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What can we expect from the G7 Summit?

Addressing the issues in the global economy, influencing international relations, and solving current problems are driven by significant organizations and alliances.


One such gathering was last week's G-7 summit in Italy. This group, often called the "rich club," includes the United States, the United Kingdom, Italy, Canada, France, and Japan.


Additionally, the European Union is represented at G-7 summits.


THE G-7 AND ITS ORIGINS

The G-7 emerged in 1975 as a response to the macroeconomic challenges of the 1970s, such as the energy crisis, high debt, recession, and inflation. It has since become a platform for discussing current economic and political issues.


The most defining characteristic of the G-7, comprising 10% of the world’s population and about 40% of global GDP, is its dominance in global trade and the international financial system.


Thus, the summits of these wealthy G-7 countries play a crucial role in resolving many economic issues.


ARE THE G-7 COUNTRIES SUFFICIENT?

It's evident that the problems in the global economy and the resulting political issues are too complex to be resolved solely by the G-7 countries.


Therefore, inviting non-G-7 countries to these discussions aims to address problems from a broader perspective.


This is one of the main reasons for the emergence of the G-20. With its inclusion of developing countries and representation from various continents, the G-20 has a higher level of representation.


However, the effectiveness of these organizations is limited by their lack of enforcement power.


Hence, it is crucial to redesign the platforms created by countries after 1945, as well as the later-formed groups, to address economic and political issues in line with the changing economic power and representation of nations.


I take this opportunity to wish you all a happy Eid al-Adha.

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