Sansad TV Perspective: G7 Summit: Key Takeaways

In the series Sansad TV Perspective, we bring you an analysis of the discussion featured on the insightful programme ‘Perspective’ on Sansad TV, on various important topics affecting India and also the world. This analysis will help you immensely for the IAS exam, especially the mains exam, where a well-rounded understanding of topics is a prerequisite for writing answers that fetch good marks.

In this article, we feature the discussion on the topic: G7 Summit: Key Takeaways

Anchor: Vishal Dahiya

Participants:

  1. Gurjit Singh, Former Ambassador
  2. Manoj Joshi, Distinguished Fellow, ORF
  3. Prof. Ummu Salma Bava, Centre for European Studies, SIS, JNU

Context:

  • The G7 or the Group of Seven is a group of the seven most advanced economies as per the International Monetary Fund (IMF). The seven countries are Canada, the USA, the UK, France, Germany, Japan, and Italy. India was one of the invited countries to the G7 summit.
  • The 48th G7 summit was held from 26th-28th June 2022 in Germany. The 48th G7 Summit became relevant for global order in the backdrop of the Russia-Ukraine military crisis.

Agenda of G-7 at Bavaria, Germany:

  • Ukraine and cooperating on foreign policy;
  • Addressing energy and food security;
  • Investing in climate and health;
  • Promoting partnerships for infrastructure and investment;
  • Shaping the global economy;
  • Advancing gender equality;
  • Shaping international cooperation.

Highlights of the Discussion:

  • The G7 as an international platform includes one of the biggest democracies and economic powers. Historically, they have become the engines behind the global political order since the cold war era.
  • The 48th G7 Summit has treated India as a firm partner, by annually inviting it to the G7 Summit for the past 5 years. This indicates that India may be a bridge towards resolving many of the disputes, such as the Ukraine-Russia military conflict.
  • G7 is a well-known format to establish dialogue on the multilateral order. 

Initiatives Undertaken:

  • The G7 countries have to pull through different political interests in the present geopolitical order. Thereby, there is a need to transform the intention of the initiatives into actionable deliverables like ensuring global food security, maintaining global partnerships for infrastructure, and countering climate change. There is a need to ensure real-time deliverables.
  • India has been included in the Just Energy Transition Partnership which was initiated with South Africa at COP 26. This would allow India to reduce its carbon footprint and align with the SDGs. Along with India, Indonesia, Senegal, and Vietnam have also been included in the initiative.
  • In order to counter the Chinese Belt & Road Initiative, it has been concluded that 600 billion USD worth of funding for infrastructure from the private and public sectors over a course of 5 years would be realized. This is apart from the Build Back Better initiative undertaken previously.
  • Recently, the G7 announced a 2 billion USD solar project in Angola, 600 million USD submarine cable from France to Singapore, and 3.3 million USD funds to a technical institute for multi-vaccine manufacture in the backdrop of the COVID-19 pandemic.
  • The Global Gateway already committed €300 billion. These are green energy and infrastructure initiatives but will also include ICT networks, digital infrastructure, and the infrastructure for public health. The US would lead the Partnership for Global Infrastructure and Investment.

Way Forward for India’s National Interests:

  • It is pertinent to note that India attended the G7 Summit right after virtually attending BRICS. The continuous inclusion on a consistent basis considerably raises Indian stature at the global level. 
  • India and G7 have material differences on the issue of Ukraine, which dominated G7 thinking, but it has not affected India’s standing in the global order. India is a valuable partner for most of its agenda. 
  • That India could traverse from the BRICS summit to the G7 was a tribute to India’s strategic autonomy in foreign policy.
  • India has also raised its issues about labour mobility, fertilizer issue, and food grain supply chain to bring forward the friction points. The recent conclusion of the WTO ministerial meeting had left the developing countries in no doubt that when all is said and done, the developed countries still stick to their own interests, without trying to implement the multilateral commitments that they undertake.
  • India is both part of the opportunity and growth in the global world order which it can respond to sufficiently.

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