The Group of Seven (G7) nations concluded their summit with a commitment to advance concrete infrastructure initiatives, prominently featuring the India-Middle East-Europe Economic Corridor (IMEC), according to the summit’s communique issued on Friday.
Prime Minister Narendra Modi attended the summit at Borgo Egnazia in Italy, invited by Italian Prime Minister Giorgia Meloni. The communique emphasized the G7’s dedication to fostering a “free and open Indo-Pacific” based on the rule of law.
“We will further promote concrete G7 PGII (Partnership for Global Infrastructure and Investment) initiatives, flagship projects, and complementary initiatives to develop transformative economic corridors for quality infrastructure and investment,” the communique stated.
The IMEC, described as a groundbreaking initiative, aims to establish an extensive network of roads, railways, and shipping routes connecting Saudi Arabia, India, the United States, and Europe. This corridor is envisioned to enhance integration between Asia, the Middle East, and Western countries.
The initiative is also viewed as a strategic move by like-minded nations to counterbalance China’s Belt and Road Initiative (BRI), which has faced criticism for its lack of transparency and respect for national sovereignty.
The communique highlighted other significant projects including the Lobito Corridor, the Luzon Corridor, and the Middle Corridor, as well as collaborations such as the EU Global Gateway and initiatives like the Great Green Wall and the Mattei Plan for Africa initiated by Italy.
During the summit, an Outreach session focused on Artificial Intelligence, Energy, Africa, and the Mediterranean, addressed by PM Modi, welcomed participation from leaders of Algeria, Argentina, Brazil, Jordan, Kenya, Mauritania, Tunisia, Turkey, and the United Arab Emirates.
The G7 also expressed unwavering support for Ukraine in its conflict with Russia, announcing plans to launch Extraordinary Revenue Acceleration (ERA) Loans totaling approximately USD 50 billion by year-end. These loans will be financed by future revenues derived from immobilized Russian sovereign assets.
Also read: Sharad Pawar thanks PM Modi as Maha Vikas Aghadi sweeps Maharashtra in Lok Sabha elections
Pope Francis made history by becoming the first pontiff to participate in a G7 summit hosted by Italy, alongside leaders such as US President Joe Biden, British Prime Minister Rishi Sunak, and German Chancellor Olaf Scholz.
The summit concluded with a unified commitment to address global challenges through cooperative efforts, reflecting the shared priorities and concerns of the world’s leading democratic economies.
