Amid the Global Economic distress and the Pandemic, another significant development going on in the world is the silent Coldwar between China and The USA. In addition to this Mr. Trump has invited India to take part in the G-7 summit to be held later this year close to the UN general assembly in September. Mr. Trump also speculated on the possible involvement of Australia, Russia, India, and South Korea into the grouping as permanent members, in order to isolate China and asking the rest of the countries to choose sides. Before we give you a Vishleshan about the participation of India in the grouping let us look at the background of the summit:
pic: TFE
G-7 or the group of 7 refers to the intergovernmental economic organizations of seven countries namely France, The United Kingdom, the U.S.A, Germany, Italy, Canada, and Japan. It was set up in the year 1975 in wake of the 1973 oil crisis to discuss, resolve, and find a solution to the then ongoing crisis. Later, it was held frequently to discuss various economic, sociological, and environmental issues between the countries. In 1975 it only had 5 nations( The U.K, The USA, France, WestGermany & Japan). Later in 1976, Canada joined as a fulltime member and after a year The EU(European Union) was instated into the group. Russia was included in the group in 1997 and the grouping was termed as G-8 for several years until Russia was revoked of its membership status in 2014 citing its annexation of the Crimea region in Ukraine. India has participated in the G7 summit held in France last year as a guest member.
pic: Jagarn Josh
Should New Delhi Join the Group?
In a significant development Indian Prime Minister Shri. Narendra Modi has accepted President Trump's invitation to attend the summit this September albeit he gave nothing away as far as the country's permanent involvement in the summit. India must weigh their advantages and disadvantages before coming to a conclusion. Since it is evident that Mr.Trump, in order to isolate China strategically, welcomes India into the grouping. But, there are a lot of advantages for India if they join the summit, especially in the post-COVID-19 world as it opens up better trade relations with the European countries and the USA and provides a greater recognition for her in the global stage.
pic: Outlook
With Mr.Modi's slogan "Self-Reliance " taking baby steps it could bring greater recognition for the indigenous manufacturers in the global stage. However, India must equally weigh in the cons too. It should keep in mind that it is the only country out of G-7 which shares a land border with China and with frequent disputes with China regarding its lines is a major concern now amid the ongoing tensions. There are also disputes within the G-7 itself which were clearly shown in the 2019 summit where the members failed to pass a single joint resolution, which is the first of its instance in 45 years of the summit. Issues like Climate change, Iran's Nuclear trails,etc., have drawn varying opinions within the group. India must also remember that to date no other country in the group other than The USA has asked its involvement.
With Russia unlikely to rejoin the grouping citing its previous experiences with the group, India must act smart before coming to a conclusion. With the next industrial revolution of 5g, AI, IOT in a few years from now, India must move its pawns with an amalgamation of aggression and caution to become a force to reckon.
Abhishek Reddy
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You put it down in a unprejudiced manner. But trade with European countries would be a contrary to 'make in india' dream. I reckon we couldn't manage a trade business with a nation, only by doing exports.
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