G7 To Hold Meeting Amid Ongoing War in Europe, Middle East
- By Thetripurapost Desk, Rome
- Jun 13, 2024
- 162
Leaders of the world's advanced economies are set for the annual Group of Seven (G7) meeting in Italy, amid ongoing wars in Europe and the Middle East and growing competition between the West and China.
The G7 is often seen as an exclusive and Western-dominated club of like-minded people.
China is the world's second-largest economy but is not a member of the G7. The same is the case with India. However, India has been invited as a special invitee to several previous meetings.
This year too, Prime Minister Narendra Modi will represent India at the G7 summit being held in Apulia, Italy. This will be the 50th G7 summit, which is being held at a luxury resort from June 13 to 15.
The G7 member countries - the US, Canada, Germany, France, Italy, Canada and Britain - are attending the summit. They will be joined by the heads Yet, despite all the important topics on the agenda, the G7 summit is not a place where agreements are made or treaties adopted. It is an informal forum where a handful of major advanced economies traditionally discuss issues related to global governance and finance, and then produce a final joint statement. That document indicates the direction the group's members intend to follow when formulating future policies, while providing the rest of the world a glimpse into their priorities. As the world's economic power centers have shifted from the West to Asia and more broadly to emerging economies, the group's importance has diminished. In the 1970s, its members' economies represented about 70 percent of the world's gross domestic product (GDP). But as the 2008 global financial crisis led to the emergence of more alternative groups - from the G20 to the recently expanded BRICS - the G7's relevance shifted from the most powerful economic club to a group of like-minded industrialized nations.
The European Council and the European Commission. The G7 host country has the right to invite guests from other countries for extended sessions.
It is a practice that has been increasingly adopted by the group as it has tried to present itself as the voice of more than just the wealthy West. But, while the number of guests is usually low, Italy has invited a record number of leaders. But, while the number of guests is usually low, Italy has invited a record number of leaders. It includes leaders from Pope Francis and King Abdullah II of Jordan to Ukraine, India, Brazil, Argentina, Turkey, the United Arab Emirates, Kenya, Algeria, Tunisia and Mauritania.
In addition, the Secretary-General of the United Nations and the heads of the World Bank, the International Monetary Fund, the African Development Bank and the Organisation for Economic Co-operation and Development (OECD) will be present.
On June 13, discussions will begin at 11am (09:00 GMT) with a session on Africa, climate change and development. This will be followed by a session on the Middle East, where Israel's war on Gaza is expected to be discussed.
This will be followed by a lunch break - visiting leaders may want to try Apulia's famous le orecchiette pasta while in the region. Right after lunch, Ukrainian President Volodymyr Zelensky is expected to arrive for two sessions on Ukraine. On June 14, the main topics of discussion will include migration, the Asia Pacific and economic security. Sessions on artificial intelligence, energy and the Mediterranean are also on the agenda.
At 6:45pm (16:45 GMT) there will be a closing session with the adoption of the G7 summit communiqué. On June 15, the host, Italy, will hold a news conference.
The G7 and EU countries are expected to announce a deal on a $50 billion loan for Ukraine that would be guaranteed by profits earned on Russian assets frozen in the West soon after Moscow invaded its neighbour in 2022. The source said such an agreement would send a strong message of unity to Kiev No strong rebuke is
No expected for Israel's brutal bombing of Gaza. The G7 is expected to support US President Joe Biden's three-phase ceasefire proposal, which was approved by the UN Security Council on Sunday.
Italy's Giordano Meloni, stronger than ever after a big win in European Parliament elections over the weekend, is expected to expand her foreign policy crown jewel, the so-called Mattei Plan, by trying to win support from the wider G7. The project aims to establish Italy as a major energy hub between Europe and the African continent. Its big promise is to help boost development in Africa and in turn stem immigration to Europe.
"Italy's priority is Africa and it's to show that the G7 is extending its outreach toward the continent, although there won't be many new initiatives due to limited resources," said Ettore Greco, vice president of the Rome-based think tank Istituto Affari Internationali (IAI). China will also be discussed.
The US is pushing Western allies to include the group's concern over China's industrial overcapacity in the final statement - when firms produce more than is demanded, causing prices to fall.
Yet, despite all the important topics on the agenda, the G7 summit is not a place where agreements are made or treaties adopted. It is an informal forum where a handful of major advanced economies traditionally discuss issues related to global governance and finance, and then produce a final joint statement. That document indicates the direction the group's members intend to follow when formulating future policies, while providing the rest of the world a glimpse into their priorities. As the world's economic power centers have shifted from the West to Asia and more broadly to emerging economies, the group's importance has diminished. In the 1970s, its members' economies represented about 70 percent of the world's gross domestic product (GDP).
But as the 2008 global financial crisis led to the emergence of more alternative groups - from the G20 to the recently expanded BRICS - the G7's relevance shifted from the most powerful economic club to a group of like-minded industrialized nations