The 39th Group of Eight (G8) Summit will be held in Fermanagh County, Northern Ireland from June 17-18.
The leaders of the G8 countries – Canada, France, Germany, Italy, Japan, Russia, the U.S. will be in attendance, and the Prime Minister of UK, David Cameron will preside over the event.
This Summit is expected to focus on advancement of trade, ensuring tax compliance and promoting greater transparency in the use of natural resources among countries. As part of its action on trade, the G8 is expected to support global free trade agreements. Among other issues, the G8 action on tax compliance is expected to include support to anti-money laundering and counter-terrorism financing regimes. It is also expected to push for higher international transparency and accountability standards.
The welfare of African economies is also on the Summit’s agenda.
The Group of Eight (G8) emerged as an intergovernmental organization in 1975 through informal summit meetings of the world’s leading industrialized economies. Since its formation, the group has deliberated on a number of issues including the oil crises of the 1970s, global environmental issues in the 1980s, and the debt and financial stability issues in the 1990s.
India shares strong bilateral and trade relations with the G8 economies. The U.S., Germany and Japan are amongst India’s top 15 trading partners in 2012-2013.