Top business executives from G7 countries have endorsed India's G20 theme of 'One Earth, One Family, One Future', which emphasizes the value of all life and their interconnectedness on the planet. The theme of India's G20 Presidency, "Vasudhaiva Kutumbakam," or "One Earth, One Family, One Future," was first announced by Prime Minister Narendra Modi last year. It is taken from the ancient Sanskrit scripture of the Maha Upanishad.
At the B7 Tokyo Summit, held on April 19-20, ahead of the G7 Summit meeting in Japan later that month, representative business federations from Japan, Italy, Canada, France, the US, the UK, Germany, and the European Union came together to discuss immediate and long-term challenges.
"We called on our governments to remove barriers to international trade and investment in an effort that may eventually take the form of a 'G7 Trade Club' open to nations committed to high standards of free trade.
"Such a grouping would work to overcome protectionist pressures and combat economic coercion directed against its members and allies, as envisaged by the G7 Foreign Ministers," the US Chambers of Commerce said.
The B7 declaration following the summit stated, "Through creating a problem-solving society that is equipped with both digital technology and creativity and imagination of diverse people, it is essential to first achieve sustainable growth in a way that is compatible with the protection of the global environment and to distribute the fruits in a fair and equitable manner, which is conducive to 'One Earth, One Family, One Future' as the theme of India's G20 Presidency."
The B7 called on governments to remove barriers to international trade and investment and work towards a 'G7 Trade Club' open to nations committed to high standards of free trade. The B7 also urged G7 countries to address economic coercion by third-world countries and to cooperate with the Global South to overcome global challenges and realize a sustainable international community built on principles of equality.
The B7 declaration also emphasized the importance of addressing climate change and reducing CO2 emissions, with the involvement of the Global South, while pursuing their legitimate growth and development objectives. Additionally, the B7 opposed any use of nuclear weapons by Russia in Ukraine and urged G7 countries to rebuild the free, open, and rules-based international order in the Indo-Pacific region, which faces growing challenges from China and North Korea.
The B7 Tokyo Summit called on G7 countries to address economic coercion by third-world countries through increased cooperation and coordination among members. The B7 recommended identifying choke points that the country concerned could utilize to impose economic coercion and work with like-minded countries and their industries to increase resilience by exploring or creating alternative sources. The B7 also urged the G7 to organize countries from which the country concerned imports vital goods into a group that would threaten to cut off the country's access to the vital goods if the country should act against any single group member. In addition, the B7 recommended championing international standards of cutting-edge technologies to gain a competitive advantage and increase collective resilience.
The B7 Tokyo Summit brought together top business executives from G7 countries to discuss important issues related to sustainable growth, economic cooperation, and international order. The B7 declaration highlighted the need for international collaboration and the involvement of the Global South to address global challenges and realize a sustainable future.
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