Ahmed Moustafa: G7 Summit is Meaningless
The media is busy with the G7 summit, as it puts it. However, is the most logical the G7, or the G20? As the latter is the most realistic and logical, which includes the top 20 economies in the world and has been held recently in Japan. Thus we wonder, can you talk about the world’s tops without China, the largest economic power in the world, as well as Russia the world’s largest gas exporter to the world and to Europe particularly.
In terms of figures, China has daily trade with Europe worth more than 1 billion Euros and only Germany, which is the most important of G7 and G20 countries, has more than 60% of it and according to statistics from the German Chamber of Commerce in 2018, trade with China, despite alleged disputed points, was about $ 235 billion.
In addition, 2018 was the year of Chinese tourism to Europe – Europe combined benefited about 100 million Chinese tourists, according to statistics from the European Union and the China-European Council for International Cooperation.
As well as the fact that Europe is an important and effective part of the Silk Road in the future, competing several European countries to be a Global HUB for this global initiative, including “Germany itself, Austria, Portugal, Spain and Italy” to benefit from this initiative.
China’s trade balance last year also surpassed 180 Billion Euros at the expense of the EU, according to EU statistics for 2019.
China has the largest international reserves of foreign exchange and gold, because it is outside the US Federal Reserve system, and if anyone talked about Asia and the geopolitical future in the world, which points out that “Greater Eurasia” project is on the horizon even if it is not disclosed. It is mainly about China, and what it might represent to save any economy that could collapse in Europe and elsewhere.
Then the debate on energy as the engine of any economic growth or development in the world, especially if we talk about China, and then Europe altogether, as both of them are the two largest economies in the world and both are also hungry for energy, not for economic growth and stability, but for the cold and frost that dominates the European continent and big parts in China, because Russia is the link between the two sides of Greater Eurasia, China on the one hand and Europe on the other.
Further, the economic conditions in five of these seven countries are in bad economic conditions, as follows:-
USA – According to US reports, and the US press itself, is on the verge of a crisis in 2020 similar to the horrific recession in 2008 and 2009 and a budget deficit of more than 100% since more than a year earlier.
Britain – unfortunately under the Conservative Party at its worst – needs 56 Billion Euros to get out of the EU under the Brexit agreement, a state of confusion, Boris Johnson is an extremist who tends to America with popular and parliamentary demands from the Labor Party to vote again to approve Brexit before next October and an unprecedented unemployment rate, as British banks and economy are fully linked to America.
Canada – its situation is strange and confusing the general shape shining, but by analyzing it we discover more scandals, excesses, corruption and blind obedience to America, Britain and France, with the penetration of intelligence services of these previous three countries in it, which has been subject to many times, to pay compensation for commercial arbitration cases, under the transatlantic trade agreements to the United States, France or the Netherlands without objection.
France – still in a confused situation after unfinished demonstrations of the movement of the Yellow Vests – its demands focus on economic and social justice, where the labor law was changed “Origin of the Crisis” for the benefit of businessmen and influential and the accumulation of the economic problems after Jacques Chirac – and the problem of the current president, who does not know what he wants a very hesitate man “Macron”.
Italy – a multiparty system that makes it difficult for one party to control the country, embracing a far-right destination, and unwillingness to receive illegal immigrants, which are putting a heavy pressure on the economy, the debt crisis and its association with the US economy have been affecting it since the Great Depression of 2008 and 2009.
However, Japan – despite its strong economic status, but it has a current crisis with South Korea, as well as with North Korea, undeclared problems with America related to the existence of US bases and royalties, internal problems of social security for the elderly, and also the low level of reproduction significantly, and the government has to take a sudden decision to raise taxes to double as soon.
Germany, perhaps the only country with a great economic power, also in the view of those who know the economy that the economy of Europe, is the economy of Germany in particular, and is the only one as mentioned in previous articles, which benefited the best benefit from the new immigrants, after their integration, training and employment.
What makes us surprised – that these seven countries unfortunately are seen as “4 + 3” – Germany, France, Italy and Japan in one party on several issues such as strong relations with China, the Iranian file, and the issue of energy and the environment and free trade unlike America and its allies Britain and Canada.
Strangely enough, the contradictory positions of Russia and its presence in the so-called “G7” between Britain and Germany on one side, and France and America on the other, but perhaps most of them are jointly united in monopolizing the global economy, before the emergence of China as the first economic power in the world. Also, they were the reason for the political and military occupation and wars that unfortunately ruined the world economy, whereas the result was scandalous and disastrous in 2008 and 2009 recession, not the real estate mortgage – because it was a small part of this catastrophe, which had hidden many human and financial scandals.
This catastrophe was reflected directly on their societies, on the countries that linked themselves to the Federal Reserve and the American and British banking system, and we remember what happened in Iceland, then Italy, Spain, Portugal, Greece and others in Western Europe specifically – after manipulating interest rates through British banks.
Last but not least – any economic summit in the world far from China and Russia – is valueless.
Be guided accordingly.
Director of Asia Center for Studies and Translation
A Member of the CODESRIA and Group of Strategic Vision
Russia and the Islamic world