Is G7 the club of biggest economies? G7 used to be the club of richest countries in 1970s the US, Japan, Germany, Britain, France, Italy and Canada. But now the seven biggest economies would include China and India, and exclude Italy and Canada. Because G7 in current form is the heart of the American-led geopolitical alliance. G7 is about a club America is comfortable with. Russia used to be invited as the 1 in G7 gatherings, but got dropped after it annexed Crimea in 2014. Yes and no. It has America, so it's got punch. But meaningful global economic coordination would have to involve nations beyond G7. After the Global Financial Crisis commenced, President George Bush called, late in 2008 the heads of the largest 20 economices, to begin the G20 and G20's decisions will guide the working of global agencies such as the IMF and the WTO, and an alphabet soup of institutions that set rules for the global financial system: BIS, FSB. Yes because of China, India was invited, along with Australia, South Korea and South Africa. In the Indo-Pacific, the four-member Quad the US, Japan, Australia and India holds the key to peace in the region. In this game, India is key. It shares a large land border with China and bears the direct brunt of China's expansionist ambitions, India is also asia's largest economy after china and japan. G7 saw plenty of tough words on China, especially from the US. G7 finance ministers decided to work for a regime change in corporate tax. Every country to adopt a minimum corporate tax rate of 15% and every country to get the right to tax the profits a global firm generates from it. In return, countries like India and France give up their tax on digital companies. Of the 2.33 billion vaccine doses delivered worldwide, only 0.3% have gone to the poorest nations.
