Bilateral relationship From India to Russia Russia is the largest investment destination for the Indian oil and gas companies. Indian public sector companies have made investments in Russia of about US $ 16 billion in oil and gas including in East and East Siberia. From Russia to India Russia is also the largest investor in india's oil and gas sector and india is encouraging further investment by Russian companies in India's oil and gas sector specially in gas infrastructure.
GROUP OF SEVEN (G7)
Group of seven was stablished in 1975-76 with the richest seven powerful countries - the United States of America (US), the United Kingdom(UK), Germany, Japan, France, Italy and Canada( which joined in 1976) as an intergovernmental political forum.
G7 at the time of inception were de facto of global economy. Together, they constituted 60%of the global domestic products GDP. It is a group of rich with mission to dominate the markets and economy of the world.
G7 nations: The group of seven nations consists of
- Britain
- Canada
- France
- Germany
- Italy
- Japan &
- The US
Mission values
The key values of it were:
- Freedom
- Democracy
- Human rights
- Rule of laws
- World prosperity
- Sustainable Development.
It is called "a community of values".
For the sake of economic and strategic interests it invited Russia as a member in 1997 and become G8 from G7. But when president vladimir putin marched his army against crimea in 2014, the group was forced to expel Russia and returned to the G7 nomenclature.
Now it represents one third of the global GDP only and the time has come to reform the G7 to find new rhythm, vision, and purpose for its existence in the emerging post covid world order. The countries of G7 need to look beyond future of their markets, into the domain of the values they claim to stand for.
Annual summit 2021
Annual G7 summit 2021 is hold at Cornwall Carbis bay in South West of UK chaired by Britain Prime Minister Boris Johnson with theme "Build Back Better ".
"Build Back Better"
the G7- Britain, Canada, France, Germany, Italy, Japan and the United States of America-is largely focused on building back better after Covid-19 wrecked economies.
Carbis Bay Declaration
The collective steps include slashing the time taken to develop and licence vaccines, treatment and diagnostics for any future disease to under 100 days, while reinforcing global surveillance networks .
Global Pandemic Radar
The world needs a stronger global surveillance system to detect new epidemic and pandemic risks. To send tearly warnings of future outbreaks.
Climate finance
To cut carbon emissions
Earlier in 2009, developed countries at United Nations had promised to contribute together $100 billion each year by 2020 to the poor countries who are grappling with rising sea levels, storms, droughts, made worse by climate change, to cut carbon emissions. But, they never mobilised their commitment or promise.
Now, in this summit the seven richest countries reaffirmed their commitment to mobilise $100 billion per year from public and private sources, through to 2025. And again these 7 nations pledged to meet climate finance target for a global green industrial revolution to increase and improve international public climate finance contributions for this period and call on other developed countries to join and enhance their contributions to the climate finance as helping speed funding of infrastructure project in developing countries, and a shift to renewable energy and sustainable technology.
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