G7 Summit Begins Today in France; US-Iran Deal Brings Relief to Global Markets

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The French city of Evian is fully prepared to host the 52nd G7 summit, which begins today. The meeting opens with a significant and positive development: the United States and Iran have finalized an agreement to end their 107-day-long conflict and have reopened the Strait of Hormuz. This is the same narrow waterway through which one-fifth of the world’s oil supply is transported.

Leaders of G7 nations, including France, the United Kingdom, Germany, and Italy, have welcomed this development. In a joint statement, the leaders of France, the United Kingdom, Germany, and Italy said that it is essential to immediately reopen the Strait of Hormuz, ensuring freedom of movement without conditions or hindrance.

Meanwhile, the Evian, Geneva, and Lake Geneva area has been turned into a security fortress for the G7 summit. The summit will continue until Wednesday. The entire area surrounding the venue has been divided into ‘Red’ and ‘Blue’ zones, and entry is being controlled via a QR-code-based access system. French President Emmanuel Macron will formally welcome the leaders of the G7 nations (the US, the UK, Canada, Germany, Italy, and Japan), as well as the Presidents of the European Council and the European Commission, today. India, Brazil, South Korea, Kenya, and Egypt have been invited to this summit as partner countries. Ukraine, Qatar, and the United Arab Emirates have also been invited to the summit.

Under the French presidency, the G7 summit has set key priorities for the year. Broadly, these include reducing macroeconomic imbalances, fostering shared growth, and reshaping international partnerships. Additionally, discussions are expected to cover strengthening critical and mineral value chains, ensuring online child safety, and resolving major geopolitical crises.Prime Minister Narendra Modi will arrive in Evian tomorrow to participate in the summit.

This visit is highly significant, as it provides Prime Minister Modi with a crucial platform to engage with world leaders on issues that are vital not only for India but for the entire ‘Global South’. Significantly, this marks India’s 13th participation in the G7 summit and the Prime Minister’s seventh consecutive appearance. India’s regular participation in the G7 summit reflects the growing recognition of New Delhi’s role and contribution in addressing global challenges related to peace, security, development, and environmental sustainability. (Akashvani News)

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