What is the G7 summit, and why does it matter?

For three days, beginning Friday, some of the world’s most powerful leaders are descending on a small Cornish village for a series of meetings as part of the Group of 7 summit, which brings together the heads of Britain, Canada, France, Germany, Italy, Japan and the United States.

So what exactly is the G7, and why does it matter?

The nations belonging to the club are the world’s wealthiest large democracies, close allies and major trading partners that account for about half of the global economy.

With broadly similar views on trade, political pluralism, security and human rights, they can — when they agree — wield enormous collective influence. Their heads of government meet, along with representatives of the European Union, to discuss economic issues and major international policies.

Those attending this years’ gathering include leaders from the G7 member countries — Britain, Canada, France, Germany, Italy, Japan and the United States — plus the European Union, guests Australia, South Africa and South Korea, along with India via video link.

The group, whose origins go back to the 1973 oil crisis, grew out of an informal gathering of finance ministers from Britain, the United States, France, Japan and what was then West Germany — initially known as the Big Five — as they tried to agree on a way forward.

Since the 1970s, the group and its later additional members have met dozens of times to work on major global issues that affect the international economy, security, trade, equality and climate change. In 2015, the summit paved the way for the Paris agreement to limit global emissions, which was decided later that year.

For a time, the group had eight members — remember the G8? — but Russia, always something of an outlier, was kicked out in 2014 amid international condemnation of President Vladimir V. Putin’s annexation of Crimea. Last year, President Donald J. Trump said he believed Russia should be reinstated.

Atop the agenda this year will be the coronavirus pandemic and its effects on the global economy, with a focus on worldwide recovery and vaccination.

This summit, hosted by Britain, which currently holds the group’s presidency, is the 47th of its kind and will continue through Sunday. Last year’s summit was canceled because of the pandemic, making this gathering the first in-person G7 Leaders’ Summit in almost two years. The last was in August 2019 in Biarritz, France.