Why is it in the news?
- 50th G7 Summit was hosted by Italy with India participating in the G7 outreach session on Artificial Intelligence, Energy, Africa, and Mediterranean.
Key Outcomes
G7 Apulia Food Systems Initiative (AFSI)
- Aims to intensify efforts to overcome structural barriers to food security and nutrition.
Partnership for Global Infrastructure Investment (PGII)
- Mobilize up to USD 600 billion through the PGII by 2027.
- Joint initiative of G7 countries to help fund infrastructure projects in developing countries through public and private investments.
Artificial Intelligence
- Announced the development of a brand to support the implementation of the International Code of Conduct for Organizations Developing Advanced AI Systems.
| About G7 Summit
· Informal forum comprising Italy, Canada, France, Germany, Japan, United Kingdom, and the United States of America. · The European Union also participates in the Summit. · Established in response to the 1973 energy crisis as a platform for economic and financial cooperation. · Expanded into the G8 between 1997 and 2013, including Russia temporarily until its suspension in 2014. Relevance of G7 · Collective economic power to shape global economic policies, coordinate financial regulations, and address economic challenges. · Launched PGII in response to China’s Belt and Road Initiative (BRI). · Played a key role in creating international financial institutions like the Financial Action Task Force (FATF). |
