Significance and Importance of G-7 Summit Changing in Response to Global Situation

In addition to the top leaders from Japan, the United States, the United Kingdom, France, Germany, Italy and Canada, those from the European Union, Australia, India, South Korea and South America will participate in the 2021 G7 summit to discuss security, the global economy, climate change and other global issues. [...] In 1975 when the first summit took place in response to the first oil crisis, the summit participants had a great presence in the global economy. [...] Even at present, the seven countries still lead the global economy, including the United States as the world’s largest economy, Japan as the third and Germany as the fourth. [...] The G7 expanded into the G8 in 1998 as Russia joined the Western democracies in the wake of the collapse of the Soviet Union to cooperate in addressing their common challenges. [...] Under the Trump administration, the United States as the world’s largest economy and military power downgraded the G7, leading the unity and significance of the G7 to be called into question.