All eyes on G7 Summit, world watches

New Delhi: Leaders from the world’s advanced economies are preparing to gather in Bari, Italy for the 50th annual Group of Seven (G7) Summit, set to take place from June 13 to 15 at the luxurious Borgo Egnazia resort. This year’s summit arrives against a backdrop of global conflicts and heightened competition between Western powers and China.

India’s Third TermPrime Minister Narendra Modi is all set to attend the Group of Seven (G7) Summit, marking his first overseas trip after beginning his third consecutive term. The G7 meeting, hosted by Italy, is scheduled for June 13-14 in Apulia, following an invitation extended by Italian Prime Minister Giorgia Meloni.

 

 

Which Other Countries Will Attend?

The G7 consists of the United States, Canada, Germany, France, Italy, Canada, and the United Kingdom. Leaders from each country will be in attendance, alongside representatives from the European Council and the European Commission. Italy, as the host, has invited a record number of leaders from other countries, including Pope Francis, King Abdullah II of Jordan, and heads of state from Ukraine, India, Brazil, Argentina, Turkey, the United Arab Emirates, Kenya, Algeria, Tunisia, and Mauritania. International organizations such as the United Nations, World Bank, International Monetary Fund, African Development Bank, and the Organisation for Economic Co-operation and Development (OECD) will also participate.

What’s on the Agenda?

The summit will commence with discussions on June 13 at 11 am GMT, covering topics including Africa, climate change, and development. Following this, attention will shift to the Middle East, with a focus on Israel’s conflict with Gaza. A lunch break will provide visiting leaders an opportunity to sample Apulia’s renowned le orecchiette pasta. In the afternoon, Ukrainian President Volodymyr Zelenskyy will join for discussions on Ukraine.

On June 14, key topics will include migration, Asia Pacific, economic security, artificial intelligence, energy, and the Mediterranean region. The day will conclude with the adoption of the G7 Summit Communique at 4:45 pm GMT.

What to Watch For?

Among the anticipated outcomes is an agreement among G7 and EU nations on a $50 billion loan for Ukraine, secured against frozen Russian assets in the West since Moscow’s invasion in 2022. This move is expected to demonstrate solidarity with Kyiv.

While there is no expected reprimand for Israel’s actions in Gaza, the G7 is likely to endorse US President Joe Biden’s proposal for a three-phase ceasefire, supported by the UN Security Council, and call for the release of all captives held in Gaza.

Italy’s Giorgia Meloni, bolstered by recent gains in the European Parliament, is expected to promote her foreign policy initiative, the Mattei Plan, aimed at positioning Italy as a crucial energy hub linking Europe and Africa. This initiative seeks to stimulate growth in Africa and reduce immigration to Europe.

The G7 will also address concerns over China, particularly focusing on industrial overcapacity, where production exceeds demand, leading to price declines.

What is the G7 Summit?

The G7 Summit is an informal platform where leaders of major advanced economies discuss global governance and finance issues, culminating in a joint statement that outlines their policy directions. Initially representing 70% of the world’s GDP in the 1970s, the G7’s influence has waned with the rise of alternative groupings like the G20 and BRICS, indicating a shift in global economic power towards Asia and emerging economies.

This year’s summit marks the first meeting since the BRICS group’s expansion last year, which includes China and Russia, highlighting growing discontent in the Global South over Western policies.

Courtesy – newstracklive

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