CURRENT AFFAIRS

Detailed explanation-1: -The G7 is an informal grouping of seven of the world’s advanced economies, including Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, as well as the European Union.

Detailed explanation-2: -Through the partnership, the G7 nations of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States aim to mobilize $600 billion in public and private funding for infrastructure by 2027. The United States is seeking to mobilize $200 billion for the partnership in the next five years.

Detailed explanation-3: -The idea was first proposed by Chinese president Xi Jinping during a visit to Kazakhstan in 2013, and central Asia is seen as the most vital region for the ‘Belt’ element.

Detailed explanation-4: -The G7 is not based on a treaty and has no permanent secretariat or office. It is organized through a presidency that rotates annually among the member states, with the presiding state setting the group’s priorities and hosting and organizing its summit; Germany currently presides for 2022.