France will host the G7 leaders’ summit in Evian-les-Bains in June, with India, South Korea, Brazil and Kenya invited to participate.
At the core of France’s push is a drive to prevent a “massive financial crisis” by urging China – which will be notable by its absence – to boost domestic demand and reduce its destabilising exports, and by calling on the US to curb its deficits and on Europe to produce more and save less, reported Reuters.
Those long-term ambitions risk being overshadowed, however, by more immediate pressures, with the summit unfolding against the backdrop of an energy shock caused by the US and Israeli war on Iran, while the relevance of the G7 itself is being increasingly questioned.
“We don’t know where the Iran crisis will be by June,” an adviser to President Emmanuel Macron said. “However it evolves, we will have to address its energy and economic consequences.”
China will not attend the summit on June 15-17 and continues to question the legitimacy of the G7 as a “club of rich countries”, French officials said.
France, which had tried to invite Beijing according to diplomatic sources, will “engage” China through separate channels, an official said, adding that it was also in China’s interest to avoid a confrontation, according to Reuters.
“The risk for China is to see global markets, and European markets, closing off to it,” the official said.
The countries invited instead are all democracies and market economies that play by the rules of international cooperation, he added. Adding to the uncertainty is whether US President Donald Trump, whose use of tariff threats has rattled allies and rivals alike, not to mention the world’s markets, will attend, as per Reuters.
“I won’t make any predictions, but if Trump doesn’t come, it also makes sense – it’s a new international reality and we need to organise ourselves accordingly,” the official said.
About G7
The G7, or Group of Seven, comprises Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, with the European Union fully involved in its work since 1977.
What distinguishes it is the absence of a legal status, a permanent secretariat or ex officio members. The only rule is that the presidency rotates annually among the seven countries, with the presiding nation providing the necessary resources and setting the group’s political priorities.
The G7’s strength lies in its small size and the trust built over time, allowing Heads of State and Government to speak openly and directly, even when they disagree. (With Agency Inputs)
