Shri Piyush Goyal, India's Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, will attend the G7 Trade Ministers' Meeting in Osaka, Japan from October 28-29, 2023.
About Group of Seven (G7) Trade Meeting
- The Minister will be holding bilateral meetings with several G7 countries, invitee countries, and a few international organizations such as WTO during outreach programs.
- The G7 Trade Ministers meet annually to tackle global challenges related to trade and investment and to chart the course for a better future.
- Japan, which is presiding over the G7 Trade Ministers meeting on 28-29 October 2023, has invited India along with few other invitee countries (Australia, Chile, Indonesia, and Kenya) to participate in the outreach program on 28 October. International organizations such as WTO, ERIA, and OECD have also been invited.
- Japan has chosen two contemporary topics for their outreach program: "Enhancing Supply Chain Resilience" and "Promoting Trade and Sustainability," which covers areas such as the environment, development, and digital advancements. These topics also include prospects for WTO MC13.
- The G7, previously known as the G8, was established in 1975 as an informal gathering for the heads of the major industrialized nations.
- The idea of a forum for the big capitalist industrialized nations was first proposed before the 1973 oil crisis. G7 meetings are based on shared values of pluralism, liberal democracy, and representative governments.
- G7 members make up only 10% of the world's population but contribute to around 40% of the world's GDP. These countries have the largest and most advanced economies in the world, accounting for over 62% of the global net wealth ($280 trillion).
- Russia started engaging in separate meetings with G7 leaders in 1994 and became a formal member of the group in 1997 at the invitation of the U.S. President Bill Clinton and U.K. Prime Minister Tony Blair. The group then became known as the Group of Eight (G8). Russia was suspended form the G-8 in 2014 after it annexed the Crimean region of Ukraine. In 2017 Russia announced that it is leaving the group.
Members of G7
The Group of Seven (G7) is an informal grouping of seven of the world's most advanced economies, including Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, as well as the European Union.
G7 has no permanent headquarters or secretariat.