Economy

Ise-Shima G7 Summit

Issues Confronting the International Community

June 03rd, 2016
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The 42nd G7 Summit was held on Ise-Shima Island, Japan, from 26th-27th May 2016. This gathering of the world’s seven major industrial democracies was dominated by economic and security concerns. The United States of America, Canada, Japan, the United Kingdom, France, Italy, Germany and representatives of the European Union were slated to discuss the most important issues concerning the international community under the guidance of the Japanese Prime Minister Shinzo Abe.

The seven industrialized countries, each with the same fundamental values: freedom, democracy, rule of law and human rights, were expected to promote monetary, fiscal and structural politics. The most significant issues on the agenda concerned moderate economic growth, potential financial and geopolitical risks, terrorism, refugee flows, the humanitarian crisis and global climate change.

For the first time, the heads of Sri Lanka and Vietnam were invited to take part in the discussions; specifically in relation to concerns over the territorial dispute in the South and East China Seas.

The greatest obstacle to achieving results from the international gathering resulted from differing views in relation to the global recovery. The challenges, which will require collective action to make progress a reality, are identified in the G7 Leaders Declaration. In relation to the economy and investments, the leaders agreed to adopt a three pronged approach: the G7 Ise-Shima Economic Initiative, underlining the implementation of the G20 commitment on fair and transparent taxation and an open fair rule based global trade system. They also adopted an Action Plan on countering terrorism and violent extremism, increasing global assistance to meet the needs of refugees and reinforcing the 2030 Agenda for Sustainable Development and Paris Agreement on Climate Change. The most controversial issues discussed related to the North Korean provocation, the Ukrainian conflict and BREXIT.

Ise-Grand Shine, Japan’s most sacred site in Shinto, was chosen as the location of the summit by the Prime Minister Abe, to add a touch of Japanese culture to the meeting. According to the critics, the conservative leader has an intension to put Japanese religion back onto the political agenda.

References:

Cultural Diplomacy News
Bettina Kovacs&Aira Lukka, CD News