Toyako Summit

The Group of Eight (G-8) is facing a much grimmer energy crisis than any time after it became active in 1975. Amidst global energy and food crisis, leaders of advanced industrialised countries (G-8) met at Toyako town of Japan’s northernmost prefecture of Hokkaido from July 7 to 9. The six-member (US, UK, France, West Germany, Italy, and Japan) industrialised group’s regular summit interaction came into being in 1975 as a result of the 1973 oil shock to restructure the global economy. Canada joined the following year. Whilst Russia was admitted in 1997. On the other, restructuring of the global economy gave birth to new industrial powers amidst political insecurity, surging energy, and souring food prices. The Summit at Toyako confronted with critical issues, probably without solutions and half-hearted efforts as the energy and food prices seem beyond control and prescriptions by the industrialised nations.

French President Sarkozy’s proposal to convert G-8 into G-13 by including China, India, Brazil, Mexico, and South Africa to respond to global changes, worries Tokyo a lot at this point in time. Probably Japan is not yet ready to accept these countries as industrialised economies in Asia which could affect Japan’s industrial might in Asia. There is also support from other members. For instance, British PM Brown supports G-8’s expansion to reflect the growing influence of above mentioned countries. To discuss the issue of the enlargement of group, above mentioned countries were invited at the outreach sessions of the Summit. Besides these countries, Indonesia, and South Korea were also invited as big economies with attendance of the Heads of the UN, World Bank, the International Monetary Fund, Organisation for Economic Cooperation and Development, the International Energy Agency to discuss important political issues, global economy, rising oil prices, surging food prices, and development. Leaders of Algeria, Ethiopia, Ghana, Nigeria, Senegal, South Africa, Tanzania, and the African Union were invited to devise ways and means for African development. Canadian PM Harper dismissed the notion of G-8 enlargement on the ground that such countries do not share the same values as the rest of the group members.