The Banking Executive Magazine - July 2023 Issue

Summits and Valleys INTRODUCTION This article overviews recent world summits and assesses their impact on the global economy. The article also highlights the challenges that are fac- ing the global economy. These chal- lenges are the valleys where these summits might fall and fail to deliver the desired impact. Summits overviewed are the Group of seven G7 summit held in Japan, the Arab summit held in the King- dom of Saudi Arabia, Davos 2023 summit held in Switzerland, China- GCC (Gulf Cooperation Council) summit held in Riyadh, the World Green summit held in United Arab Emirates (UAE), and the Union of Arab banks International Banking summit held in Paris. G7 SUMMIT The Group of Seven (G7) concluded its annual summit with the release of the G7 Hiroshima Leaders' Commu- niqué on May 21, 2023. The primary focus of the summit was reaffirming support for Ukraine. The G7 summit was an opportunity for the world’s largest advanced democracies to coordinate on geopolitical, economic, and security issues. The agenda for the summit re- flected Japan’s priorities by focusing on traditional security and economic security, Ukraine, technology, and a host of issues related to the Sustain- able Development Goals (SDGs). The G7 leaders issued a standalone statement that condemns Russia’s threats and calls out China for the lack of transparency surrounding its nuclear build-up. G7 leaders stated their commitment to a world without nuclear weapons. In response to China's coercive eco- nomic practices, the G7 leaders statement on economic resilience and economic security called for the creation of a new coordination plat- form on economic coercion to pro- mote cooperation within and beyond the G7. The 2024 G7 summit will represent another chance for leaders of the largest advanced democracies to build on the commitments made in Hiroshima and work to align their positions on relevant global issues. ARAB LEAGUE SUMMIT At the generous invitation of the Cus- todian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, the Arab leaders held the 32nd regu- lar session of the Council of the League of Arab States at summit level (Jeddah Summit) on May 19, 2023, under the chairmanship of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia. The leaders of the Arab countries stressed the importance of strength- ening joint Arab action based on common foundations, values, inter- ests, and one destiny. The Arab League Summit promoted regional action through Saudi-led diplomacy. It emphasized the neces- sity of unifying ranks, solidarity and cooperation in maintaining security and stability, protecting the sover- ISSUE 175 JULY 2023 the BANKING EXECUTIVE 41