Getty ImagesLeaders of seven of the world’s wealthiest countries, including British Prime Minister Rishi Sunak, are meeting in Italy to decide how to deal with the ongoing conflicts in Gaza and Ukraine.
Leaders from Africa and the Indo-Pacific region will also participate in the G7 summit to discuss economic cooperation with developing countries.
What is G7?
The G7 (Group of Seven) is an organization of the world’s seven so-called “developed” economic powers that dominate global trade and the international financial system.
Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
Despite China’s large economy and second-largest population in the world, it has never been a member.
Due to relatively low levels of per capita wealth, it is not considered a developed economy like the G7 countries.
All these countries belong to the G20 group, which is made up of developed and developing countries.
Although the EU is not a member of the G7, it does attend the annual summit.
Throughout the year, G7 ministers and officials meet, sign agreements, and issue joint statements on global events.
Italy will hold the G7 Presidency in 2024.
Getty ImagesWhat is Italy’s agenda at the 2024 summit?
The 2024 G7 Summit will be held in Puglia, Italy from June 13th to 15th.
In addition to the wars in Ukraine and Gaza, Italy said it wanted the summit to focus on international cooperation on Africa, migration, economic security and artificial intelligence (AI).
What can G7 leaders do about the wars in Ukraine and Gaza?
They cut off the country from international trade and the global financial system.
The G7 and EU countries also froze around $325bn (£254bn) of Russian financial assets held within their borders, including Russia’s central bank’s foreign exchange reserves.
G7 countries are currently working on a plan to take the interest earned by these assets and pass it on to Ukraine in the form of a loan. This could reach $50 billion.
He proposed an immediate ceasefire between Israel and Hamas, the release of all hostages, increased aid to Gaza, and a peace agreement that would guarantee Israel’s security and the safety of Gazans.
How can the G7 work with developing countries?
Leaders from 12 developing countries in Africa, South America and the Indo-Pacific region were invited.
Under the Matei plan, Italy will provide grants and loans worth €5.5bn (£4.6bn) to African countries to support their economic development.
The plan would also position Italy as an energy hub and build gas and hydrogen pipelines between Africa and Europe.
Italy is asking other countries to contribute funds to the project.
How can the G7 address economic security and AI risks?
As G7 chair in 2023, Japan encouraged the G7 to formulate an international economic security plan.
The G7 adopted an anti-coercion pact aimed at stopping countries such as China and Russia from using their economic power to impose their will on other countries.
Ms Meloni said her participation was a “grave mistake”. The United States calls this effort “debt trap diplomacy” on the Chinese side.
AI safety was addressed at a summit to be held in Japan in 2023, giving birth to the Hiroshima AI Process, which aims to promote “safe, secure, and trustworthy AI around the world.”
However, this is just a collection of voluntary efforts.
Does the G7 have the power?
The G7 cannot pass laws. However, some past decisions have had global effects.
It also provides financial aid to developing countries and is working on climate change countermeasures.
