What is it and what could it do about the Ukraine and Gaza conflicts?

Leaders of the world’s seven richest nations – including UK Prime Minister Rishi Sunak – are gathering in Italy to decide what to do to about the ongoing conflict in Gaza and Ukraine.

The G7 summit will also involve leaders from Africa and the Indo-Pacific region, and will discuss economic co-operation with developing countries.

The G7 (Group of Seven) is an organisation of the world’s seven largest so-called “advanced” economies, which dominate global trade and the international financial system.

They are Canada, France, Germany, Italy, Japan, the UK and the United States.

China has never been a member, despite its large economy and having the world’s second-largest population.

Its relatively low level of wealth per person means it is not seen as an advanced economy in the way the G7 members are.

Both these nations are in the G20 group of developed and developing nations.

The EU is not a member of the G7, but attends the annual summits.

Throughout the year, G7 ministers and officials hold meetings, form agreements and publish joint statements on global events.

Italy has the G7 presidency in 2024.

The 2024 G7 summit will be held from 13 to 15 June in Apulia, in Italy.

As well as the wars in Ukraine and Gaza, Italy says it wants the summit to focus on Africa and migration, economic security, and international co-operation on artificial intelligence (AI).

They have blocked the country from international commerce and the global financial system.

G7 and EU nations have also frozen about $325bn (£254bn) of Russian financial assets which were held in their territories, such as the foreign currency reserves of Russia’s central bank.

The G7 nations are now working on a scheme to take the interest those assets have earned and pass it to Ukraine in the form of a loan. This could amount to $50bn.

He has proposed an immediate ceasefire by Israel and Hamas, the release of all hostages, an increase in aid for Gaza and a peace deal which guarantees Israel’s security and the safety of Gazan residents.

It has invited leaders from 12 developing countries in Africa, South America and the Indo-Pacific region.

Under the the Mattei Plan, Italy will give grants and loans worth 5.5bn euros (£4.6bn) to several African countries, to help develop their economies.

The scheme would also position Italy as an energy hub, building gas and hydrogen pipelines between Africa and Europe.

Italy is asking other nations to contribute financially to the scheme.

As the G7’s president in 2023, Japan pushed for the group to draw up a plan for international economic security.

The G7 adopted an anti-coercion pact, designed to stop countries such as China and Russia using their economic strength to impose their will on others.

Ms Meloni said that joining had been “a serious mistake”. The US has called the initiative “debt-trap diplomacy” on China’s part.

The safety of AI was raised at the 2023 summit in Japan and resulted in the Hiroshima AI Process, intended to promote “safe, secure, and trustworthy AI worldwide”.

However, this was only a collection of voluntary measures.

The G7 cannot pass laws. However, some of its past decisions have had global effects.

It has also provided financial aid to developing countries, and taken steps to tackle climate change.