Recently, the Union Minister for Commerce and Industry participated in the Investor Forum of the Partnership for Global Infrastructure and Investment (PGII) & Indo-Pacific Economic Framework for Prosperity (IPEF).
About Partnership for Global Infrastructure and Investment (PGII)
- It is a developmental initiative aimed at narrowing the infrastructure gap in developing countries as well as help towards accelerating progress on SDGs globally.
- The infrastructure plan was first announced in June 2021 during the G7 Summit in the UK.
- Funding: It aims to build projects through grants and investments.
- The emphasis of the PGII is on building human infrastructure in the developing world, and improving the quality of education and of health care facilities.
Key facts about G7 Group
- It is an intergovernmental organisation of leading industrialised nations formed in 1975.
- Member countries: Canada, France, Germany, Italy, Japan, the United Kingdom and the United State.
- It meets annually to discuss issues such as global economic governance, international security, and energy policy.
- The host of the G7 summit, also known as the presidency, rotates annually among member countries.
- It was formerly referred to as the G-8 until Russia was suspended from the group in 2014 after annexing Crimea.
Q1) What is Governance?
Governance encompasses the system by which an organisation is controlled and operates, and the mechanisms by which it, and its people, are held to account. Ethics, risk management, compliance and administration are all elements of governance.