Group of Seven Great Powers, Economic System Agreements

The G-7 is an abbreviation for the Group of Seven, an organization of leaders from some of the world’s largest economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. This multinational cooperation group was born out of a series of meetings known as «library collectionIt was founded in the seventies at that time US Treasury Secretary George Shultz.

At that time, ministers Finances of the United States, France, Germany and the United KingdomThey met for informal talks, with the aim of trying to stabilize the monetary turmoil that ravaged the region in those years. From then until now, the G7 أعضاء membersThey meet each year at a rotating summit to discuss pressing issues in the Global Scenario and Policy Coordination They are of a regional and planetary nature that respond to these challenges.

International security and the global economy are often topics for thought and study in these discussion forums, although in the opinion of many specialists, recovery from the COVID-19 pandemic is expected to dominate this year’s meeting.

Given these criteria, why is the statement of world leaders so important at this time?

Perhaps because the pivotal and substantive axis of this summit gravitates around economic revitalization and overcoming the crisis that it has caused covid-19 pandemicIn addition to a barrage of strategic actions produced by all who attended this event to reduce the economic power of China and Russia around the world.

In an effort to mitigate the devastating effects of the COVID-19 pandemic, the Group of Seven pledged to provide 1 billion vaccines to developing countries over the next 12 months with the aim of reaching the total, the German chancellor predicted Angela Merkel, out of 2,300 million vaccines at the end of 2022, they announced on Sunday, June 13.

This group of high-ranking politicians announced their intention to adopt measures to develop “manufacturing capacity on all continents, improve early warning systems, and support science in a mission to shorten the vaccine development cycle. Safe and effective, 300 to 100 day treatments and tests.”

Now, the interesting thing about this meeting is not the actions that were said but the stimuli behind them to achieve them. In this regard, the US President said, Joe Biden, persuaded the rest of his peers, to launch a grand infrastructure plan to counter the progress of China in this sense, the heads of the economic powers of the Western world agreed to launch Rebuilding a better world(“Rebuilding the World Better”) with the goal of “responding to the massive infrastructure needs in low- and middle-income countries.”

The plan wants to be an alternative to the Chinese project.”One belt, one way (Road, Belt), aims to revitalize the Silk Road by modernizing infrastructure and communications to improve connectivity between Asia and Europe.

In this regard, the US government has indicated that its Infrastructure Initiative is a collaboration between large democracies to implement a project guided by “values, with high standards and transparency”. The plan “helps narrow the needs of more than $40 billion in infrastructure needed by the developing world, exacerbated by the COVID-19 pandemic.” The proposal aims to mobilize capital from the private sector to promote projects in four areas: climate, health security, digital technology and gender equality, in addition to having investments from financial institutions.

Reading this collection of economic stocks will tell us that Biden is highlighting China, who is vying for world domination against United State And whose battle so far has not been able to balance the countries of the stars and stripes due to the excessive and effective growth of the eastern power in recent years what is at stake is not the international system, but the geographical-economic distribution of the world in the following years, as it is clear that the United States and its allies are trying to maintain On the current system in the world has changed the coordinates of economic development and its center. …in Beijing.

By Luis Miguel Martinez Anzores
President of the National Institute of Public Administration

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