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What is the G7, and what significance does it hold? Updated: 2021-06-13 11:10:05 KST

Annually,Canada, France, Germany, Italy, Japan, the UK, and the U.S. get together to discuss pressing global issues.
These seven wealthiest democracies are known as the G7,which accounts for around 40 percent of global GDP.
They first emerged as the Group of Four,..during the oil crisis in the 70s,..to stabilize currency turbulence.
Japan, Canada, and Italy subsequently joined,making the current G7 members.
Russia was briefly included,before being suspended in 2014,over its annexation of Crimea.
Last year's summit was canceled due to COVID-19, making this one in the UK,the first in-person summit in two years.
It's taking place at Carbis Bay in Cornwall, an area central to the UK's green technology sector.
The BBC reported that the location was selected to show off the country's green credentials,ahead of the UN climate conference in November.
Also joining the summit are four guest countries South Korea, Australia, South Africa, and India,making what UK Prime Minister Boris Johnson referred to as the "football team" along with the G7 members.
Indian PM Narendra Modi is attending virutally,..due to the country's COVID-19 situation.
These guest countries are deemed to play a critical role in achieving the summit's major goals: equitable distribution of COVID-19 vaccines, fighting climate change, and forging ties against the growing power of China.
That's certainly the case for South Korea, which has been invited for the second time, with its proximity to China and vaccine manufacturing capabilities.
At the end of the summit, a communique will be released outlining what has been agreed by the leaders.
Although the terms do not have legal power, some decisions can have global effects like the 2002 global fund to fight malaria and AIDS.
And all eyes are on whether this summit could set out an effective COVID recovery plan for the world.
Lee Kyung-eun, Arirang News.
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