The G7, or Group of Seven, is an intergovernmental organization consisting of seven major advanced economies: Canada, France, Germany, Italy, Japan, United Kingdom, and United States. Established in the 1970s, the G7 meets annually to discuss and coordinate economic policy, address global challenges, and promote international cooperation. The G7 does not have a permanent secretariat or headquarters, and its decisions are not legally binding. However, it plays a significant role in shaping global economic governance and addressing issues such as climate change, trade, and security. The presidency rotates among member countries each year.