Politics
G7 summit pledges to promote India-Middle East-Europe economic corridor
World leaders pose for a family photo with G7 heads of state and heads of delegations of outreach countries at the Borgo Egnazia resort during the G7 summit hosted by Italy, in Savelletri, on 14 June 2024. | Photo credit: AFP
Industrialized countries of the Group of Seven (G7) pledged to promote concrete infrastructure initiatives such as the India-Middle East-Europe Economic Corridor (IMEC) in the G7 summit communiqué released at the end of the three days of the G7 summit, in which the Prime Minister participated. Minister Narendra Modi.
The statement was released on June 14 after the traditional family photo at the luxury resort of Borgo Egnazia, where the G7 also reiterated its commitment to a free and open Indo-Pacific based on the rule of law .
Prime Minister Modi attended the G7 summit at the invitation of Italian Prime Minister Giorgia Meloni, the host.
We will further promote the concrete initiatives of the G7 PGII (Global Infrastructure and Investment Partnership), flagship projects and complementary initiatives aimed at developing transformative economic corridors for quality infrastructure and investments, such as deepening our coordination and our financing for the Lobito corridor, the Luzon corridor. The Corridor, the Middle Corridor and the India-Middle East-Europe Economic Corridor, also building on the EU Global Gateway, the Great Green Wall Initiative and the Mattei Plan for Africa launched by Italy, the statement said.
Touted as a groundbreaking initiative, IMEC envisions a vast road, rail and maritime network between Saudi Arabia, India, the United States and Europe to ensure integration between Asia, the Middle East and the West.
The IMEC is also seen as an initiative by like-minded countries to gain strategic influence in the face of China's Belt and Road Initiative (BRI), which is facing growing criticism for its lack of transparency and its disregard for the sovereignty of nations.
The BRI is a mega connectivity project that connects China to Southeast Asia, Central Asia, Russia and Europe. The IMEC initiative was materialized on the sidelines of the G20 summit hosted by India in Delhi last year.
Commenting on Friday's awareness session on the theme of Artificial Intelligence, Energy, Africa and the Mediterranean addressed by Mr. Modi, the statement read: In the spirit of shared responsibility , we warmly welcome the participation of the leaders of Algeria, Argentina and Brazil. , India, Jordan, Kenya, Mauritania, Tunisia, Türkiye and United Arab Emirates.
We will intensify our efforts to improve the interoperability of our AI governance approaches to promote greater certainty, transparency and accountability, while recognizing that policy approaches and instruments may vary across G7 members. We will take a risk-based approach to these efforts as we seek to foster innovation and strong, inclusive and sustainable growth.
Among other priorities on the summit agenda, the communiqué recorded unwavering support for Ukraine in its ongoing conflict with Russia.
He notes:To meet Ukraine's current and future needs in the face of protracted defense against Russia, the G7 will launch Extraordinary Revenue Acceleration Loans (ERA) for Ukraine, to make available Ukraine about $50 billion in additional funding by the end. of the year.
Therefore, without prejudice to possible other contributions and remaining united, the G7 intends to provide financing which will be secured and repaid by future extraordinary revenue streams from the immobilization of Russian sovereign assets held in the European Union and other relevant jurisdictions. To do this, we will work to obtain approval from these jurisdictions to use future streams of these extraordinary revenues to service and repay loans.
Pope Francis became the first pontiff to join G7 participants hosted by Italy, US President Joe Biden, British Prime Minister Rishi Sunak, Canadian Prime Minister Justin Trudeau, German Chancellor Olaf Scholz, French President Emmanuel Macron, Japanese Prime Minister Fumio Kishida, European Commission President Ursula von der Leyen and European Council President Charles Michel.
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