OPINION

G7 Summit: How World’s Rich Nations Jealously Guard Entrance Like a Bouncer at a Snobby Nightclub

In 1975 the world economy was in turmoil as a result of instability in the Middle East which had driven up the price of oil.

The six richest nations on the planet – Britain, France, West Germany, Italy, the United States and Japan – decided they needed to get together to discuss how they could stay rich and keep exploiting the rest of the world’s resources.

​The following year they invited Canada – then led by the charismatic and bilingual Pierre Trudeau – to join and the elite club would gradually became known as the G7.

Every year since then the G7 leaders have met for a cosy get-together to discuss whatever is troubling them.

​This year Britain’s Boris Johnson is hosting the 46th summit at an exclusive resort at Carbis Bay, just outside St Ives, Cornwall. 

Last year’s summit was due to be hosted by then US President Donald Trump at Camp David but it was cancelled due to the pandemic, which is still likely to be the main topic of conversation this year.

​In August 2019, France’s Emmanuel Macron hosted it in Biarritz and the time before that Justin Trudeau played host in Quebec.    

The world has changed a great deal since 1975.

If you take GDP, Italy and Canada are no longer in the top seven richest nations in the world.

​China is now the second biggest economy in the world – some say it has actually overtaken the US – and yet it has never come close to being invited to join G7.

India – which, according to the World Bank, has now overtaken Canada, Italy, France and Britain – is the fifth biggest economy in the world.

It too has never been invited to join the exclusive club.

​But this year India’s Prime Minister, Narendra Modi, is one of four special guests who have been invited to attend the summit by Boris Johnson.

The others are Brazilian President Jair Bolsonaro, Australian Prime Minister Scott Morrison and Moon Jae-in, President of South Korea.

The most notable countries missing off the guest list are China and Russia.

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