What Does the G7 Summit Mean for the Group and the Rest of the World?
Image Source: CNN
The Group of Seven (G7) summit is scheduled to be held between June 13 and 15, in Italy’s Apulia region. The host of the 50th G7 summit, Italy, has invited all its group members, which include Italy, Canada, France, Germany, Japan, the United Kingdom, and the United States. The Prime Minister of Italy, Giorgia Meloni, has also invited other figures like Pope Francis and Prime Minister Narendra Modi of India.
This meeting comes at a crucial time when the world is going through major crises, especially the wars in Ukraine and Gaza.
What is the G7?
The G7 is a group of seven of the biggest democracies and major economies consisting of the United States, Italy, Canada, France, Germany, Japan, and the United Kingdom. The group was formed in 1973 from an informal finance ministers’ meeting due to the oil crisis and rising inflation. The first G7 summit was held in 1975 in Rambouillet, France. Canada joined the group in 1976.
Russia joined the group in 1998, expanding it from G7 to G8. However, in 2014, Russia was expelled due to its illegal annexation of Crimea, a region of Ukraine. The presidency of the group rotates annually among the members. The G7 has evolved over the years from focusing on economic policies to addressing global issues today.
What is the agenda of the 2024 Summit?
The agenda of the summit includes the following:
- Defending Ukraine: The first priority is to defend Ukraine against Russian aggression. The G7 leaders want to help Ukraine by using money earned from interest on €300 billion of frozen Russian assets. They plan to use this interest to get a loan of up to $50 billion for Ukraine. They still need to figure out some details about how to do this.
- Addressing the Middle East Conflict: The summit aims to address the ongoing war in Gaza. US President Joe Biden has proposed a plan for an immediate ceasefire between Israel and Hamas and a comprehensive peace deal ensuring the security of both Israeli and Gazan citizens.
- Climate Crisis: The climate crisis remains a pressing issue as no member is on track to meet carbon reduction targets by 2030. The summit will focus on setting a specific agenda to phase out coal use.
- Other Major Issues: The G7 discussions will also cover migration issues, food security, the effects of artificial intelligence on human beings, and strengthening ties with developing nations, especially African countries.
Why has India been invited to the summit?
India is one of the fastest-growing economies in the world and plays a crucial role in the Indo-Pacific region, countering China’s influence. India has also contributed significantly to discussions on economic security, geopolitical stability, and development.
The Prime Minister of India, Narendra Modi, has arrived in Apulia, southern Italy. He stated that he looks forward to engaging and participating in the G7 summit on June 14 to address global challenges and foster international cooperation for a brighter future.
Team Profile
- News Writer
- Sapna Dodmani, hailing from Colaba, Cuffe Parade, is a driven second-year Multimedia student at KC College. A state and national-level sports player, she brings the same passion and dedication to her academic and professional pursuits as she does to the field. With a fervent interest in journalism, Sapna is committed to leveraging her platform to effect meaningful societal change. Her unique blend of athletic discipline and journalistic ambition positions her as a future leader poised to make a significant impact through her work.
Latest entries
English10 July 2024NATO 75th Summit Concludes with Statement to Provide Additional Air Defense Systems to Ukraine
English9 July 2024US President Joe Biden Condemns Russia for Brutal Attack on Ukraine
English8 July 2024Monsoons in Southeast Nations Bring Both Joy and Devastation, Wrecking Lives with Floods- English7 July 2024The Demise of Jon Landau Has Struck the Hollywood Industry
