Whither the G7 (now G6?) summit

Business Times

5 hours ago

WHAT is the G7– the elite grouping of advanced economies – good for? Conventional wisdom has it that this is about setting the economic direction for everyone else. Trade, international security, climate change and gender equality are core issues. This year, energy security, critical minerals supply and artificial intelligence are added to the list of topics.
How the current meeting of leaders from the US, Canada, Britain, France, Germany, Italy and Japan in a small Canadian town square those lofty subjects with the situation that they actually find themselves in now is worth watching, even if only for its entertainment value.
After all, before he left in a hurry, US President Donald Trump was briefly in a country that he wants to annex. He has also launched a pervasive trade war against all his allies there, as well as most of the world. He denies climate change and has no time for gender issues. On top of that, the leaders have to grapple with the Ukraine war, the humanitarian catastrophe in Gaza, and outbreak of another war between Israel and Iran.
On every count, Trump's position, as the presumptive G7 leader, differs markedly from the rest. And now that the US president has left the meeting, presumably to handle the latest edition of the Middle East conflict, what can the others say that will make an iota of difference on these issues?
At the end of two days of discussion, the G7 usually issues a statement. It typically outlines the consensus on issues raised, and provides a road map for how the summiteers intend to handle them. This time the host, Canadian Prime Minister Mark Carney, seems to have decided that there will only be a summary from the chair.
There is a good reason for his circumspection: At a previous G7 meeting in Canada in 2018, during Trump's first term, he refused to endorse the final communique, and described then host Canadian prime minister Justin Trudeau as 'very dishonest and weak' in social media.
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It is a tradition to invite some other world leaders to the talks. This time, the assemblage will hear from Ukrainian President Volodymyr Zelensky, Mexican President Claudia Sheinbaum, Indian Prime Minister Narendra Modi, Australian Prime Minister Anthony Albanese and Brazilian President Luiz Inacio Lula da Silva, among others.
The presence of these other leaders lends a veneer of inclusiveness. How much weight their inputs are given is open to debate. On the flip side, most of the invited guests had come with an eye to hold a bilateral meeting with Trump on the sidelines, which is no longer an option.
China, the world's second-largest economy by one measure or the largest by another, has never been invited, but is likely to be the focus of talks. An earlier meeting of G7 finance ministers provides a pointer to where the current summit is likely to be heading.
After that May meeting, a joint communique (yes, there was one) stated that the G7 would continue to monitor 'non-market policies and practices' which contribute to global trade imbalances. China was not named, but 'non-market policies' is the Western code used to refer to China's trade practices.
The G7 represents 44 per cent of global gross domestic product, and its meetings showcase its status at the apex of the global economic hierarchy. But, as Trump's abrupt departure shows, not much else.