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G7 Summit 2024

G7 Summit 2024:

The Prime Minister attended the annual G7 summit held in Italy from 13 to 15th June 2024. This summit marked the 50th anniversary of the group.

  • This is his first foreign trip after assuming office for the third straight term.

Key Highlights of the 50th G7 Summit in Italy:

  • Promotion to G7 PGII (Partnership for Global Infrastructure and Investment):
  • In the 50th G7 Summit, leaders decided to promote concrete G7 PGII (Partnership for Global Infrastructure and Investment) initiatives.
  • This initiative was launched by the US and G7 allies at the 48th G 7 Summit in 2022 that aims to narrow the USD 40 trillion infrastructure gap in the developing world.
  • It is a “values-driven, high-impact, and transparent infrastructure partnership to meet the enormous infrastructure needs of low and middle-income countries.
  • Under this, G7 will mobilise USD 600 billion by 2027 to deliver infrastructure projects to developing and middle-income countries.
  • India-Middle East-Europe Economic Corridor (IMEC) aims to create a comprehensive transportation network, comprising rail, road, and sea routes, connecting India, the Middle East, and Europe.
  • IMEC was signed at the G20 Summit in New Delhi, in September 2023.
  • This project forms part of the PGII.
  • The proposed IMEC will consist of Railroad, Ship-to-Rail networks and Road transport routes extending across 2 corridors:
    • East Corridor: Connecting India to the Arabian Gulf
    • Northern Corridor: Connecting the Gulf to Europe.
  • It will also include an electricity cable, a hydrogen pipeline and a high-speed data cable.
  • India, the US, Saudi Arabia, UAE, the European Union, Italy, France, and Germany are the signatories of IMEC.