| bibo:abstract |
1. Introduction
2. Key Outcomes of the 2024 G7 Summit
3. The 2024 G7 Summit and Its Implications
1. Introduction
The 2024 G7 Summit was held in Italy on June 13-15. Formed in the early 1970s by Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, the G7 celebrates its 50th anniversary this year. Originally, the G7 gathering aimed to coordinate monetary and financial policies, but its scope has gradually expanded to address issues such as security, global crises, and economic development. As the G7 is an informal consultative body, its decisions do not have binding force on countries outside its membership. Nonetheless, the G7 wields significant global influence, shaping the stability and direction of international relations.
Over the past 2-3 years, the above-mentioned purpose and functions of the G7 have been redefined in response to changes in international relations. Russia's invasion of Ukraine poses the greatest challenge to the international order established following World War II. And in a reversal of the 30-year trend of globalization that began in the 1990s, the return of a Cold War-like systemic confrontation and geopolitical competition has transformed the G7 into a global governance body tasked with preserving the “rules-based international order.” Nowadays, the multilateral bodies in the security and economy fields as established in 1945 are not functioning properly. The G7 appears to be the sole entity capable of maintaining and enforcing the rules-based international order.
The 2024 G7 Summit held in Italy, following the 2023 summit in Japan, focused on preserving the rules-based international order while demonstrating leadership in addressing global crises. Hence, the 2024 G7 Summit addressed in a more direct and unified manner than in 2023 the challenges posed by two authoritarian great powers, China and Russia, to the rules-based international order in the security and economy fields. Additionally, the summit asserted a prominent role in addressing critical global challenges facing humanity in the 21st century such as climate change and artificial intelligence (AI).
The 2024 G7 Summit was a success in that it ensured the continuity of the rules-based international order and recalibrated its cooperative efforts. And yet there is uncertainty as to whether the outcomes from this year's G7 summit will be sustained. Elections and political changes are looming in six G7 countries, the earliest of which takes place in the UK in July. Only time will tell what impact the newly-elected G7 leaders will have on the goals and unity of the G7 in 2025. Moreover, the G7 needs to enhance its capabilities to more effectively fulfill its objectives in upholding the rules-based international order.
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