G7 economic agenda emerges in face of geopolitical gale

THE Italian-chaired G7 in 2024 is likely to be dominated by the geopolitical gale that is blowing from the Middle East and Europe. Yet, the outlines of a wider economic agenda, including energy security and artificial intelligence (AI), have become much clearer in January.

Prime Minister Giorgia Meloni has said that “the (Global) South of the world will be central” to Italy’s G7 presidency due to its economic, commercial and cultural importance. To this end, Meloni is likely to ensure that the Western club includes a wider circle of nations in this year’s summitry, including Brics members India, Brazil and South Africa.

Reflecting the focus on the Global South, one defining priority of Italy’s chairing of the event will be a new Africa-focused energy security and development plan which Rome wants Western partners to embrace. Meloni is seeking the so-called Mattei scheme to be integrated into a broader “Marshall Plan” for Africa. Named after Italian energy firm Eni’s founder, Enrico Mattei, the goal is to turn Italy into a major hub distributing energy from Africa to Europe, especially gas, potentially laying the ground for wider cooperation in other sectors.