May 19, 2023: On Friday, the annual Group of 7 summits officially ends in Hiroshima, Japan.
Leaders of the seven huge industrial democracies, Canada, France, Germany, Italy, Japan, United Kingdom, and the United States, will discuss the future of international relations and the economy of the world as it faces several uncertainties: growing geopolitical tensions, central banks’ combat against increasing inflation and a U.S. debt ceiling deadlock.
Also under the spotlight are the country’s calls for the gathering, including Australia, Brazil, India, Indonesia, South Korea, and Vietnam – nations with pivotal roles to play in regional alliances as the rift between Washington and Beijing deepens.
Leaders will gather in Hiroshima, a Japanese city devastated by the initial atomic bomb used as a weapon of war by the U.S. in 1945, which executed hundreds of thousands of civilians in World War II.
Nearly eight after decades, the city will welcome world leaders to discuss the path for international trade and security as the U.S. and China battle, for example, in a multipolar world amid concerns about their decoupling and as the war continues in Ukraine.
The Group of 7 was born to discuss policies to talk with economic crises in the 1970s, which met at a crucial time of slowing international growth amid rising inflation.
G-7 finance leaders and central bankers are finalizing a three-day meeting in Niigata the previous week. They pledged to combat rising costs and which makes anticipations on future price moves remain “well-anchored.”
“If you think regarding what’s happening in world politics, we’re increasingly worried about the United States-China relationship veering into conflict,” Brookings Institute’s director for East Asia policy studies, Mireya Solis, said in the latest podcast.
“These are the powers on the nuclear issue, and hence, I think that Hiroshima encapsulates a poignant reminder of the need to state these issues and avoid a similar outcome,” Solis stated.