Meet ends, G-7 vow to crush Russia's income
- 8th G7 Summit came to an end with participating members issuing a joint statement.
- Summit was joined by the Leaders of Argentina, India, Indonesia, Senegal and South Africa, as well as Ukraine
Key Highlights
Russia’s war of aggression against Ukraine
- Condemned Russia’s war of aggression against Ukraine.
- It resolved to stand with Ukraine providing financial, humanitarian, military, and diplomatic support.
Severe and enduring costs on Russia
- Statement endorsed seeking price caps on Russian oil.
- It seeks to leverage West’s financial and shipping influence over Russian oil exports.
- Aim: Tie financial services, insurance and shipping of oil cargoes to cap Russian oil price.
- Leaders also agreed on a ban on imports of Russian gold.
Ensuring food security around the globe
- Pledged to spend $4. 5 billion to ensure food security..
- Global Alliance on Food Security
Hitting China’s ‘market-distorting’ practices
- Condemned China’s non-transparent and market-distorting international trade practices.
- Extricate themselves from economic dependence on China.
Partnership for Global Infrastructure and Investment
- Aim: mobilise USD 600 billion over next five years to narrow global investment gap.
- Increase cooperation globally through working towards new Just Energy Transition Partnerships with Indonesia, India, Senegal and Vietnam, building on the existing partnership with South Africa.
COVID-19
- G7 will build on its provision of over 1.175 billion vaccine doses since last meet in 2021.
- G7 Pact for Pandemic Readiness: Prevent, prepare, and respond to future pandemics and health challenges
India at G7 Summit
Participation:
- Represented by: Prime Minister
- Called as a guest to attend the summit.
- Participated in two sessions
- Investing in a better Future: Climate, Energy, Health and
- Food security
Resilient Democracies document signed
- Participating countries expressed their commitment to
- guard freedom, independence and diversity of civil society actors
- Protect freedom of expression and opinion online and offline.
No direct reference on Ukraine
- No direct reference on Ukraine and didn’t criticise Russia for its invasion.
- Urged to use path of dialogue and diplomacy to resolve the crisis.
Use Indian agricultural talent
- With the help of traditional talent of India’s farmers, food security will be ensured to G7 countries.
- Stops short of endorsing Partnership for Global Infrastructure and Investment
- Partnership for Global Infrastructure and Investment (PGII): Initiative by US and its allies.
- Aim: countering China’s Belt and Road Initiative (BRI) in low and middle-income countries.
- US announced fund to promote food security in India under PGII.
Documents published
- India endorsed two outcome documents
- Resilient democracy (statement) and
- Chair’s summary on Just Energy Transition Partnership.