Q. Consider the following statements regarding “G7”:
1.It is an intergovernmental economic group consisting of 7 largest IMF advanced economies.
2.It has binding impact on policy, and all decisions and commitments made at G7 meetings.
Which of the statements given above is/are not correct?
Answer: B
Notes:
Explanation: G7 Grouping is an intergovernmental economic group consisting of 7 largest IMF advanced economies such as Canada, France, Germany, Italy, Japan, the UK, and the US.
- The EU is also represented within the G7 as an invitee. Formerly called G8 with Russia in it, but due to Crimean crisis, Russia was ejected from the group.
- It has no binding impact on policy, and all decisions and commitments made at G7 meetings need to be ratified independently by governing bodies of member states.
Source: FORUMIAS
