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G7 format fails to reflect whole global economy, Moscow focuses on G20, BRICS — Kremlin

The G7 is an integration of developed countries, which consists of the UK, Germany, Italy, Canada, the US, France, and Japan

© Marina Lystseva/TASS

MOSCOW, March 13. /TASS/. The Group of Seven (G7) format is not a reflection of the global economy as a whole, which is why Moscow focuses on the G20 and BRICS (Brazil, Russia, India, China, South Africa), Kremlin Spokesman Dmitry Peskov told reporters on Monday.

Asked to comment on Western analysts’ report saying that the share of BRICS nations in the global GDP has surpassed that of G7 countries, he said: "Irrespective of the findings by these experts, it is safe to say that the economic clout of BRICS countries in the global economy is constantly growing. The global economy is far from being limited to G7 nations, which is why Russia believes that the format obviously fails to reflect the economic wants and needs of our planet. The broader grouping, the G20, far more closely reflects the real state of affairs, which is what we are concerned with."

The G7 is an integration of developed countries, which consists of the UK, Germany, Italy, Canada, the US, France, and Japan. It is mainly focused on searching for solutions to global political and social problems. The organization existed in a seven-member format from 1976-1997. After Russia joined the organization it was called the G8. In March 2014, as a result of the events in Ukraine and the ensuing crisis in relations between Moscow and the West, the organization decided to return to the G7 format.

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Foreign policy G7 BRICS G20

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