FAQs on the G8 Summit

July 7th, 2008 - 1:54 pm ICT by IANS  

A file-photo of Manmohan Singh

Toyako-Hokkaido (Japan), July 7 (IANS) As Prime Minister Manmohan Singh travels to the Japanese island of Hokkaido to participate in the 9th G8 Summit as an outreach partner representing the world’s emerging economies, IANS answers some frequently asked questions on the summit: Q: What is the G8 Summit?

The Group of Eight (G8) Summit is an annual meeting attended by leaders of eight countries - Canada, France, Germany, Italy, Japan, Russia, the United Kingdom, and the United States - and the president of the European Commission.

Q: What makes the G8 Summit different from other international meetings?

At the Summit, leaders freely and vigorously exchange opinions on a variety of issues facing the global community centring on economic and social problems. They work to reach a consensus to make top-down decisions. As countries become increasingly interdependent in a globalized world, events unfold with drastic speed and the impact of events becomes more significant beyond national borders.

Q: What preparations are made for the G8 Summit?

Preparations for the G8 Summit consist of close liaison among the personal representatives of the G8 leaders, who are known as “Sherpas.” The Sherpas receive orders from their leader and coordinate with their Sherpa colleagues.

Q: How did the G8 Summit start?

In the early 1970s, developed countries, faced with problems such as the Nixon Shock (devaluation of the dollar) and the first oil crisis, began to recognize the need for a top-level forum to discuss in a comprehensive manner policy coordination for global economic issues such as macro economy, currencies, trade and energy.

Against this backdrop, the first summit meeting was held as proposed by Val

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in World |