G-20 News

What is the difference between the G-7 and the G-20?

(L/R): NATO Secretary General Jens Stoltenberg, European Commission President Ursula von der Leyen, Japanese Prime Minister Fumio Kishida, Canadian Prime Minister Justin Trudeau, US President Joe Biden, German Chancellor Olaf Scholz, British Prime Minister Boris Johnson and French President Emmanuel Macron pose for a family photo of the G7 leaders during a NATO summit at the alliance headquarters in Brussels on March 24, 2022. ( Photo by Doug Mills/POOL/AFP) (Photo by DOUG MILLS/POOL/AFP via Getty Images)

(NewsNation) – News came earlier this week that Russian President Vladimir Putin was planning to attend the G-20 summit, held in Bali in October this year. Many other participants want Russia to be excluded from the rally because of its attack on Ukraine.

With this news, it’s a good time to look at the difference between the G-7 and the G-20, since the G-7 arrives on June 26 in the Bavarian Alps.

The G-20 is made up of the 20 countries or groups that together produce 80% of the gross domestic product (GDP) of all the world’s economies. At present, these are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea South, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States and European Union.

The group was founded in 1999, and since 2008 the G-20 has met at least once a year in response to various economic issues and crises.

While the G-20 is an essentially economic group, the G-7, made up of the United States, Canada, Japan, the United Kingdom, France, Germany and Italy, is a more political group. They are still rich countries, but they are also democracies and the group deals with political as well as financial issues. Lately, the G-7 has become one of the leading voices on climate change.

Russia was a member of the G-7 from 1997 to 2014, changing the name to G-8, but was expelled when it forcibly annexed Crimea. The current debate on the exclusion of Russia also from the G-20, for yet another military incursion, could bring back memories to some.

Russia still has some support for the G-20, particularly from China, but whether Russia will still have a seat at the table in October remains to be seen.