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» What is the G8?
   » Roles and Purpose
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Issues of the G8

International Trade and Finance

First and foremost, the G8 is concerned with the world economy and international trade and finance. This includes:

  • Strengthening intergovernmental cooperation
  • Improving the world monetary and trade systems

Examples of past G8 decisions:

  • Reorganizing international financial systems in the 1970s following the collapse of the Bretton Woods Agreement (which regulated the value of world currencies)
  • Pushing international trade agreements such as the General Agreement of Tariffs and Trade (GATT) and the World Trade Organization (WTO)
  • Providing economic and financial assistance to Central Europe and Russia after the fall of the Soviet Union
  • Ameliorating the 1987 global stock market plunge
  • Bailing out Mexico following the collapse of its currency in 1994
  • Stemming the 1997-99 Asian financial crisis that threatened global financial institutions

Global Peace and Security

The G8 is also concerned with global peace and security. This includes:

  • Creating a free and peaceful world
  • Aiding in the prevention and resolution of international conflicts

Examples of G8 decisions:

  • Encouraging defence and arms reduction during the Cold War
  • Encouraging democracy and human rights in Central Europe and the Third World
  • Aiding United Nations and NATO activities in the former Yugoslavia
  • Declarations against terrorism
  • Condemning nuclear testing in India in 1998
  • Urging economic and political reforms in Indonesia in 1998

The Third World

The G8 is also concerned with developing countries and the Third World. Some actions that the G7/G8 have taken include:

  • Encouraging democracy and human rights in the Third World
  • Launching the Cologne Debt Initiative to ease Third World Debt
  • Launching the New Partnership for Africa's Development

Next >>
Membership in the G8


 

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