The just-concluded G7 meeting marks a key moment, both for the group and for India. The G7’s core agenda — supporting economic growth in the developing world — stood in stark contrast to the strategic imperative of addressing the spiralling Iran-Israel conflict in West Asia. Unsurprisingly, the only strong outcome of the summit was the G7 Leaders’ statement on the Iran-Israel situation — highlighting that consensus, when achieved, is more likely on geopolitical crises than on economic cooperation. This sense of drift was amplified by US President Donald Trump’s abrupt departure from the summit.

This year’s G7 meeting may have been a forewarning to how the US’s economic and strategic repositioning could test the limits of the western economic consensus. Trump’s protectionist policies, especially his aggressive tariff regime, have generated considerable friction between the US and its economic partners — none more so than this year’s host, Canada. This reflects a troubling reality that the G7’s economic heft and global influence are increasingly being contested as it faces new realities. The G7 faces three key issues: How does it retain its core economic agenda, primarily due to a US that is increasingly inward-looking;........

© hindustantimes