The foreign ministers of the G7 (the United States, France, Japan, Germany, Canada, Britain and Italy) met yesterday in Toronto, Canada, to discuss important international issues. The meeting touched on several important topics, including Russia and the Crimean crisis, the North Korean talks on the nuclear deal and the Syrian crisis. The meeting ended with the group discussing these issues at the next meeting in Quebec City, Canada, on June 8-9.
After the global economic crisis of 1973, the rise in oil prices from $ 3 to $ 13 a barrel, major economic countries suffered a crisis of compensating for the rise of these prices, and the international monetary system (Bretton Woods system) also suffered from this economic crisis.
In order to overcome these crises, America, France, Italy, Britain, Japan and Germany formed the G6 . In the following years, Canada and Russia joined these countries to become the group of the eight largest industrialized countries named after the G8 . These countries have Russia in the G8, Russia has withdrawn from them, and the group continued to operate under the name of the Group of Seven.
Meeting against Russia
In the past, the core of the G7 research was based on purely economic issues, with a view to achieving stability and security in the global economy and its predictability. However, in recent years these countries had achieved little success. One of the main reasons for this was the entry of this group In security issues not related to the global economy.
Yesterday’s meeting was clearly influenced by the Russian-Western conflict. British Foreign Secretary Fris Johnson said in a speech after the meeting that the ministers agreed at their two-day meeting in Toronto, Canada, to set up a working group to study Russia’s “bad behavior” In light of concerns about what Moscow is doing in Ukraine and Syria, told reporters: “What we decided yesterday is the formation of a group of ” G7 ” studying Russia’s harmful behavior in all its manifestations, whether in the field of electronic warfare or information distortion or assassination attempts or whatever, Collectively. “
Canadian Foreign Minister Christia Freeland said that “the ministers expressed deep concern over the despicable attack on nerve gas in Britain and Russia’s attempts to destabilize democratic countries by intervening in the elections.”
At present, Western-Russian relations are cooler than ever after the collapse of the Soviet Union, which overshadowed the G7 summit, which should focus on economic issues in the first place. This was a major reason that the group failed to achieve any of its objectives Over the past decades, Russia has played a major role in global financial stability as one of the world’s leading economies. In its presence, Group 8 controlled 65 of the world economy, but with its exit the group lost 15 percent, Seven by a large .
Yesterday, the International Monetary Fund ( IFM) announced that rising fiscal vulnerabilities, rising trade and geopolitical tensions and a historically high global debt threaten global growth prospects. Thus, Russia’s absence from these meetings will increase economic risks that contradict the economic policies of this group. The new Cold War between the West and Russia and the reduction of diplomatic relations between the two sides are among the serious challenges facing the Group of Seven.
New challenges facing G7:
The meeting dealt with other issues, including the North Korean issue and the crisis in Syria, where the foreign ministers of the Group of Seven supported the tripartite aggression of the United States and Britain and the French last on Syria, and although this issue has nothing to do with the economy neither near nor far, The group can affect Syria in any way except in coordination with Russia, which plays a major role there.
German Foreign Minister Haikou Mas told reporters that the final statement “reaffirms that there will be no political solution in Syria without Russia, and Russia should make its contribution to this solution.”
The latest trade war launched by US President Donald Trump on China is a major economic and trade threat that could cause economic crises. This is contrary to the G7’s wishes and does not meet its goals. The dollar’s confrontation with the Chinese yen and the deliberate manipulation of the dollar (and vice versa) US imports will increase the volatility of the global exchange rate, which will inevitably affect the economies of these countries, but this is not addressed in the agenda of the Group of Seven, which means that the Group of Seven is not aware of the seriousness of the economic crisis and its failure to predict Out.
In conclusion, it can be said that the recent meeting of the Group of Seven has departed from its goals and aspires to highlight the failure to address the economic crisis impending, where economists question the ability of this group to predict the global economy and prevent global crises, because of the crisis that the West is doing with Russia China, and because of the Trumpy policies bearing the slogan “America First”, as well as the lack of interest in emerging economies such as Spain, India, Brazil and other countries . ml