The 57th G-7 Summit was held in Kananaskis, Alberta from 15 to 17 June. Hosted by Canada, the summit was attended by leaders from G-7 countries (Canada, France, Germany, Italy, Japan, UK and US); leaders of EU and 13 other countries including Brazil, Mexico, India, Australia, South Africa and Ukraine were also invited.
The shadow of Israel-Iran conflict loomed large over the event. The G-7 leaders issued a joint statement urging de-escalation, including a ceasefire in Gaza. President Trump left the summit early due to the situation in Middle East.
Bilateral meetings dominated the agenda. The UK and US leaders activated parts of a prior tariff agreement. PM Carney and President Trump agreed to work toward resolving their tariff dispute within 30 days. Talks between Trump and Japan’s PM Ishiba made some progress.
Canadian PM Mark Carney met with Indian PM Narendra Modi; the leaders agreed to have high commissioners re-appointed for both nations. Modi expressed his appreciation to Carney on success of the G-7 summit and India’s desire to enhance bilateral relations with Canada. Relations between the two nations have been strained over the past many years.
Canada announced new aid for Ukraine, but did not issue a strong joint declaration due to US reluctance. The summit saw agreements on AI, quantum computing, critical minerals, migrant smuggling, and wildfire cooperation.
G-7 vs BRIC: The G-7 consisting of traditional, advanced economies has historically dominated global economic governance. It has traditionally sought to preserve a rules-based international order rooted in liberal democracy and open markets. Russia, a member of G-8 was expelled from the group after the invasion of Crimea in 2014. Trump apparently wants Russia and China to become members of this group making it G-9. While, still a significant force, the G-7’s share of global GDP has been declining due to the rapid growth of emerging economies. BRICS comprising China, Russia, India, Brazil, South Africa and other rising powers of global has been gaining prominence as a counterweight to G-7 – it has significantly larger population, GDP higher than G-7 and is actively seeking to reshape the global economic and political landscape. BRICS has its own development bank to mobilize resources for infra & sustainable development in BRCIS countries and other emerging economies.
Is BRICS emerging as a counterweight to G-7? Views would be welcome.