A frequent subject on the blog is the shape of United States participation in globally-based economics. Often mentioned is the big three of the ‘Sumo’ league, US, China and India, who have economies large enough to lead massive supply chain agreements. But things already are changing – welcome a new member to the Sumo League: the G7. On June 26 the group of nations committed to a plan to spend $600 billion to invest in low and middle income nations over the next five years. Its title is “Partnership for Global Infrastructure and Investment (PGII)”
Quoting Wikipedia, “the Group of Seven (G7) is an inter-governmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. In addition, the European Union is a ‘non-enumerated member’. . . As of 2020, the collective group accounts for over 50 percent of global net worth ($418 trillion), 32 to 46 percent of Global Domestic Product, and approximately 770 million people (10 percent) of the world’s population.”
Further good news is that the group is organized around the principles of liberal democracies.
G7 has not named its target nations but mariner hopes the nations include those in South and Central America. In any case, the monetary power of the group is incomparable even considering China and India.
Even though the PGII doesn’t address the Pacific Rim situation directly, this is great news and mariner wants the readers to know – this is a good news post!