phones to China
BYD’s UK Sales Soar Nearly Nine-Fold, Making Britain Its Biggest Market Outside China
Trump Proposes Farm Bailout from Tariff Revenues Amid Backlash from Other Industries
FIFA Accuses Malaysia of Forging Citizenship Documents, Suspends Seven Footballers
Latvia to Bar Tourist and Occasional Buses to Russia and Belarus Until 2026
×