G-7 Summit was held at Italy’s Apulia region on June 13-15
Participants: Leaders of the G-7 (U.S., Canada, Germany, France, Japan, U.K., Italy) and the European Union, with India invited as an outreach country.
Main Goals:
Bridge differences between the "West and the Rest"
Find new funding methods for the Ukraine war
Invest in Africa
Address migration, climate change, and AI challenges
Key Actions:
Agreed to make $50 billion available for Ukraine from Russia's frozen sovereign wealth funds
Held an “Energy for Growth in Africa” summit to promote clean energy investments
Criticized China for coercive trade practices
Engaged with leaders from 10 countries and multilateral organizations to discuss the concerns of the Global South.
Importance of India in the G-7 Process
India has been invited to the G-7 outreach 11 times, with Prime Minister Modi attending for the fifth time.
Significance of India:
Key member of the Global South
Hosts the “Voice of Global South” conference since 2023
Member of the G-20 troika along with Brazil and South Africa
Prime Minister Modi’s central role in such outreaches
Future of the G-7
Challenges:
Criticized for being an elitist, non-inclusive group
Does not include three of the world’s top 10 economies (China, India, Brazil)
Competed by BRICS, which has expanded its membership significantly.
Effectiveness:
Questioned for its inability to change the course of the Russia-Ukraine war, halt Israel's actions in Gaza, or counter China’s global influence.
Next Summit: Scheduled for 2025 in Canada’s Alberta region, with uncertainty about India's future participation.
The G-7 summit remains a crucial platform for addressing global issues, but it faces significant challenges in inclusivity and effectiveness amidst rising competition from other international groupings.
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