Leaders from seven of the world’s richest countries are meeting in Italy from Thursday for a three-day gathering that will largely focus on the wars in Europe and the Middle East as well as growing tensions between the West and China.
The annual G7 summit, being held in the picturesque region of Puglia on the Adriatic Sea, brings together France, Germany, the US, Canada, the UK, Italy, Japan and the European Union for informal group conversations and one-on-one talks.
This year’s event, the 50th, will host a record number of guests.
Invitations have been extended to Pope Francis, Jordan’s King Abdullah II and leaders from Ukraine, India, Brazil, Argentina, Turkey, the UAE, Kenya, Algeria, Tunisia and Mauritania.
Heads of global organisations including the United Nations, the World Bank, the IMF and the African Development Bank also will be present for discussions that will include climate change, development in Africa and artificial intelligence.
Ukrainian President Volodymyr Zelenskyy will attend a session about Ukraine on the first day, when participants will discuss using frozen Russian central bank assets to aid the war-hit country.
Key topics to watch:
- Ukraine aid: An Italian source indicated that G7 and EU countries aim to announce a $50 billion loan for Ukraine backed by profits from frozen Russian assets. This would signal strong support for Kyiv.
- Middle East conflict: The G7 is expected to endorse US President Joe Biden’s ceasefire proposal for Gaza, though no harsh criticism of Israel’s bombardment is expected.
- China relations: The summit will address concerns about China's industrial overcapacity, with the US pushing for a tough stance. There may also be discussions on sanctions against Chinese banks aiding Russia in evading sanctions.
- Africa and energy: Italy's Prime Minister Georgia Meloni aims to expand the country's Mattei Plan that positions the country as an energy hub between Europe and Africa, promoting growth in Africa to curb immigration.
- Global minimum tax: Italy continues to push for an accord on a global minimum tax for multinationals, although a final deal is not expected by June.
- Artificial intelligence: G7 leaders previously discussed AI at last year’s Hiroshima Summit, when they unveiled the AI Principles and Code of Conduct.
The G7 Summit serves as a critical platform where major economies discuss global governance and finance issues.
Its influence has waned, however, as global economic power shifts towards Asia and emerging economies.
