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Why in the News?
Recently, the G7 leaders launched the Partnership for Global Infrastructure and Investment (PGII).
- Germany holds the presidency of the G7 in 2022.
Background:
G6, G8, G7
- G7 was launched in 1975 by former French President Valéry Giscard d’Estaing
- The heads of state and government of Germany, France, Great Britain, Italy, Japan and the US — a Group of Six — met for a fireside chat at Rambouillet Castle in France
- In 1976, Canada was added to the group, and the first G7 met in Puerto Rico
- In 1998, the Group of Eight was constituted as Russia became a member
- Russia was removed from the group after its violation of Ukraine’s sovereignty and territorial integrity in 2014
About Partnership For Global Infrastructure And Investment (PGII):
- The Partnership for Global Infrastructure and Investment (PGII) was unveiled during the G7 Summit
- PGII is being considered as an official launch and a rebranding of the Build Back Better World initiative (rolled out at G7 summit last year)
- It aims to mobilise nearly USD 600 billion from the G7 by 2027 to invest in critical infrastructure that improves lives and delivers real gains for all of our people
- PGII is set to rival China’s Belt and Road Initiative (BRI) by raising funds for global infrastructure programmes in poor countries
- China’s BRI seeks to connect Asia with Africa and Europe via land and maritime networks with the aim of improving regional integration, increasing trade and stimulating economic growth
About G7:
- The G7 is an informal forum of leading industrialised nations
- Members: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States
- Representatives of the European Union are always present at the annual meeting of the heads of state and government of the G7
- Participating organizations: the United Nations, the World Health Organization (WHO), the World Trade Organization (WTO), the International Monetary Fund (IMF), and the World Bank
G7 numbers:
- As of 2022, G7 countries make up 10% of the world’s population
- 31% of global GDP
- 21% of global carbon dioxide emissions, according to the Summit website
