Year of Establishment: 1973 (G5 at that time)
The G7 is an international organization formed by seven major developed countries. Its current members are: the United States, Canada, the United Kingdom, France, Germany, Italy and Japan. It became the G8 after Russia joined the organization in 1997. However, Russia’s membership was suspended in 2014 after it invaded Crimea, reducing the group to only seven members again. The initial objective of this group was to tackle the global economic crisis, but as its economic role was gradually replaced by the G20, its focus thus expanded and now covers a wide range of areas, like regional security, economic challenges, and climate change.
It convenes two meetings annually on a regular basis: foreign ministers’ meetings and G7 summits attended by each member’s head of government. The G7 joint communique issued in 2021 mentioned Taiwan for the first time and emphasized that maintaining stability across the Taiwan Strait is critical to an open Indo-Pacific region.