Explanation:

• The Group of 7 (G7) is an informal group of seven countries — the United States, Canada, France, Germany, Italy, Japan and the United Kingdom, the heads of which hold an annual summit with European Union and other invitees.
• The G7 is not based on a treaty and has no permanent secretariat or office; its presidency rotates annually among the members, with the presiding nation setting the group’s priorities, and hosting and organizing its summit.

Hence only statement 1st is correct.