Leaders of advanced economies are gearing up for the annual Group of Seven (G7) meeting in Italy, set against a backdrop of ongoing wars in Europe and the Middle East, and increasing competition between the West and China.
The summit, hosted in the picturesque region of Apulia, will take place from June 13 to 15 at Borgo Egnazia, a luxury resort. This marks the 50th G7 Summit.
Who is coming to G7 summit?
The G7 includes the United States, Canada, Germany, France, Italy, Japan, and the United Kingdom. Leaders from each of these countries will attend, along with the chiefs of the European Council and the European Commission.
Additionally, Italy has invited a record number of leaders from other countries, including Pope Francis, Jordan’s King Abdullah II, and the leaders of Ukraine, India, Brazil, Argentina, Turkey, the UAE, Kenya, Algeria, Tunisia, and Mauritania.
Key figures from the United Nations, the World Bank, the International Monetary Fund, the African Development Bank, and the OECD will also be present.
G7 schedule
The summit will address a wide range of global challenges. On June 13, discussions will begin with sessions on Africa, climate change, and development, followed by a session on the Middle East, where Israel’s war on Gaza is expected to dominate. Ukrainian President Volodymyr Zelenskyy will join for two sessions on Ukraine later that day.
On June 14, the focus will shift to migration, Asia Pacific, and economic security. Additional sessions will cover artificial intelligence, energy, and the Mediterranean. The summit will conclude on June 15 with a closing session and a news conference hosted by Italy.
Aid for Ukraine
An Italian source informed Al Jazeera that G7 and EU countries are hoping to announce an agreement over a $50 billion loan for Ukraine, guaranteed by profits from frozen Russian assets in the West. This agreement is intended to send a strong message of unity to Kyiv.
The G7 is also expected to support US President Joe Biden’s three-phase ceasefire proposal for Gaza, endorsed by the UN Security Council.
Italy’s Mattei Plan
Italy’s Prime Minister Giorgia Meloni, buoyed by recent gains in the European Parliament election, will seek to expand her foreign policy’s Mattei Plan. This initiative aims to position Italy as a major energy hub between Europe and Africa, promising to boost growth in Africa and curb immigration to Europe.
Ettore Greco, vice president of the Rome-based think tank Istituto Affari Internazionali (IAI), said:
Italy’s priority is Africa and to show that G7 is advancing its outreach towards the continent although there won’t be many new initiatives due to scarce resources.
Focus on China
China’s industrial overcapacity is another key topic. A government source indicated that the US is pushing Western allies to include concerns over China’s overproduction, which drives down global prices, in the final summit statement.
US officials have expressed concerns about China’s role in supplying Russia with critical components, both Chinese and Western, which could be used in Russian weapons systems.
On Wednesday, the US sanctioned several Chinese and Hong Kong-based companies for shipping materials to Russia.
G7’s evolving role
The G7 Summit serves as an informal platform where major advanced economies discuss global governance and finance issues, leading to a final joint statement that outlines the group’s intended direction.
Although the G7’s significance has diminished with the rise of other economic power centers and groupings like the G20 and BRICS, it remains a crucial forum for like-minded industrialized countries.
The summit will highlight the G7’s attempt to adapt to a changing global landscape, as the world’s economic power centers shift from the West towards Asia and emerging economies. This meeting will also reflect on the G7’s relevance in addressing contemporary global challenges and its ability to influence future policies.
As the summit progresses, global leaders and observers will be watching closely to see how these discussions shape international relations and address the pressing issues facing the world today.
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