look news india
G-7 Italy Summit: The leaders of the world's seven richest countries are gathering in Italy. Various issues including the Russia-Ukraine war, Israel-Arab conflict in Gaza will be discussed. Leaders from Africa and the Indo-Pacific region will also attend the G7 summit and will discuss economic cooperation with developing countries. The G7 summit is scheduled to be held from June 13 to 15 at Borgo Egnazia, a luxury resort in Italy's Apulia region.
Prime Minister Narendra Modi will leave for Italy today to attend the G7 summit. This will be PM Modi's first foreign visit after assuming the post of Prime Minister for the third consecutive time. Italy has invited India to participate as an outreach country in the 50th G-7 summit to be held on June 14.
will be participating for the fifth time
According to the report, this is the 11th time India has been invited to the G-7 summit and this will be the fifth time PM Modi will participate in it.
What is G7?
The G7 is an association of the world's seven largest so-called 'advanced' economies, which dominate global trade and the international financial system. They include Canada, France, Germany, Italy, Japan, Britain and the United States.
Although the European Union is not a member of the G7, it does attend the annual summit. Russia joined the G8 in 1998, in 2014 Russia annexed Crimea, forcing Moscow to leave the group. China, despite its large economy and the world's second-largest population, has never been a member. This is because of its relatively low level of wealth per capita and it is not seen as an advanced economy like G7 members. Both of these countries belong to the G20 group of developed and developing nations. Throughout the year the G7 holds ministerial and official meetings, reaches agreements and publishes joint statements on global events. The G7 presidency in 2024 is held by Italy.
The 2024 G7 summit will be held in Apulia, Italy from June 13 to 15. According to reports, this will be the first major international forum to be hosted by Italian Prime Minister Giorgia Meloni after she takes office in October 2022. The Italian government says it wants the summit to focus on issues such as the wars in Ukraine and Gaza, Africa and tourism, economic security and international cooperation on artificial intelligence (AI).
What can G7 leaders do about the war in Ukraine and Gaza?
The G7 countries have already imposed a huge package of sanctions on Russia. The G7 countries have isolated Russia from international trade and the global financial system. They have also frozen about $300 billion (£236 billion) of Moscow's assets held on its territory, such as the foreign exchange reserves of Russia's central banks.
According to the report, the G7 countries are reportedly now working on a plan under which the interest earned on frozen Russian assets will be given to Ukraine as a loan. This amount could be $50 billion.
On June 3, the leaders of the G7 countries endorsed a plan presented by US President Joe Biden to end the war in Gaza. Biden has proposed an immediate ceasefire by Israel and Hamas, the release of all hostages, increased aid to Gaza, and a peace deal that guarantees Israel's security and the safety of Gaza's residents.
How does the G7 work with developing countries?
The Italian government says relations with developing countries and emerging economies will be at the heart of the G7 summit, and that it will work to create a cooperation model based on mutually beneficial partnerships.
Italy has invited the leaders of 12 developing countries from Africa, South America and the Indo-Pacific region to attend the summit. Italy has devised a plan called the Mattei Plan. Through this plan, it will provide grants and loans worth 5.5 billion euros (£4.6 billion) to several African countries to develop their economies.
The plan would also establish Italy as an energy hub and build gas and hydrogen pipelines between Africa and Europe. However, many commentators suspect this may be a cover to prevent further tourism to Africa via Italy.
Is there any power in the G7?
The G7 cannot pass laws. However, some of their past decisions have had a global impact. For example, the G7 was instrumental in establishing a global fund to fight malaria and AIDS in 2002.
Ahead of the 2021 G7 summit in the UK, the group's finance ministers agreed to make multinational companies pay more taxes. It has also provided financial aid to developing countries and taken steps to tackle climate change.