Outcomes of the G7 Summit

Outcomes of the G7 Summit

News: The Summit of G-7 leaders, the group of the world’s “most industrialised economies”, was held in Germany last week, where India along with Indonesia and a few other countries, was a special invitee.

Key Outcomes:

Statement Commitment on Ukraine
• G-7 countries underlined their condemnation of what they called “Russia’s illegal and unjustifiable war of aggression against Ukraine” and said they will support Ukraine “for as long as it takes” with financial, humanitarian, military, and diplomatic support.

Statement on Global Food Security
• G-7 parties remained on target to raise $100 billion and lift 500 million from malnutrition by 2030. Here too the reference to Russia stopping Ukrainian wheat and other grains from being exported- G7 will provide $4.5 bn to help Ukraine produce and export. Partnership for Global Infrastructure and Investment, plan to mobilise $600 billion over the next five years to narrow the global investment gap- in a message to China and concerns over unsustainable debt creations.
• Statements on Climate change and on Just Transition partnerships between the G7 and India, Indonesia, South Africa, Senegal and Vietnam to ensure they are able to keep global warming levels between 1.5 and 2 degrees celcius.
• Statement on Resilient democracies, which India also signed on to, committing to ensure free and fair elections, protection of civil society, promoting human rights online and offline, and achieving gender equality.
• To overcome the current COVID-19 pandemic, G7 will build on its provision of over 1.175 billion vaccine doses since the last meeting in 2021. G7 countries also decided to prevent, prepare, and respond to future pandemics and health challenges including through the G7 Pact for Pandemic Readiness.

India at G7 Summit:
• Although India is not a member of G7, it was called as a guest to attend the summit.
• PM Modi participated in a session, ‘Investing in a Better Future: Climate, Energy, Health and Food security’ and Resilient Democracies Document was signed.
• India highlighted its soft power on global stage through Gift diplomacy. The PM had gifted each G7 leader with a traditional Indian art.
• India stopped short to endorse the Partnership for Global Infrastructure and Investment.
• India did not make any direct reference on Ukraine.
• India’s tightrope walk between the West and Russia-China has just become more difficult- the G7 statement indicates a point of no-return between the two blocs, even if the much needed Russia-Ukraine ceasefire is worked out.
• More scrutiny of India’s economic links with Russia including the import of Russian oil, now hitting about 25% of India’s imports, Coal and Cement, as well as payment mechanisms being explored to subvert western sanctions.