Context:

• The 50th G7 summit was held from June 13-15, 2024 in the city of Borgo Egnazia in the Apulia region of Italy.

Key Points 

Chaired by: Giorgia Meloni (Prime Minister of Italy)

• Participating Countries: Canada, France, Germany, Italy, Japan, United Kingdom, United States of America and European Union.
• Invited Countries: Algeria, Argentina, Brazil, India, Jordan, Kenya, Mauritania, Tunisia, Turkey, United Arab Emirates, Ukraine and Vatican City.
• International Organisations: President of African Development Bank Akinwumi Adesina, Chief Operating Officer of International Monetary Fund Kristalina Georgieva, Secretary General of Organisation for Economic Co-operation and Development Mathias Cormann, Secretary General of United Nations António Guterres and President of World Bank Ajay Banga.

Evolution of G-7: 

• The G-7 began in 1975 as the Group of Six (G-6), which included the United States, France, Italy, Japan, the United Kingdom, and West Germany.
• Purpose: Its primary purpose was to address critical economic issues such as inflation and global recession that arose after the Organization of Petroleum Exporting Countries (OPEC) oil embargo in 1973–74.
• Expansion: Canada joined the group in 1976, transforming it into the G7. Russia joined in 1997, temporarily expanding it to the G8. It was expelled in 2014 following the Crimea conflict.
• The European Union has attended G7 meetings since 1981, represented by the Presidents of the European Council and the European Commission.

Functioning of G-7 : 

• Membership Criteria: No formal membership criteria exist.
• It has no charter or permanent secretariat.
• Presidency: The presidency of the G-7 rotates among member countries annually.
• The head of state of the country is responsible for setting the summit agenda and organizing the meetings.
• Sherpas: These ministers or envoys prepare the ground for the summit through policy discussions and meetings.

Key achievements of G-7 Summit: 

• Economic and political agenda: Over the past decades, the G-7 agenda has expanded from primarily economic issues to include global challenges such as trade, security, climate change, and more recently, technological advancements such as artificial intelligence.
• Global crisis response: In particular, the G-7 has taken coordinated action on global economic reforms, health emergencies such as the COVID-19 pandemic, and geopolitical conflicts including the Russian invasion of Ukraine.
• Innovation in governance: The launch of initiatives such as the “Hiroshima AI Process” highlights the G-7’s role in addressing emerging technological challenges.

Main Agenda of G-7 Summit 2024: 

• Ukraine conflict: G-7 countries are increasing their support for Ukraine.
• Israel-Gaza conflict: The G-7 summit addressed the escalating Israel-Gaza conflict with a resolution led by the US President.
• Economic security: The G-7 is committed to securing economic and strategic interests in the Indo-Pacific region by promoting trade security, alliance building, and countering China’s growing influence.
• Artificial intelligence: Discussions included ethical uses of artificial intelligence and the energy transition.
• Migration: Effective migration management strategies were prioritized at the summit.
• Promoting partnerships with African countries: The G-7 countries are committed to increasing support for African development.

Importance of G-7 for India : 

• India has been a participant in G-7 meetings as a guest country.
• Strategic partnerships: India has emerged as an important strategic partner for Western countries within the G-7 framework, especially in countering China's influence in the Indo-Pacific region.
• Balance in global relations: India strategically manages its growing ties with Western countries as well as its historical ties with Russia.
• G7 countries expressed commitment to the 'India-Middle East-Europe Economic Corridor' (IMEC) passed in the G20.

Important facts for exam

• Italy : 
• Capital: Rome
• Currency: Euro
• Prime Minister: Giorgia Meloni
• President: Sergio Mattarella