Italy hosts the annual summit of leaders from the Group of Seven (G7) major democracies on June 13-15. During the summit, top leaders from the economically rich nations including US President Joe Biden and others are due to meet. While, India, is not an official member of the G7 nations, Italian Prime Minister Giorgia Meloni invited her Indian counterpart Narendra Modi to attend the grand event. Here are key facts and figures about the three-day event.
In 1975, leaders of the world’s wealthy democracies gathered to deal with an energy crisis sparked by a war and rampant inflation. Those same sore points are bedeviling their successors representing 46% of the global economy at this week’s Group of Seven summit, with high consumer and energy prices threatening to trigger recessions in the US and Europe.
Here are key facts about the Group of Seven:
What is the Group of Seven (G7)?
It’s a group of wealthy democracies with large, advanced economies and high standards of living. Annual summits give leaders a chance to hash out common approaches on pretty much anything they want to talk about. The first summits in the 1970s were convened to deal with the first post-World War II recession and focused on fiscal stimulus and exchange rates. Economic policy still tends to be front and centre. Energy, terrorism, the Cold War and the environment have been major themes across the group’s history. The members are: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. European Union officials also attend.
Who started G7?
In 1975, French President Valery Giscard D’Estaing formally convened what was then a Group of Six outside Paris. The purpose: to deal with a recession accompanied by high unemployment and inflation in the wake of the Arab oil embargo against the US and other countries for supporting Israel during the 1973 Arab-Israeli war. Canada was invited the next year. Their annual meetings offer leaders a chance to size each other up and negotiate face-to-face on a broad spectrum of issues involving all their Cabinet departments - the big picture.
Where is the summit being held this year?
The meeting is being held in Borgo Egnazia in the southern region of Puglia - a luxury hotel with a Michelin-starred restaurant. On the first evening, the leaders will attend a dinner in their honour in the nearby city of Brindisi.
Who will attend the G7 Summit 2024?
The G7 comprises the United States, Japan, Canada, Germany, France, Italy and Britain. The European Union participates in all discussions and is represented by the presidents of both the European Council and the European Commission. The host country traditionally invites outside guests to join some of the sessions. Italy has thrown open the doors and will this year welcome Pope Francis, the King of Jordan as well as the leaders of Ukraine, India, Brazil, Argentina, Turkey, the United Arab Emirates, Kenya, Algeria, Tunisia and Mauritania, which holds the presidency of the African Union.
In addition, the secretary-general of the United Nations and heads of the World Bank, the IMF, the African Development Bank and the Organisation for Economic Co-operation and Development (OECD) will be present.
What is on the agenda of G7 Summit 2024
The summit kicked off at 11:15 a.m. (0915 GMT) on Thursday with a discussion about Africa, climate change and development. The conversation then switches to the Middle East before two sessions dedicated to Ukraine - the first including Ukrainian President Volodymyr Zelenskyy.
Day two has sessions on immigration, the Indo-Pacific and economic security before the arrival in the afternoon of the outreach partners for talks on the Mediterranean, energy and Africa. Pope Francis will lead talks on Artificial Intelligence.
Much focus will be on whether the leaders can finally reach agreement on how to leverage profits generated by Russian assets frozen in the West and use them for Ukraine. U.S. President Joe Biden will sign a new security agreement with Ukraine on the sidelines of the gathering.
China will also be discussed at length. The leaders are likely to issue a statement expressing concern on Chinese industrial overcapacity and will also look at the possibility of imposing additional measures to level the field with heavily subsidised Chinese companies. Again, the United States feels much more strongly about this than some EU nations. US officials also expect the G7 to send a tough warning to smaller Chinese banks to stop assisting Russia in evading Western sanctions.
The G7 leaders are likely to express their resolve in addressing the heavy debt burden faced by many emerging markets and developing countries, but it is not clear what this commitment will mean in real terms. Italy is still pushing for an accord on a global minimum tax on multinationals, even if it said last month that a deal would not be finalised by June as previously planned.
India's agenda at G7 Summit?
India on Wednesday reiterated that the best option to resolve the Ukraine conflict is dialogue and diplomacy as Prime Minister Narendra Modi travels to Italy to attend the annual summit of G7 grouping that is set to focus on dealing with global geopolitical turmoil.
Modi, accompanied by a high-level delegation, will travel to Italy on Thursday to attend an outreach session at the summit on June 14. It will be his first trip abroad after assuming charge as prime minister for the third term. "We have always maintained that dialogue and diplomacy is the best option," Foreign Secretary Vinay Kwatra said at a media briefing when asked what would be India’s approach to resolving the Ukraine conflict.
Will PM Modi hold a bilateral meeting with Biden?
Biden and Prime Minister Modi would likely "have the opportunity to encounter one another" on the sidelines of the G7 Summit in Italy, National Security Advisor (NSA) Jake Sullivan said here Wednesday. “He (Biden) expects to see Prime Minister Modi. It's up to the Indians to formally confirm his attendance, but our expectation is that the two of them will have the opportunity to encounter one another. During a press conference in New Delhi, the Foreign Secretary also did not reveal any bilateral scheduled with Biden but also did not rule out the possibility.
Will PM Modi meet Zelenskyy?
Kwatra said Modi is expected to hold a bilateral meeting with the Prime Minister of Italy Giorgia Meloni. “In the meeting, the two prime ministers are expected to review the entire gamut of bilateral ties and give directions for next steps,” he said. Modi is also likely to have bilateral meetings with some other leaders. Asked whether the prime minister will hold any bilateral meeting with Zelenskyy, Kwatra did not give a direct reply and said Modi’s schedule is in the works. Modi had attended the previous G7 summit in Hiroshima in May last year.
When does the G20 Summit end?
Officially the summit runs until June 15, but US President Joe Biden is flying out on the night of June 14 and the only official item for Saturday, at present, is the closing news conference of host Italian Prime Minister Giorgia Meloni, plus several bilaterals for remaining leaders.
(With inputs from agencies)
