G7 commits to promoting India-Middle East-Europe Economic Corridor
The G7 industrialized nations have pledged to support specific infrastructure projects like the India-Middle East-Europe Economic Corridor (IMEC) in their Summit Communique. This statement was released at the conclusion of the three-day G7 Summit, which was attended by Prime Minister Narendra Modi. The Communique, issued on June 14 after the traditional group photo at Borgo Egnazia luxury resort, also reaffirmed a dedication to a 'free and open Indo-Pacific' governed by the rule of law. Prime Minister Modi participated in the G7 Summit at the invitation of Italian Prime Minister Giorgia Meloni, who hosted the event. The G7 Italy summit, commencing on June 13, saw global leaders focusing on issues such as the conflict in Ukraine and relations with China.
The communique states that there will be a focus on promoting G7 PGII initiatives, flagship projects, and related efforts to create economic corridors for high-quality infrastructure and investment. This includes enhancing coordination and funding for projects like the Lobito Corridor, Luzon Corridor, Middle Corridor, and India-Middle East-Europe Economic Corridor. Additionally, it will leverage initiatives such as the EU Global Gateway, the Great Green Wall Initiative, and the Mattei Plan for Africa introduced by Italy. The IMEC, a groundbreaking project, aims to establish an extensive transportation network connecting Saudi Arabia, India, the United States, and Europe to foster connectivity across Asia, the Middle East, and the Western regions.
The IMEC is viewed as an effort by countries with similar interests to expand their strategic influence in response to China's Belt and Road Initiative (BRI), which has been criticized for its lack of transparency and disregard for national sovereignty. The BRI is a large-scale infrastructure project that links China to Southeast Asia, Central Asia, Russia, and Europe. The IMEC initiative was finalized during the G20 Summit held in Delhi, India, last year. Regarding the Outreach session on Friday focusing on Artificial Intelligence, Energy, Africa, and the Mediterranean, addressed by Mr. Modi, the official statement mentions the participation of Leaders from Algeria, Argentina, Brazil, India, Jordan, Kenya, Mauritania, Tunisia, Turkey, and the United Arab Emirates in a collaborative effort.
We will increase our efforts to improve compatibility among our AI governance strategies to encourage more assurance, openness, and responsibility while acknowledging that strategies and policy tools may differ among G7 nations. We will adopt a risk-focused strategy in these initiatives as we aim to promote innovation and robust, comprehensive, and sustainable development. One of the summit's key priorities is expressing firm backing for Ukraine in its ongoing conflict with Russia. The G7 summit begins with an agreement to utilize Russian assets for Ukraine as the EU's established powers adjust their approach.
It is stated that in order to support Ukraine's current and future needs in the ongoing defense against Russia, the G7 plans to introduce Extraordinary Revenue Acceleration (ERA) Loans for Ukraine, with the aim of providing around $50 billion in additional funding to Ukraine by the end of the year. The G7 aims to offer financing that will be repaid using future revenues generated from the immobilization of Russian assets in the European Union and other relevant areas. Efforts will be made to secure approval in these regions to use these future revenues for loan repayment.
Pope Francis made history as the inaugural pontiff to attend the G7 summit in Italy, alongside leaders such as U.S. President Joe Biden, British Prime Minister Rishi Sunak, Canadian Prime Minister Justin Trudeau, German Chancellor Olaf Scholz, French President Emmanuel Macron, Japanese Prime Minister Fumio Kishida, European Commission President Ursula von der Leyen, and European Council President Charles Michel.