G7 Hiroshima Summit 2023

What’s in today’s article?

• Why in news?
• G7
• Origin of G7
• Current Members of G7
• Purpose of G7
• Significance of G7
• Power of G7
• G7 & G8
• News Summary: G7 Hiroshima Summit 2023
• G7 Hiroshima Leaders’ Communiqué

 

Why in news?

• The Leaders of the Group of Seven (G7) met in Hiroshima for 49^th annual Summit. This year’s summit is hosted by Japan in its capacity as the President of the grouping.
  • The choice of Hiroshima as host city of the G7 Summit underlines Prime Minister Kishida’s commitment to put nuclear disarmament and non-proliferation prominently on the agenda of the meeting.
• PM Modi also attended the Summit at the invitation of Japanese Prime Minister and as president of the G20 this year.
• On the second day of summit, the participating leaders issued a leaders' communiqué which will be adopted at the end of the summit on 21^st May.

 

In Focus: G7

Origin of G7

• The origin of G7 lies in the oil shocks of 1973 and the corresponding financial crisis.
• In order to address the situation after oil shock, the heads of the world's six leading industrial nations decided to hold a meeting in 1975.
• These six nations were - the US, UK, France, Germany (West), Japan and Italy.
• These countries were joined by Canada in 1976 and G7 came into existence.

 

Current Members of G7

• US, UK, Canada, France, Germany, Italy and Japan are the current members of this group.
• It can be said that the members of this group are the most developed and the advanced economies of the world.
• The European Union is also represented within the G7.

 

Purpose of G7

• To determine the course of multilateral discourse 
• To shape political responses to global challenges.
• Basically, G7 provides a platform to discuss and coordinate solutions to major global issues, especially in the areas of trade, security, economics, and climate change.

 

Significance:

• Economic Significance 
  • As of 2018, the G7 nations account for 
    • close to 60 percent of global net wealth ($317 trillion), 
    • 46 percent of global gross domestic product, and 
    • about 770 million people or 10 percent of the world's population.
• Political Significance
  • Political heavyweights are capable of shaping the response of Multilateral challenges.
  • In 1999, it created the Financial Stability Forum in order to manage the international monetary system
  • 47^th summit in June 2021 had focused on the recovery from ongoing COVID-19 pandemic. It promised to distribute 1 billion vaccines to poorer countries.
  • Its theme was Global Action to Build Back Better.

• Developmental Significance
  • G-7 provided $300 million in 1997 to help build the containment of the reactor meltdown at Chernobyl.
  • G7 played crucial role in setting up a global fund to fight malaria and Aids in 2002.
  • In October 2020, G7 finance ministers backed an extension of a G20 bilateral debt relief initiative for the world's poorest countries.

 

Power of G7

• The G7 is not based on a treaty and has no permanent secretariat or office. The agenda of G7 is set by the presiding nation. 
• It cannot pass any laws because it is made up of separate nations with their own democratic processes. 
• However, decisions taken by G7 have global effects as the member countries are political and economic heavyweights.

 

G7 & G8

• In 1998, Russia was formally inducted in the group, which transformed G7 into G8. 
• However, Russia annexed Crimea in 2014. As a result, it was suspended from the grouping. 
• Hence, the group became G7 again in 2014.

 

News Summary: G7 Hiroshima Summit 2023

G7 Hiroshima Leaders’ Communiqué

• On Ukraine
  • Condemned in the strongest possible terms the war of aggression by Russia against Ukraine.
  • Separately issued G7 Leaders’ Statement on Ukraine.
  • Decided to take concrete steps to support Ukraine for as long as it takes in the face of Russia’s illegal war of aggression.
• On Disarmament and Non-proliferation
  • Decided to strengthen disarmament and non-proliferation efforts, towards the ultimate goal of a world without nuclear weapons with undiminished security for all.
  • The summit also released the G7 Leaders’ Hiroshima Vision on Nuclear Disarmament.
• Indo-Pacific
  • Reiterated the importance of a free and open Indo-Pacific, which is inclusive, prosperous, secure, based on the rule of law. 
  • Underscored commitment to strengthen coordination with regional partners, including the Association of Southeast Asian Nations (ASEAN) and its member states.
• Global Economy, Finance and Sustainable Development
  • The global economy has shown resilience against multiple shocks including the COVID-19 pandemic, Russia’s war of aggression against Ukraine, and associated inflationary pressures.
  • It decided to coordinate the approach of members to economic resilience and economic security that is based on diversifying and deepening partnerships and de-risking, not de-coupling.
  • It decided to work on issues such as resilient supply chains, non-market policies and practices, and economic coercion.
• On debt sustainability
  • Debt sustainability is a major concern undermining progress towards SDGs, with low- and middle-income countries disproportionately affected by Russia's aggression against Ukraine.
  • Supported the G20’s effort to improve the implementation of the Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative (DSSI).
    • DSSI means that bilateral official creditors are, during a limited period, suspending debt service payments from the poorest countries that request the suspension.
  • It welcomed the development of Climate Resilient Debt Clauses (CRDC) to enhance the safety net for borrowers facing the impacts of climate change.
• On infrastructure
  • It reaffirmed the shared commitment to the G7 Partnership for Global Infrastructure and Investment (PGII) and to working together and aiming to mobilize up to $600 billion by 2027 for infrastructure funding.
• Climate Change Environment
  • Decided to work together and with others to accelerate achievement of the Sustainable Development Goals (SDGs), recognizing that reducing poverty and tackling the climate and nature crisis go hand in hand.
• Clean energy economy
  • Decided to take concrete steps to drive the transition to clean energy economies of the future through cooperation within and beyond the G7.
  • Expressed its commitment to deepen cooperation through Just Energy Transition Partnerships (JETPs), the Climate Club and new Country Packages for Forest, Nature and Climate.
  • Also decided to preserve the planet by accelerating the decarbonization of energy sector and the deployment of renewables, end plastic pollution and protect the oceans.
• Food Security
  • Announced that member countries are taking concrete steps to launch the Hiroshima Action Statement for Resilient Global Food Security with partner countries to address needs today and into the future.
• Health
  • Decided to invest in global health through vaccine manufacturing capacity worldwide, the Pandemic Fund, the future international agreement for pandemic prevention, preparedness and response, and efforts to achieve universal health coverage (UHC);
• Digital
  • Expressed the commitment to work together and with others to advance international discussions on inclusive artificial intelligence (AI) governance and interoperability to achieve common vision and goal of trustworthy AI.
• Other areas of cooperation
  • Decided to strengthen partnerships with African countries and support greater African representation in multilateral for a.
  • Increased cooperation on international migration and strengthen the common effort to fight the trafficking and smuggling of human beings.
  • Areas such as Gender, Human Rights, Science and Technology were also highlighted.
• On China
  • Urged China to pressure its strategic partner Russia to end its war on Ukraine.
  • The leaders expressed serious concern about the situation in the East and South China seas, where Beijing has been expanding its military presence and threatening to use force to exert its control over self-governed Taiwan.
  • The statement said there was “no legal basis for China’s expansive maritime claims in the South China Sea.
    • It opposed China’s militarization activities in the region."

 

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Q1) What is Nuclear Disarmament?

Nuclear disarmament refers to the process of reducing and eliminating nuclear weapons worldwide with the ultimate goal of achieving a nuclear weapon-free world. It involves the reduction of existing nuclear arsenals, halting the production of new nuclear weapons, and ensuring the non-proliferation of nuclear weapons to other countries.

 

Q2) What is the oil shocks of 1973?

The oil shocks of 1973 were a series of events that caused a significant increase in the price of oil and had far-reaching economic and financial consequences worldwide. The shocks were primarily triggered by a combination of political and economic factors in the Middle East.

 

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Source: G-7 Hiroshima summit: Who’s attending and what will be discussed? | G7 Hiroshima | G7 Hiroshima Leaders’ Communiqué | Times Of India