What The G7 Summit Is All About

You've probably heard about the G7 summit. It's an annual meeting of world leaders, where they discuss global issues, and pose for an obligatory photo op. But what about the G8 and G20?

Here are the differences.

G7, or "group of seven," mainly has to do with politics. After the first oil shock of the 1970s, economies across the world were suffering, and global leaders wanted to do something about it. So, a group of government officials decided to meet and figure things out. Members are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. In addition, the presidents of the European Council and the European Commission represent the EU at G7 summits.

In 1998, Russia joined the club, making it the G8, but it was kicked out in 2014 after its annexation of Crimea. So now we're back to G7. However, Trump said Friday that Russia should be reinstated in G7 talks.

The G20 is all about money and has 20 members. Its members represent 85 percent of global economic output, and it's a little less exclusive than the G7. The members are Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States and the European Union.

Both summits have traditionally drawn outrage and protest among activist groups demonstrating against capitalism, patriarchy and racism.

This year's G7 summit takes place in Quebec on Friday and Saturday.

About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.

Connect with CNBC News Online

What the G7 Summit Is All About | CNBC

[Franciscoa]

It's scenes like this that makes me wonder: What if all world leaders chill out and have a UN Minecraft server?

[CJLinOHIO]

Thank you for this education on what it is all about.

[abhishekful]

Which country contributed what to this world growth. Can u make one video on it?

[mandoist]

“I’m postponing it because they all laughed at me. My people told me what to say for an excuse... but I'm too lame and easily distracted to remember what they told me."

[kevinvarghese]

Yeah atlast "Good old family photo" Smile please ! 😂🙏

[Mummyof]

Alot of us cornish don't want it to go ahead down ere, it's literally just down the road where I live but personally I'm hoping nothing but good will come of it.

[SuddenlySubtle]

Weird how the logo drops on Abe at the end...

[j]

The G7 still make up 50% of the worlds GDP and about 2/3rds the global wealth. They are also the 5 most traded and held currencies: the US dollar, the Euro, the Japanese Yen, the British pound, the Canadian loonie.

[memoryofthestars]

But how can some people fix the problem of this world by sitting thousands of kilometer away without including the people who are facing those problems?

[jenniferbloomfield]

I want to know what will happen to Britain when it leaves the EU. Will it still remain a part of the G7? I only ask because surely if Russia got kicked out there could be a chance Britain gets kicked out. Or does it only depend on if you go to war with another country? Also if it is dependent on the most economic and we leave the EU and suddenly become one of the worst economic what happens then. Just interested!

[ichangedmyname]

If it's called g7 why are there 9 people

[WeekendtravellerDrVikaskumar]

G7 is photo session for 7 teddy more imp.

[wayne]

New Zealand is neither a part of G7, nor G20, why? @JacindaArden #JacindaArden

[yogadgsix]

I think g7 is representatif of countries who were major participant of ww2.
Axis : german, italy, japan
Allied : usa, uk, france, canada (help usa in ww2).
Russia must joint g7 again.
They were reunion.

[morepower]

We know you all control everything and their prices do right or get dealt with

[rahaman]

How nice voice!!!
If I were communicate this girl, I would learn English from her.

[rahaman]

Can I get the address the girl who give the voice in this documentary.

[tetsuderothchild]

nato prides itself on charitable acts, justice. might they then begin working on a free education economic module to blow the venus project out the water? from MMA through tools of the trade to doctors all require one to invest in one self, this narrows down the chance of the next equivalent to me in politics. free education! across the board, free education.

[saltycecil]

Did you really just put women empowerment in the same category as climate change and future jobs? 😂

[MrNikosnik]

A shame Greece is not in the group....and "The European Union". Is.