In News:
- 48th G7 Summit - held at Elmau, Germany, from 26-28 June 2022 – came to an end with participating members issuing a joint statement.
- The summit was joined by the Leaders of Argentina, India, Indonesia, Senegal and South Africa, as well as Ukraine.
What’s in Today’s Article:
- G7 Leaders’ Communiqué
- India at G7 summit
G7 Leaders’ Communiqué: Key Highlights
- Russia’s war of aggression against Ukraine
- The statement condemned Russia’s illegal and unjustifiable war of aggression against Ukraine.
- It resolved to stand with Ukraine for as long as it takes, providing the needed financial, humanitarian, military, and diplomatic support in its courageous defence of its sovereignty and territorial integrity.
- Severe and enduring costs on Russia
- G7 members will continue to impose severe and enduring costs on Russia to help bring an end to this war.
- In this regard, official communique endorsed the ambitious and untried concept that seeks price caps on Russian oil.
- Actually, higher crude oil and fuel prices allowed Russian revenues to climb in May despite its export volumes slipping due to sanctions.
- Hence, the United States is pushing for a mechanism that would cap the price other countries pay for Russian oil.
- It seeks to leverage the West’s financial and shipping influence over Russian oil exports.
- The idea is to tie financial services, insurance and shipping of oil cargoes to a cap on Russian oil price.
- So, if a shipper or importer wanted these services they would have to commit to the Russian oil being sold for a set maximum price.
- Leaders also agreed on a ban on imports of Russian gold.
- Ensuring food security around the globe
- The participating leaders pledged to spend $4. 5 billion this year to help ensure food security around the globe.
- To protect people from hunger and malnutrition, and in response to Russia’s weaponisation of grain, G7 leaders decided to increase global food and nutrition security through the Global Alliance on Food Security
- Hits out at China over ‘market-distorting’ practices
- G7 leaders condemned China’s non-transparent and market-distorting international trade practices.
- The G7 leaders signalled that they would seek to extricate themselves from economic dependence on China.
- Partnership for Global Infrastructure and Investment
- Through its Partnership for Global Infrastructure and Investment, G7 countries aim to mobilise USD 600 billion over the next five years to narrow the global investment gap.
- G7 members decided to step up their cooperation globally, including through working towards new Just Energy Transition Partnerships with Indonesia, India, Senegal and Vietnam, building on the existing partnership with South Africa.
- COVID-19
- To overcome the current COVID-19 pandemic, G7 will build on its provision of over 1.175 billion vaccine doses since last meet in 2021.
- G7 countries also decided to prevent, prepare, and respond to future pandemics and health challenges including through the G7 Pact for Pandemic Readiness.
India at G7 Summit
- Participation:
- India was represented by PM Modi at the summit. Although, India is not a member of G7, but it was called as a guest to attend the summit.
- At the G-7 summit in Germany, PM Modi participated in two sessions on:
- Investing in a better Future: Climate, Energy, Health and
- Food security
- Resilient Democracies document signed
- India, along with other countries at G7 summit, signed the 2022 Resilient Democracies Statement.
- Through this statement, the participating countries expressed their commitment to
- guard the freedom, independence and diversity of civil society actors and
- protect the freedom of expression and opinion online and offline.
- No direct reference on Ukraine
- Indian PM in his speech made no direct reference on Ukraine and he did not criticise Russia for its invasion.
- He said that G7 meeting is being held amid the atmosphere of global tension and urged to use the path of dialogue and diplomacy to resolve the crisis.
- Urged G7 to use Indian agricultural talent in its member countries
- India has immense agricultural manpower compared to the countries of the G7.
- Indian agricultural skills have helped give new life to traditional agricultural products like cheese and olive in some of the countries of the G7.
- 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
- India stopped short of endorsing another initiative by the US and its allies, the $600 billion Partnership for Global Infrastructure and Investment (PGII).
- PGII is aimed at countering China’s Belt and Road Initiative (BRI) in low and middle-income countries.
- The US has already announced investment worth $30 million for a fund promoting food security in India under the PGII.
- India endorsed only two outcome documents pertaining to the G7 and the outreach countries together. These are:
- Resilient democracy (statement) and
- The chair’s summary on the Just Energy Transition Partnership.
- Gift Diplomacy
- Continuing with his efforts to highlight India’s soft power on the global stage, PM Modi gifted a variety of products to heads of governments at the G7 meet.
- Distinct artistic products identified with different UP regions featured heavily in the PM’s gift choices.
- a gulabi meenakari brooch and cufflink set to US President Joe Biden
- Gulabi Meenakari is a GI-tagged art form of Varanasi in Uttar Pradesh.
- A piece of pure silver is moulded into a base form, and the chosen design is embossed in the metal.
- Pieces of black pottery from Nizamabad were gifted to Japanese PM.
- A Nandi-themed dokra art piece sourced from Chhattisgarh was presented to Argentina President.
- A hand-painted tea set from Uttar Pradesh’s Bulandshahr was meant for British Prime Minister Boris Johnson.
- To celebrate the shared Ramayana links between India and Indonesia, the PM gifted a lacquerware Ram Darbar to Indonesian President.
- The GI-tagged lacquerware art-form has its roots in the temple town of Varanasi in UP.
- Senegal President Macky Sall was presented a range of moonj baskets and cotton durries that were sourced from Prayagraj, Amethi and Sultanpur in UP.
