What's on the agenda at Italy's G7 summit?

A view shows Castello Federiciano, the venue where the G7 summit's first dinner is scheduled to take place on June 13, in Brindisi, Italy, June 11, 2024. /Claudia Greco

ROME - Italy hosts the annual summit of leaders from the Group of Seven (G7) major democracies on June 13-15. Here are key facts and figures about the three-day event.

WHERE IS THE SUMMIT BEING HELD?

The meeting is being held in Borgo Egnazia in the southern region of Puglia - a luxury hotel with a Michelin starred restaurant. On the first evening, the leaders will attend a dinner in their honour in the nearby city of Brindisi. The media centre is in the city of Bari, 80 km (50 miles) from the summit venue.

WHO IS COMING?

The G7 comprises the United States, Japan, Canada, Germany, France, Italy and Britain. The European Union participates in all discussions and is represented by the presidents of both the European Council and the European Commission.

The host country traditionally invites outside guests to join some of the sessions. Italy has thrown open the doors and will this year welcome Pope Francis, the King of Jordan as well as the leaders of Ukraine, India, Brazil, Argentina, Turkey, the United Arab Emirates, Kenya, Algeria, Tunisia and Mauritania, which holds the presidency of the African Union.

In addition, the secretary-general of the United Nations and heads of the World Bank, the IMF, the African Development Bank and the Organisation for Economic Co-operation and Development (OECD) will be present.

WHAT IS ON THE AGENDA?

The summit is due to kick off at 11:00 a.m. (0900 GMT) on Thursday with a discussion about Africa, climate change and development. The conversation then switches to the Middle East before two sessions dedicated to Ukraine - the first including Ukrainian President Volodymyr Zelenskiy.

Day two has sessions on immigration, the Indo Pacific and economic security before the arrival in the afternoon of the outreach partners for talks on the Mediterranean, energy and Africa. Pope Francis will lead talks on Artificial Intelligence.

WHAT ARE THINGS TO KEEP AN EYE ON?

Much focus will be on whether the leaders can finally reach agreement on how to leverage profits generated by Russian assets frozen in the West and use them for Ukraine.

U.S. officials also expect the G7 to send a tough warning next week to smaller Chinese banks to stop assisting Russia in evading Western sanctions.

More broadly, sources in Washington say the United States is poised to announce significant new sanctions against financial institutions and non-banks that are part of the "technology and goods channels" that supply the Russian military. It is unclear if the rest of the G7 is ready to follow a tough U.S. line.

China will also be discussed at length. The leaders are likely to issue a statement expressing concern on Chinese industrial overcapacity and will also look at the possibility of imposing additional measures to level the field with heavily subsidised Chinese companies. Again, the United States feels much more strongly about this than some EU nations.

The G7 leaders are likely to express their resolve in addressing the heavy debt burden faced by many emerging market and developing countries, but it is not clear what this commitment will mean in real terms.

Italy is still pushing for an accord on a global minimum tax on multinationals, even if it said last month that a deal would not be finalised by June as previously planned.

WHEN DOES THE SUMMIT END?

Officially the summit runs until June 15, but U.S. President Joe Biden is flying out on the night of June 14 and the only official item for Saturday, at present, is the closing news conference of host Italian Prime Minister Giorgia Meloni, plus a number of bilaterals for remaining leaders.

Source: Reuters