India also participated in the G7 outreach session on Artificial Intelligence, Energy, Africa and Mediterranean.
Key Outcomes
Launched G7 Apulia Food Systems Initiative (AFSI): Aims is 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.
PGII is joint initiative of G7 countries to help fund infrastructure projects in developing countries through public and private investments.
Artificial intelligence: Announced to develop a brand to support the implementation of the International Code of Conduct for Organizations Developing Advanced AI Systems.
About G7 Summit
An informal forum that brings together Italy, Canada, France, Germany, Japan, United Kingdom, and the United States of America.
European Union also participates in the Summit.
Established as a platform for economic and financial cooperation in response to the 1973 energy crisis.
First Summit was held in 1975.
Expanded into the G8 between 1997 and 2013, with the inclusion of Russia. However, Russia’s participation was suspended in 2014 following the annexation of Crimea.
Does not have a permanent administrative structure.
Relevance of G7
Their collective economic power allows them to shape global economic policies, coordinate financial regulations, and address economic challenges such as trade imbalances, currency stability, and financial crises.
Launched PGII in response to China’s Belt and Road Initiative (BRI).
Played a key role in the creation of international financial institutions like the Financial Action Task Force (FATF).
