Dear Editor,
As the annual G7 Summit takes place – to discuss global affairs in the Italian luxury resort of Borgo Egnazia in the Apulia region from June 13th to 15th – the world toils and tilts in a turmoiled trauma.
The Italian President summarized the breakdown in international rules and uneasiness in defending global law by saying, “Russia’s war of aggression on Ukraine has undermined its principles and triggered growing instability, with multiple crises unfolding worldwide.”
Giorgio Meloni, the popular first female Italian Prime Minister, fittingly greeted world leaders with the symbolic clasped hands to the chest gesture of “Namaste.” This traditional Indian greeting, symbolic of respect and mutual recognition, was chosen to stress unity among the leaders, and cultural respect.
The G7 consists of the US, UK, France, Italy, Germany, Japan and Canada. The G7 had expanded to G8 to include Russia in 1997, but after Russia annexed Crimea in 2014, Russia was dropped. Although not a member, the European Union is allowed to participate.
These 7 countries, with 10% of the world’s population, have a combined GDP of US$40.27 trillion, representing a 40% share of the global GDP. As the host, Italy has invited leaders from 11 other countries to participate in this year’s summit. These include Africa, South America, the Indo-Pacific, UAE’s Mohamed bin Zayed, Algeria’s President Abdelmadjid Tebboune, Jordan’s King Abdullah II, Turkey’s President Recep Tayyip Erdogan, India’s PM Narendra Modi, Ukraine’s President Volodymyr Zelenskyy and Pope Francis. Egypt and Saudi Arabia have also been invited, but may not attend.
With a packed agenda, some of the matters highlighted for discussion revolve around national security in Africa and the Mediterranean; the Middle East war between Israel and Hamas; reiterating a plan for a two-state solution for peace in the region, and Hamas’s acceptance of a ceasefire deal as proposed by US President Biden; increasing aid for Ukraine, particularly a US$50 billion loan generated from profits accumulated from some $260 billion of frozen Russian assets immobilized by Western allies, most of which are held in the European Union.
Ukraine is badly in need of help for a war dragged on for three years. There is much uncertainty with the EU Commission, and Germany and France are also undecided in regard to utilizing funds from $3.7 billion generated annually from Russia’s frozen assets. The longer that’s forthcoming, the more Russia gains the momentum to infiltrate territorial gains.
Russia has warned that any such move would amount to theft, and would allow Russia to claim any US properties located on Russian territory.
Is the G7 sitting on a time bomb ticking away precariously?
Yours respectfully,
Jai Lall
