US President Donald Trump postponed the "outdated" Group of Seven summit that he planned to hold in June at the White House, seeking inclusion of India and some other countries to the grouping of world's top economies. Trump told, travelling with him on board the Air Force One from Florida to Washington DC, that he is "postponing it until September" and plans to invite Russia, South Korea, Australia and India
 
 
What
  1. Alyssa Alexandra Farah, White House Director of Strategic Communications, said that this is bringing together "our traditional allies" to talk about how to deal with the future of China.
  2. G7 is a forum of the seven countries with the world's largest and most advanced economiesFrance, Germany, Italy, Japan, the United States, the United Kingdom, and Canada. Heads of States of these countries meet annually on international economic and monetary issues.
  3. The US holds the presidency of the G7 this year. During the summit, G7 president normally invites heads of States of one or two countries to attend the meeting as a special invitee. Last year French President Emanuel Macron had invited Prime Minister Narendra Modi to the G7 Summit.
  4. Trump talking about inviting India to the next G7 Summit is reflective of the growing international stature of the country.
What is the G7?
  1. The G7 (or Group of Seven) is an organisation made up of the world's seven largest so-called advanced economies: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
  2. 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.
  3. The initial group of six first met in 1975 "to exchange ideas on possible solutions" to a global economic crisis. Canada joined the following year.
  4. Ministers and civil servants from the G7 countries meet throughout the year to discuss matters of mutual interest.
  5. Each member nation takes over the G7 presidency for a year on a rolling basis and hosts the annual centrepiece two-day summit meeting.
  6. Energy policy, climate change, HIV/Aids and global security are just some of the subjects discussed at past summits.
How the G-7 summit works
  1. The G-7 nations meet at annual summits that are presided over by leaders of member countries on a rotational basis
  2. The summit is an informal gathering that lasts two days, in which leaders of member countries discuss a wide range of global issues. 
  3. The host country typically gets to invite dignitaries from outside the G-7 to attend the Summit.
  4. The groundwork for the summit, including matters to be discussed and follow-up meetings, is done by the “sherpas”, who are generally personal representatives or members of diplomatic staff such as ambassadors
  5. The sherpa for Prime Minister Modi at last year’s summit was former Union Minister Suresh Prabhu.
G-7 and G-20
  1. The G-20 is a larger group of countries, which also includes G7 members
  2. The G-20 was formed in 1999, in response to a felt need to bring more countries on board to address global economic concerns.
  3. Apart from the G-7 countries, the G-20 comprises Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea, and Turkey.
  4. Together, the G-20 countries make up around 80% of the world’s economy
  5. As opposed to the G-7, which discusses a broad range of issues, deliberations at the G-20 are confined to those concerning the global economy and financial markets. India is slated to host a G-20 summit in 2022.