Know about G7 Summit – Largest international intergovernmental economic organization
Today in the middle of the fight against covid19 by the world largest economies, we constantly hear nations talking about the role G7 Nations have. We will be talking about the organization and understanding the role this organization can play in helping the poorer nations in the fight against covid19 and also providing economic support for the nations in need.
What is G7
G7 stands for a group of seven large developed nations of the world. This group included the United States, United Kingdom, Canada, France, Germany, Italy, Japan. These are the largest International Monetary fund-advanced economies in the world.
This organization was founded to facilitate shared macroeconomic initiatives by its members in response to the collapse of the exchange rate 1971, during the time of the Nixon shock, the 1970s energy crisis and the ensuing recession
The group regards itself as “a community of values”, with freedom and human rights, democracy and the rule of law, and prosperity and sustainable development as its key principles
Each nation holds the president post one year on a rolling basis and hosts a 2-day summit of the nations. The group discuss various issues of different domains of international concern.
Attendees of the summit include the heads of the states of participants and invitees if any. Traditions representatives of different other countries and international organizations are invited for the summit.
These participants and invitees discuss the issues that are of major concern and takes the decision based on the decision of the participants. They have in past have helped in solving major issues of global concern.
Russia was kicked out of the then G8 in 2014 after it annexed Crimea from Ukraine, which was seen by leaders as a “violation of Ukraine’s sovereignty and territorial integrity”.
President Barack Obama and other world leaders announced in a joint statement, titled The Hague Declaration, in March 2014 that they would cancel that year’s planned meeting in Sochi, Russia
Is G7 Effective in fighting the global problems
As similar to any other organization, there are supporters as well are critics of this organization. Though there is a lot of criticism against this intergovernmental organization, it has done some note working work against many problems. The summit is successful in helping to launch a global fund to fight against Aids, TB and Malaria.
The group is also believed to be the driving force behind the famous Paris Agreement, which has done a considerable fight against Climate change.
Presently there is a lot of debate about the role The summit can play in the fight against the global pandemic of Covi19. The summit is supposed to get organized but is being cancelled or postponed due to several global issues.
Role of G7 in the fight against Covid19
G7 is supposed to lead the world in the fight against Covid19, but it role is no where is seen and it is invincible for quite sometime.
With the world is in a global crisis facing the worst time of the decade, the countries with poor resources and fewer health facilities are at the facing end. The War against covi19 needs a leading team and G7 with all the potential to lead the team is seen nowhere. With no plan to convene, no action plan, it is sitting at the corner.
This is considered to be the worst phase for the poorer nations, with developed nations having no plan to convene the summit online or something. The poor countries are waiting for the support to come out of the situation and many countries for a plan to prevent the second wave of infection, which if comes will throw the economy to unrecoverable phase.
On March 26, G7 countries have promised in the world forum that they will use all the resources possible to support those in need and will help in the fight against this global pandemic. This was the time when the fight against the pandemic is in full swing. Fast forward two months now in June still no response or any such actionable plan from the leaders of the organization, with the poor nation still waiting for possible help.
The vacuum created by the G7 will affect the countries who need considerable help from both the IMF and the World Bank. Thought both IMF and World Bank has promised for economic help, the vacuum created will make the support fraction of what is actually required.
There is already the crisis of unemployment that is worrying many economies. Millions of people are losing jobs daily due to the present pandemic. International labour organization data indicate that more than 300 million full-time jobs are being lost. Millions of work hours are lost. And all these will lead to an increase in the malnutrition among the people.
The poverty level will rise in the coming days. The effect of unemployment is seen in the coming day from the data on the malnutrition and health care problems. All these are just a tip of the iceberg and only the data in the coming days will bring out the real problem in front of us.
The problem once visible from the data, the poor nation will be in no capacity to face it on its own. The world economies need to help the poot nation with considerable help or plan accordingly to face the pandemic together.
But in the midst of all these the largest international organisation seems to have no plan to convene in the near future. The organization which is in fact supposed to be a powerful organization and helped in facing some of the most problems in history is now invisible in the present fight.
Why is it Silent now?
The answer is nowhere be found. The organization, which is successful in facing some of the past problems is now silent. Is the organization became powerless or is it the change in leadership that is affecting the power of the organization to prepare a plan and act accordingly.