The G7, formerly G8 before Russia was kicked out for the annexation of Crimea in 2014, was set up in 1975 as an informal forum bringing together the leaders of the world’s leading industrial nations. With a combined Gross Domestic Product of $39 trillion, Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States represent 48.3 percent of global net wealth.
France hosts the next G7 summit in Biarritz from August 24 to August 26. Holding the G7 presidency until the end of 2019, France has renewed the format of the G7 summit and invited partner countries, including Australia, Chile, India and South Africa, to take part in the meeting. Italian Prime Minister Giuseppe Conte resigned on Tuesday afternoon (August 20).
It is not clear who will lead the Italian delegation in Biarritz.