![]() It is organized through a presidency that rotates annually among the member states, with the presiding state setting the group's priorities and hosting the summit Japan presides for 2023. The G7 is not based on a treaty and has no permanent secretariat or office. Representatives of other states and international organizations are often invited as guests, with Russia having been a formal member (as part of the G8) from 1997 until its expulsion in 2014. Each member's head of government or state, along with the EU's Commission President and European Council President, meet annually at the G7 Summit other high-ranking officials of the G7 and the EU meet throughout the year. Originating from an ad hoc gathering of finance ministers in 1973, the G7 has since become a formal, high-profile venue for discussing and coordinating solutions to major global issues, especially in the areas of trade, security, economics, and climate change. Its members maintain mutually close political, economic, diplomatic, and military relations in global affairs. As of 2020, G7 members are large IMF advanced economies and account for over half of global net wealth (at over $200 trillion), 30 to 43 percent of global gross domestic product, and 10 percent of the world's population (770 million people). ![]() It is organized around shared values of pluralism, liberal democracy, and representative government. The Group of Seven ( G7) is an intergovernmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States additionally, the European Union (EU) is a "non-enumerated member".
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