The Group of Seven (G7) summit of 2019 took place from the 24th to the 26th of August, in Biarritz, Nouvelle-Aquitaine, France. While no joint communique was released at the conclusion of the gathering, French President Emmanuel Macron presented a statement outlining the dedication of the participants to global economic stability and fair international trade.
Amazon Rainforest Fires
One of the key talking points of the G7 summit was the severe forest fires in the Amazon rainforests. As part of their commitment to environmental preservation, the G7 countries collectively pledged $20 million to aid in controlling the fires.
Trade Conflicts
Several trade conflicts took center stage during the summit, with discussions between the United States and France regarding the GAFA tax, as well as the ongoing US-China trade wars. An additional point of contention was the disagreement over the Joint Comprehensive Plan of Action (JCPOA) with Iran.
Hong Kong Protests
In light of the escalating tensions in Hong Kong, G7 leaders stressed the importance of the Sino-British Joint Declaration of 1984 and urged parties involved to avoid violence.
Reinstatement of Russia
A noteworthy topic was the proposal to reinstate Russia into the group, following its expulsion after the annexation of Crimea in 2014. Despite the discussion, a unanimous agreement on this issue was not reached.
| Country | Pledge ($) |
|---|---|
| United States | 10 million |
| France | 5 million |
| Germany | 3 million |
| United Kingdom | 2 million |
India’s Participation
A special invitation was extended to India as a gesture of the strong bilateral relationship between India and France. India used the opportunity to shed light on its extensive efforts towards conservation. During a session on digital transformation at the G7 Summit, Indian Prime Minister Narendra Modi spoke about India’s use of technology to advance and innovate digital payment methods.
Multilateral Green Bank Initiative
The need for establishing a multidisciplinary Green Bank was stressed during the summit. This bank is intended to finance projects focusing on environmental conservation and renewable energy, in collaboration with other multilateral, regional, and national institutions.
