Bisnis.com, JAKARTA – Country G7 is currently under the spotlight, having held an impromptu or emergency meeting on the sidelines of the G20 summit, at a hotel in Bali.

It is known that the meeting brought together US President Joe Biden and other leaders, namely the Canadian Prime Minister, the Commission of the European Union, France, Germany, Italy, Japan, the Bas, Spain and the United Kingdom.

So what does the G7 look like? Here is the full Business review.

History and composition of the G7

Launched from Wall Street on Wednesday (11/16/2022), the history of the G7 dates back to the 1970s when popular modern countries suffered from the global crisis. In 1973, a huge oil crisis occurred in these countries.

At the same time, the exchange rate system continues to collapse. Thus, in 1975, French President Valéry Giscard d’Estaing and Chancellor Helmut Schmidt organized an informal meeting between nations. And that’s how the Group of Seven came into play.

The first meeting of the G7 was held at the Château de Rambouillet, southwest of Paris. The first members of the group were Japan, West Germany, the United States, the United Kingdom and France. So it’s called G6 because there are six countries.

Later, in 1976, Canada added to their name, making it a seven-piece band. The initial summit recommended a 15-point solution and decided to meet next year with a rotating presidency. In the 1980s, the G7 forum also launched security and foreign affairs.

Russia also joined this forum in 1998, which changed its name to G8 at that time. However, Russia was eventually expelled from the G8 in 2014 after annexing Crimea to Ukraine, which was seen by leaders as “a violation of Ukraine’s sovereignty and territorial integrity”.

The difference between the G7 and the G20

Time-based, despite similar name and similar functionality. However, the G7 is more policy-oriented. Meanwhile, the G20 is a broader group that focuses on the global economy. It is also known as the “World Economic and Financial Markets Summit” and accounts for 80% of global GDP.

Founded in 1999 in the wake of the 1997-98 Asian financial crisis, the G20 began as a meeting of finance ministers and central bank governors. However, in response to the 2008 financial crisis, the G20 was promoted to heads of state at a summit in Washington, DC.

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