43rd G7 Summit held in Sicily , Italy

43rd G7 summit was held on May 26–27, 2017 in Taormina, Sicily, Italy. The summit was attended by leaders of G7 countries viz. US, UK, Germany, France, Italy, Japan and Canada as well as the representatives of European Union.

• G7 presidency rotates annually between member countries. Presidency for the year 2017 is held by Italy. The theme of the Italian G7 presidency in 2017 is “Building the foundations of renewed trust.”

Highlights of 43^rd G7 Summit:

• Discussions at 43^rd G7 Summit focused on foreign policy, the global economy and the reduction of inequalities, and the migration crisis.
• Foreign Policy discussions revolved around Syrian war, North Korean missile tests, situation in Libya and Ukraine.
• G7 leaders have reiterated their commitment to use all policy measures, including monetary, fiscal and structural, to achieve sustainable, balanced and inclusive growth.
• Acknowledging that gender equality is crucial for sustainable development; a G7 Roadmap for Gender-Responsive Economic Environment was adopted.
• Leaders have agreed to put in coordinated efforts to contain the problem of large scale migration and also establish partnership with countries to address the causes of migration.
• G7 Taormina Statement on the fight against terrorism and violent extremism was also adopted at the 43^rd G7 Summit.

This was the first G7 summit for British Prime Minister Theresa May, French President Emmanuel Macron, Italian Prime Minister Paolo Gentiloni, and U.S. President Donald Trump.

G7 summit ends deadlocked on climate change:

G7 communique released on May 27, 2017 at the conclusion of the summit stated that “all member countries – except the US – had reaffirmed their “strong commitment” to abide by the 2015 Paris climate agreement to rein in greenhouse gas emissions.”

• Thus, G7 summit ended with a deadlock on climate change, as US President Donald Trump has mentioned that he will take a decision on whether the US will stay in the Paris climate agreement next week.
• It is to be noted that withdrawing from the climate accord and supporting the coal industry in US was a key issue of Donald Trump’s Presidential election campaign.

Quick Facts about G-7:

The Group of 7 (G7) is a group of seven major advanced economies viz. United States, United Kingdom, Canada, France, Germany, Italy and Japan.

• The European Union is also represented within the G7. These countries including European Union represent 70% of the net global wealth.
• Earlier, Canada was not a part of this group. It joined in 1976 and thereafter the group was referred to as G-7. In 1998 even Russia joined G-7, making it G-8. But in 2014 it was ejected when it annexed the Ukrainian territory of Crimea.
• G-7’s key activity is to share views on short term economic outlook of global economy by taking into consideration monetary policies and trade equations.
• G7 presidency rotates annually between member countries. Presidency for the year 2017 is held by Italy. Canada will hold the presidency in 2018.