Italy, which holds the Presidency of Group of Seven (G7) for 2024, hosted the 50th G7 summit (G7 Italia 2024) in Borgo Egnazia in the city of Fasano in Apulia, Italy from 13th to 15th June 2024.
- Prime Minister(PM) Narendra Modi visited Italy from June 13-15, 2024, to attend the G7 Summit at the invitation of Giorgia Meloni, PM of Italy.
Note: This marks the 7th G7 Summit hosted by Italy. Previously, Italy hosted the summit in 1980, 1987, 1994, 2001, 2009 and 2017.
About G7: G7 is an informal grouping of 7 of the world’s advanced economies. G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom(UK), and the United States of America (USA) and the the European Union(EU).
50th G7 Summit:
The Key issues addressed during the 6 working sessions of G7 summit include Africa, climate change and development; the ongoing situation in the Middle East; the Russia-Ukraine War; Migration; Indo-Pacific and Economic security and Artificial Intelligence (AI), energy, African-Mediterranean.
Participants:
i.Joe Biden, President of the USA; Rishi Sunak, Prime Minister (PM) of UK; Justin Trudeau, PM of Canada; Olaf Scholz, Chancellor of Germany; Emmanuel Macron, President of France; Fumio Kishida, PM of Japan; European Commission President Ursula von der Leyen; and European Council President Charles Michel.
ii.Italy invited Algeria, Argentina, Brazil, India, Jordan, Kenya, Mauritania, Tunisia, Türkiye and the United Arab Emirates (UAE) to participate in Outreach session on Artificial Intelligence, energy, Mediterranean.
iii.International Organisations like African Development Bank(AfDB), the International Monetary Fund (IMF), the Organisation of Economic Cooperation and Development (OECD), the United Nations (UN) and the World Bank(WB) participated in the summit.
USA and Ukraine Signed 10-year Security Deal:
On 13th June 2024, Joe Biden, President of the USA and Volodymr Zelensky, President of Ukraine, signed a 10-year bilateral security agreement, during the 2024 G7 summit held in Italy. The agreement aimed to strengthen Ukraine’s defence against Russian invaders.
- The agreement signifies a step towards eventual membership of Ukraine in NATO (North Atlantic Treaty Organisation).
Features of the agreement:
i.As per the agreement, the USA will help the Ukraine train its troops and help them build their own military base.
ii.The agreement states that the USA and Ukraine must consult within 24 hours after any future armed attack by Russia.
iii.The USA also reaffirms its unwavering support for Ukraine’s sovereignty and territorial integrity within its internationally recognised borders, extending to its territorial waters.
Note: On the sidelines of the 50th G7 summit, leaders of G7 countries agreed to provide Ukraine with a loan worth USD 50 billion through the interest earned on frozen Russian sovereign assets held in the EU and other jurisdictions.
PM Modi Attended the 50th G7 summit:
On 14th June 2024, Narendra Modi, PM of India, attended the G7 summit for the fifth consecutive time. He participated in the Outreach Session on Artificial Intelligence, energy, Africa and the Mediterranean.
- India was invited by Giorgia Meloni, PM of Italy, to participate in the G7 summit as one of the outreach countries.
- This marked PM Modi’s 1st foreign trip after taking oath as the PM of India for the 3rd consecutive term.
- During his visit, PM Modi held bilateral meetings with several world leaders including, French President Emmanuel Macron, UK PM Rishi Sunak and the Ukrainian President, Volodymyr Zelensky, among others.
Note:
- 49th G7 summit was from 19 to 21 May 2023 in Hiroshima, Japan.
- 51st G7 Summit will be in Kananaskis, Alberta,Canada in 2025.
About Italy:
Prime Minister (PM)- Giorgia Meloni
Capital- Rome
Currency- the Euro
