GS PAPER II: Important International Institutions, agencies and fora - their Structure, Mandate.
Context: External Affairs Minister S Jaishankar will embark on a four-day visit to London to participate in a meeting of foreign ministers of G7 countries. India has been invited to the meeting as a guest country.
- It is an intergovernmental organization consisting of Britain, US, Canada, France, Germany, Italy and Japan.
- The heads of government of the member states, as well as the representatives of the European Union, meet at the annual G7 Summit.
- G7 represents 58% of the global net wealth ($317 trillion),more than 46% of the global gross domestic product (GDP) based on nominal values, and more than 32% of the global GDP based on purchasing power parity.
- The seven countries involved are also the largest IMF-advanced economies in the world.